The different ways of spending money

I know that I have blogged Milton Friedman's thoughts on the different ways of spending money but I have never before found any video of him explaining the concept. It's a bit more long-winded but shows Milton Friedman for the genial economist he was rather than the right-wing monster that he is usually portrayed as.

"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get."