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=== Milton Friedman's "Four ways to spend money" ===
=== Milton Friedman's "Four ways to spend money" ===
* late 20th century Economist Milton famously defined the "Four ways to spend money" (paraphrased, not original quotation):
* late 20th century Economist Milton famously defined the "Four ways to spend money" (paraphrased, not original quotation):
1. You spend your money on yourself
# You spend your money on yourself
2. You spend someone else's money on yourself
# You spend someone else's money on yourself
3. Someone else spends their money on on you
# Someone else spends their money on on you
4. Someone else spends someone else's money on someone else
# Someone else spends someone else's money on someone else
click EXPAND to see the implications of the Four ways to spend money
click EXPAND to see the implications of the Four ways to spend money
<div class="mw-collapsible mw-collapsed">
<div class="mw-collapsible mw-collapsed">
• Table format
• Table format
{| class="wikitable" style="width: 75%;"  
{| class="wikitable" style="width: 50%;"
! Whose money is spent by whom  
! Whose money is spent by whom  
! Money is spent on whom
! Money is spent on whom
! Efficiency of Outcome
! Efficiency of Outcome
|-  
|-  
| '''You spend your money'''  || '''on yourself'''  
| style="width: 30%"| '''You spend your money...'''  || '''on yourself'''  
||  
||  
* seek highest value
* seek highest value
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|-
|-
|-  
|-  
| '''You spend someone else's money''' || '''on yourself'''
| '''You spend someone else's money...''' || '''on yourself'''
||  
||  
* seek highest value
* seek highest value
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* = lower efficiency
* = lower efficiency
|-
|-
| '''Someone spends their money''' || '''on you'''  
| '''Someone spends their money...''' || '''on you'''  
|| * seek lowest cost
||  
* seek lowest cost
* no concern for quality
* no concern for quality
* = lower efficiency
* = lower efficiency


|-
|-
| '''Someone else spends someone else's money''' || '''on someone else'''  
| '''Someone else spends someone else's money...''' || '''on someone else'''  
|| * no concern for cost
||  
* no concern for cost
* no concern for quality
* no concern for quality
* = lowest efficiency
* = lowest efficiency