I love the smile Mr. Friedman always has on his face, he just knows he can smack down any counter argument with the slightest of ease. It is magnificent.
Its hard to believe its not. Watch the Friedman segment on Monday, watch the discussion segment on Tuesday, have a teacher led discussion on Wednesday, class debate on Thursday, then Thursday night have a 5 paragraph essay assigned for homework wherein the students research and find another example of the video's principles in action somewhere in the world today, as well as a counter-example or some sort of critique that attempts to challenge some aspect of the video. Call the class "Foundational Economics" - and cover other views too (but with facts and case studies - not feelings!) That would be wonderful imo
The sad part, is the government of 1947 started it and even today, Poor Indians are now addicted to subsidies and Rich Industrialists are addicted to protectionism.
Friedman and Rumsfeld are the only two people in the panel who see people as individuals who can make their own decisions. The rest rely under the assumptions that only government can decide and tell people how to live their lives.
Deason is promoting protectionism for the benefit of union members at the expense of the American consumer. Not the benefit of the average American worker, just for the union worker.
Im glad everyone there could contribute to the conversation respectfully but this is one of those situations where one person outclasses everyone else by a mile and they still think they can somehow prove that person wrong. If a guy like milton could guide a country for a few years it would be miracle. Yet nowadays everyone wants controlled pricing, government intervention on everything, welfare for everyone. forced equality....its so sad to look at the world and see that this loop is neverending.
Thanks for putting these all together in a playlist. That’s good looking out for the viewers and I, for what it’s worth, really appreciate it. Well done 👍
@@B.I.R.T.H.D.A.Y.B.O.Y. I don't like Trump, but yeah, We need somebody who will apply Milton Friedman's perspective, the best example is Estonia's economy, even the president of that country said he was inspired by Free To Choose to implement his economical policy.
I wish my school would teach us different views and thoughts on economics. They would never show friedman though since the curriculum is made by government.🙄
This Richard Deason guy is a stereotypical union leader. Completely unversed in economics, puts his own warped morals and fears before what reality presents to him and probably loves karl marx. Notice how the free trade enterprise gives freedom and responsibility to the individual to go and struggle to try and make something for themselves whereas the union leader is obsessed with nannying everyone in the world in a blanket of bubblewrap.
I missed this great series back when it was broadcast. At the time I was a grad student at MIT, doing a free MBA at Sloan School while I was a PhD student in Engineering. I was really busy and enjoying both my studies and my life, and had NO TV until 1984. Milton is great, and most of his opponents so far in the discussions are not half as good brains as he is. Plus they are horribly wrong. THIS should be REBROADCAST EVERY YEAR AT PBS BUT THE FAR LEFT DICTATORS THAT FEED YOU WITH BS ALL DAY LONG THERE WILL NEVER DO IT.
What was happen India now 2020 happing in most of Africa country special in Ethiopia governments control economy by put high Tex on goods export and import that make hard economy to move up becauase people can't buy goods expensive so no creative in economy politics social education and Media hope we learn from those brilliance mind and change something in future. Thanks to free to choose network
this electrical guy legit might understand the workplace and hooking up wires but i dont think he understands economics at all. like legit he probably gets confused about supply and demand
well they say the free market does not care about pollution and other side effects of low cost production. but interestingly enough bio food is actually rising and it is because of the consumer voting for better food quality (over cheapest food). but to be fair this shift took somewhat 30 years? Now I am not sure if we have enough time on this planet until the environment becomes rater unfriendly for life relying on the free market only.
When raw materials leave with over inflated tariffs only return with over inflated prices. 1955 corn laws in Great Britain. Raw ingredients for feed only returned as cereal costing farms more to feed livestock or themselves.
