Alchian listed "self-reliance, independence, responsibility, integrity and trust" as the principles and rules of capitalism and argued that these are antithetical to socialism/communism. Alchian believed Keynesianism "totally neglects incentives."Individual and Business Tax Reduction Proposals. Hearing Before the Subcommittee on Taxation and Debt Management Generally of the Committee on Finance. United States Senate. Ninety-Fifth Congress, Second Session. July 14, 1978. U.S. Government Printing Office, Washington, 1978. p. 83 Alchian was a friend of Milton Friedman and Friedman often quoted him: "The one thing you can be most sure of in this life is that everyone will spend someone else’s money more liberally than they will spend their own."
