Friedman on Merit and Chance

Despite the lip service that we all pay to ‘merit’ as compared to ‘chance’, we are generally much readier to accept inequalities arising from chance than those clearly attributable to merit.

Milton Friedman – Capitalism and Freedom. University of Chicago Press, Chicago & London 2002, p. 166.


Seidman on Deposit Insurance

A deposit insurance system is like a nuclear power plant. If you build it without safety precautions, you know it’s going to blow you off the face of the earth. And even if you do, you can’t be sure it won’t.

L. William Seidman, as quoted in Clifford F. Thies & Daniel A. Gerlowski – Deposit Insurance: A History of Failure. Cato Journal 8 (1989), p. 677.