Meaning: Milton Friedman, a renowned economist and Nobel Prize winner, made this statement to highlight a common misconception about the free market economy. He suggests that one of the main reasons people object to a free economy is due to a misunderstanding of their own desires and a lack of belief in freedom itself. In essence, Friedman is asserting that many individuals fail to recognize the benefits of a free market because they are influenced by misguided notions about what they "ought to want" and lack a fundamental belief in the value of freedom.

Friedman's assertion aligns with the concept of rational choice theory, which posits that individuals make decisions based on their own preferences and constraints. However, these preferences can be influenced by external factors such as social pressures, cultural norms, and government policies. As a result, people's desires and wants may be shaped by forces outside of their own rational decision-making, leading to objections against a free market economy.

One of the key arguments against the free market is the concern that it leads to inequality and exploitation. Critics argue that without government intervention, powerful individuals and corporations can dominate the market, leading to unfair outcomes for workers and consumers. This objection often reflects a lack of belief in the ability of individuals to make free choices and a skepticism about the capacity of the market to deliver equitable results.

Furthermore, some critics of the free market express concerns about the potential for externalities and market failures. They argue that unregulated markets may not adequately account for negative spillover effects on the environment, public health, or social welfare. This perspective reflects a lack of belief in the market's ability to self-regulate and address external costs and benefits.

Friedman's assertion also touches upon the role of government intervention in the economy. While some argue for extensive government regulation to address market failures and promote social welfare, Friedman's perspective emphasizes the importance of individual freedom and choice. He suggests that objections to the free market often stem from a lack of understanding of how voluntary exchanges and individual decisions can lead to overall prosperity and progress.

In contrast to objections against the free market, advocates of economic freedom argue that it promotes innovation, competition, and overall prosperity. They emphasize the importance of individual liberty and the ability of market forces to allocate resources efficiently. From this perspective, objections to the free market represent a fundamental misunderstanding of the benefits of voluntary exchange and the potential for market-driven solutions to address societal needs.

In conclusion, Milton Friedman's quote sheds light on the underlying reasons for objections to a free economy. By highlighting the influence of external factors on individuals' desires and a lack of belief in freedom, he challenges the common criticisms of the free market. Understanding these objections and addressing the misconceptions about economic freedom is essential in promoting informed discussions about the role of the market and the government in shaping our economic system.

I hope this explanation provides you with a better understanding of the quote and its implications.