Milton is a genius but his strictly libertarian thinking is not quite as perfect as he thinks it is. I agree 99% with him, but 21:10 is the big flaw that I’ve never heard him address. There are and have always been governments around the world who rule their people through fear and force. Those taxpayers don’t have an opportunity to complain about their governments selling their products at cost and those practices can last for far longer than any individual can hold out, look at Soviet Russia, China, and almost every absolute monarchy ever as examples. It’s a war of attrition that the tyrant can, in fact, win because they know how high the global standard of living is today and they know that people can, in fact, survive at a standard of living that is unthinkable in the first world. I’m afraid I don’t know a solution to this problem, seeing as adding more government clearly isn’t it. Granted, I’m typing this comment in the middle of this video so maybe he’ll answer it yet 🤷♂️
Basically, if you want good food, cook it yourself? That is exactly what Armenia did. No FDA, no problems. One probably needs years of research to explain what FDA has done to US Food and Agriculture industry, add water on top of it? Roadways are not an issue? How many people become disabled because of roadways? I feel like people have become a target of the Government who is trying to tell its people that peanuts matter! #Mice
I agree with Friedman, generally, but he's not considering that sometimes the repressed People of those countries have no way to revolt. Sure, free enterprise works within borders, but not outside borders most of the time.
If a free society were to be competing against one with government intervention, wouldn’t it make sense for the socialist society to invest in those industries required for war, creating a comparative advantage through economies of scale, and then when the free society is no longer self sufficient, declare war and crush the now helpless nation?
I would say that the explosion in wealth and prosperity from the free market would generate a substantial military. Naturally part of this military would be sufficant reserves of oil and other materials to maintain the army for months even years without local production. However just because this country imports all its essential materials does not mean it cannot produce it in case of a war. For an example, if the whole world declared war on the USA then they would not be able to import any oil or metals. But as a result the American steel industry and fracking industry would start back up and boom since it would be profitable again.
Provided that the "rest of the world" manufactures ingredients for your systems - then go ahead and drop your tariffs regardless of other countries' tariffs; yet... when the foreign markets manufactures on par with yours - equalize the tariffs. Symmetric warfare requires symmetric measures. Fair Competition is a River of Truth. Truth nurtures care (who could be bothered for an incessant realm of lies?), thus truth is love - i.e. the impetus of care. Under complex circumstances, akin to a mine-field, only truth will save us. In economics saving is from misallocation of resources, e.g. verticals and their market-acceptance.
Look at Armenia. There is no Government intervention at all. One ought to ask what role Government plays? Anticorruption. To make sure that nobody graduates from Universities without having the proper knowledge. Imagine your doctor graduating from medical school! What is the difference between Medical school and other degree programs. Does Finance major prepare you to become a financial analyst, does Economics major prepare you to become an economist, does Mathematics major prepare you to become mathematician. The answer is Yes! If you go to school to become an interpreter of certain language, they promise that they will do their best for that to happen. Do US schools promise that? No! Where do they have so much money to promise anything! European schools on top of everything say well, our students need international experience to become so and so, so now they have to have funds for it to send their interpreters to Europe for training. So we all become responsible citizens, because the school promised that by your graduation date you will be proficient in the major of your choice. Everything evolved around education, I mean Everything! When did we become civilized? What comes with Democracy? Look at the debt of US schools? What is the reason that corporations do not get involved? Because they are scared to cover the debts that Universities owe.
Asian economics are not miracle of goverment. It's because Asian are hard working. And paternalistic model of governments can't last longer, for example Japan and Korea stuck in the high income manufacturing country and can't achive the economic development like in the United States and Nordic Countries
Sorry Milton but "free" is always conditional. Consumers are also employees and owners. Handing over out steel industry to China or the USSR in the name of "lower prices" would be rather idiotic. The "free enterprise" over everything logic is very much an example of superficial thinking. The market is important but it is not everything and special "market" interests are very much involved in policy-making, a reality economists don't seem to be able to digest. That's why the world is stuck with trashy Microsoft software and Big Pharma is poisoning half the country purely for "profits".
When ever I hear so called "Free Market Purists" extolling the virtues of unfettered control I can't help noticing their silence on the right of labor to organize and affect what price they want for that labor.
