Fred Ecks (![[info]](http://p-stat.livejournal.com/img/userinfo.gif){kind=small} fredx) wrote,@ 2006-11-21 00:39:00 |
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Friedman's Watch
Milton Friedman, the Nobel Prize-winning economist, passed away last Thursday. While his departure is of course notable, what struck me was this article in the SF Chronicle:
http://www.sfgate.com/cgi-bin/article.c
The reporter, David Lazarus, was either joking or he really didn't get it. The way I read it, I think he just didn't get it. He was obviously surprised to see a person of Friedman's stature living modestly, wearing a cheap watch.
But what would Friedman have to prove by wearing an expensive watch? Friedman was already comfortable and confident, so he had no reason to spend big money trying to impress people.
If the reporter had read "The Millionaire Next Door" (there's a good review online at http://www.stretcher.com/stories/970616
If the reporter had noticed that Warren Buffett lives in the same small house he bought in 1958, he might have noticed a trend. As Buffett says, "It's dumb to let possessions rule you."
Confident people don't wear expensive watches. I'm guessing that reporter does. :-)
Milton Friedman, the Nobel Prize-winning economist, passed away last Thursday. While his departure is of course notable, what struck me was this article in the SF Chronicle:
http://www.sfgate.com/cgi-bin/article.c
The reporter, David Lazarus, was either joking or he really didn't get it. The way I read it, I think he just didn't get it. He was obviously surprised to see a person of Friedman's stature living modestly, wearing a cheap watch.
But what would Friedman have to prove by wearing an expensive watch? Friedman was already comfortable and confident, so he had no reason to spend big money trying to impress people.
If the reporter had read "The Millionaire Next Door" (there's a good review online at http://www.stretcher.com/stories/970616
If the reporter had noticed that Warren Buffett lives in the same small house he bought in 1958, he might have noticed a trend. As Buffett says, "It's dumb to let possessions rule you."
Confident people don't wear expensive watches. I'm guessing that reporter does. :-)