No one says it's wrong. It's literally a right of American citizens. It's if unions are backed by government where there's problems. You can't have government pick the winners and losers of the economy. You probably should read more into what Friedman believes based off this and your other comment. You'll realize soon enough.
It is not that they are against labour organizing and affecting the price they collectively want; the problem is when they prevent others from dictating a price and competing against the organised labour.
You are free to join the union and not to join the union in the Friedman's economic scheme. Those who force people to join a certain union are the problem. Cronyism and Favoritism by the government are not a competitive free market.
Isn't China a planned economy? Many millions lifted out of poverty. 70 years ago India was ahead of China in development. The problem isn't planning as much as good vs bad planning.
I love the smile Mr. Friedman always has on his face, he just knows he can smack down any counter argument with the slightest of ease. It is magnificent.
I could listen to Mr. Friedman talk about economics all day long.
This should be required viewing by high school and college students.
Agree
Its hard to believe its not. Watch the Friedman segment on Monday, watch the discussion segment on Tuesday, have a teacher led discussion on Wednesday, class debate on Thursday, then Thursday night have a 5 paragraph essay assigned for homework wherein the students research and find another example of the video's principles in action somewhere in the world today, as well as a counter-example or some sort of critique that attempts to challenge some aspect of the video. Call the class "Foundational Economics" - and cover other views too (but with facts and case studies - not feelings!) That would be wonderful imo
It should also be required viewing for All American Voters....to fill the void of proper education & knowledge lacking for so many people.
😘😘😊😘😘😘😊😊😘😘😊
And then china f'd it all up
Friedman was a genius. Also, so delighted to see an educated and respectful discussion with differing perspectives
Amazing comment
Government protected industries won't last. This series should be required for viewing in every high school.
every president, congress man, senator and judge as well.
More to the point, anything protected only by force or threat of violence will not last.
All bubbles burst.
Friedman has incredibly clear ideas. He's also just smarter than everybody else.
This guy has been dead for 14 years and his ideas are more relevant than ever. A true economic genius and great neoliberal mind. RIP
The sad part, is the government of 1947 started it and even today, Poor Indians are now addicted to subsidies and Rich Industrialists are addicted to protectionism.
Friedman and Rumsfeld are the only two people in the panel who see people as individuals who can make their own decisions. The rest rely under the assumptions that only government can decide and tell people how to live their lives.
Wish they had this kind of debate now, in 2024.
Deason is promoting protectionism for the benefit of union members at the expense of the American consumer. Not the benefit of the average American worker, just for the union worker.
Im glad everyone there could contribute to the conversation respectfully but this is one of those situations where one person outclasses everyone else by a mile and they still think they can somehow prove that person wrong. If a guy like milton could guide a country for a few years it would be miracle. Yet nowadays everyone wants controlled pricing, government intervention on everything, welfare for everyone. forced equality....its so sad to look at the world and see that this loop is neverending.
Inflation, taxation without representation ie theft. You didn't choose welfare and war but you have this challenge to overcome...
Thanks for putting these all together in a playlist. That’s good looking out for the viewers and I, for what it’s worth, really appreciate it. Well done 👍
I find it fascinating that most high tech durable goods used in manufacturing are either german or japanese, even today.
Milton Friedman, Hayes and Mises 👍👍👍
Hayek?
trump needs more Friedman
Our economy would be unstoppable
@@B.I.R.T.H.D.A.Y.B.O.Y. I don't like Trump, but yeah, We need somebody who will apply Milton Friedman's perspective, the best example is Estonia's economy, even the president of that country said he was inspired by Free To Choose to implement his economical policy.
He would be confused and uninterested after 2 minutes.
I wish my school would teach us different views and thoughts on economics. They would never show friedman though since the curriculum is made by government.🙄
Whoa. Donald Rumsfeld is in this lol
Those against Mr Friedman seem to me to be arguing in favour of keeping their jobs, when in reality they are not needed.
This Richard Deason guy is a stereotypical union leader. Completely unversed in economics, puts his own warped morals and fears before what reality presents to him and probably loves karl marx. Notice how the free trade enterprise gives freedom and responsibility to the individual to go and struggle to try and make something for themselves whereas the union leader is obsessed with nannying everyone in the world in a blanket of bubblewrap.
Best episode I have watched so far.
Glad you enjoyed!
Free markets need to be free though. The govt is in the way and simply needs to mostly get out of the way.
I missed this great series back when it was broadcast. At the time I was a grad student at MIT, doing a free MBA at Sloan School while I was a PhD student in Engineering. I was really busy and enjoying both my studies and my life, and had NO TV until 1984. Milton is great, and most of his opponents so far in the discussions are not half as good brains as he is. Plus they are horribly wrong. THIS should be REBROADCAST EVERY YEAR AT PBS BUT THE FAR LEFT DICTATORS THAT FEED YOU WITH BS ALL DAY LONG THERE WILL NEVER DO IT.
What was happen India now 2020 happing in most of Africa country special in Ethiopia governments control economy by put high Tex on goods export and import that make hard economy to move up becauase people can't buy goods expensive so no creative in economy politics social education and Media hope we learn from those brilliance mind and change something in future. Thanks to free to choose network
Anyone know why Rumsfeld said he would never defend Milton Friedman?
this electrical guy legit might understand the workplace and hooking up wires but i dont think he understands economics at all. like legit he probably gets confused about supply and demand
well they say the free market does not care about pollution and other side effects of low cost production. but interestingly enough bio food is actually rising and it is because of the consumer voting for better food quality (over cheapest food). but to be fair this shift took somewhat 30 years? Now I am not sure if we have enough time on this planet until the environment becomes rater unfriendly for life relying on the free market only.
She said GATT. In 1994 Sir James Goldsmith warned about GATT. Here we are in 2020 dealing with it's repercussions.
24:40 - Exchange rate
When raw materials leave with over inflated tariffs only return with over inflated prices. 1955 corn laws in Great Britain. Raw ingredients for feed only returned as cereal costing farms more to feed livestock or themselves.
Milton is a genius but his strictly libertarian thinking is not quite as perfect as he thinks it is. I agree 99% with him, but 21:10 is the big flaw that I’ve never heard him address. There are and have always been governments around the world who rule their people through fear and force. Those taxpayers don’t have an opportunity to complain about their governments selling their products at cost and those practices can last for far longer than any individual can hold out, look at Soviet Russia, China, and almost every absolute monarchy ever as examples. It’s a war of attrition that the tyrant can, in fact, win because they know how high the global standard of living is today and they know that people can, in fact, survive at a standard of living that is unthinkable in the first world. I’m afraid I don’t know a solution to this problem, seeing as adding more government clearly isn’t it.
Granted, I’m typing this comment in the middle of this video so maybe he’ll answer it yet 🤷♂️
Jagdish.. Coming from India and talking about forcible ethical economy policies 🤣🤣🤣🤣
Como puedo activar subtitulos en Español? Gracias
Basically, if you want good food, cook it yourself? That is exactly what Armenia did. No FDA, no problems. One probably needs years of research to explain what FDA has done to US Food and Agriculture industry, add water on top of it? Roadways are not an issue? How many people become disabled because of roadways? I feel like people have become a target of the Government who is trying to tell its people that peanuts matter! #Mice
I wish I was there in this debate bc I have a lot to say!😂
41:45 Is Helen Hughes talking about North or South Korea?
Rumsfeld, nm
Oh, yeah, that guy destroyed Iraq!
Milton Friedman, was against the war back in the day!
I agree with Friedman, generally, but he's not considering that sometimes the repressed People of those countries have no way to revolt. Sure, free enterprise works within borders, but not outside borders most of the time.
If a free society were to be competing against one with government intervention, wouldn’t it make sense for the socialist society to invest in those industries required for war, creating a comparative advantage through economies of scale, and then when the free society is no longer self sufficient, declare war and crush the now helpless nation?
By “invest” I mean use government spending to subsidise and protect these industries, as well as invest in infrastructure.
I would say that the explosion in wealth and prosperity from the free market would generate a substantial military. Naturally part of this military would be sufficant reserves of oil and other materials to maintain the army for months even years without local production. However just because this country imports all its essential materials does not mean it cannot produce it in case of a war. For an example, if the whole world declared war on the USA then they would not be able to import any oil or metals. But as a result the American steel industry and fracking industry would start back up and boom since it would be profitable again.
Provided that the "rest of the world" manufactures ingredients for your systems - then go ahead and drop your tariffs regardless of other countries' tariffs;
yet... when the foreign markets manufactures on par with yours - equalize the tariffs. Symmetric warfare requires symmetric measures.
Fair Competition is a River of Truth.
Truth nurtures care (who could be bothered for an incessant realm of lies?), thus truth is love - i.e. the impetus of care.
Under complex circumstances, akin to a mine-field, only truth will save us.
In economics saving is from misallocation of resources, e.g. verticals and their market-acceptance.
Was that Dick Cheney around 33?
No, it's Donald Rumsfeld. Also from GW Bush's admin.
Look at Armenia. There is no Government intervention at all. One ought to ask what role Government plays? Anticorruption. To make sure that nobody graduates from Universities without having the proper knowledge. Imagine your doctor graduating from medical school! What is the difference between Medical school and other degree programs. Does Finance major prepare you to become a financial analyst, does Economics major prepare you to become an economist, does Mathematics major prepare you to become mathematician. The answer is Yes! If you go to school to become an interpreter of certain language, they promise that they will do their best for that to happen. Do US schools promise that? No! Where do they have so much money to promise anything! European schools on top of everything say well, our students need international experience to become so and so, so now they have to have funds for it to send their interpreters to Europe for training. So we all become responsible citizens, because the school promised that by your graduation date you will be proficient in the major of your choice. Everything evolved around education, I mean Everything! When did we become civilized? What comes with Democracy? Look at the debt of US schools? What is the reason that corporations do not get involved? Because they are scared to cover the debts that Universities owe.
Asian economics are not miracle of goverment. It's because Asian are hard working. And paternalistic model of governments can't last longer, for example Japan and Korea stuck in the high income manufacturing country and can't achive the economic development like in the United States and Nordic Countries
Everyone on this panel except Fruedman aren't worth listening too.
Sorry Milton but "free" is always conditional. Consumers are also employees and owners. Handing over out steel industry to China or the USSR in the name of "lower prices" would be rather idiotic. The "free enterprise" over everything logic is very much an example of superficial thinking. The market is important but it is not everything and special "market" interests are very much involved in policy-making, a reality economists don't seem to be able to digest. That's why the world is stuck with trashy Microsoft software and Big Pharma is poisoning half the country purely for "profits".
this is argument for bitcoin
When ever I hear so called "Free Market Purists" extolling the virtues of unfettered control I can't help noticing their silence on the right of labor to organize and affect what price they want for that labor.
No one says it's wrong. It's literally a right of American citizens. It's if unions are backed by government where there's problems. You can't have government pick the winners and losers of the economy. You probably should read more into what Friedman believes based off this and your other comment. You'll realize soon enough.
Ah I wondered where all the commies were.
It is not that they are against labour organizing and affecting the price they collectively want; the problem is when they prevent others from dictating a price and competing against the organised labour.
You are free to join the union and not to join the union in the Friedman's economic scheme. Those who force people to join a certain union are the problem. Cronyism and Favoritism by the government are not a competitive free market.
Isn't China a planned economy? Many millions lifted out of poverty. 70 years ago India was ahead of China in development. The problem isn't planning as much as good vs bad planning.