Milton Friedman - The Role of Government in a Free Society (Q&A) Liberty vs. Socialism
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One of Milton Friedman's most admirable traits is his willingness to discuss ideas with people who disagreed with him. We are better off by entertaining disparate viewpoints.
So true. There is certainly an art to Milton's way of exchanging words. Far more effective than attacking one's viewpoint i.e. “I'm right you're wrong. " Too bad the ladder is more common.
My post: Anyone up for a challenge? Here is why Milton Friedman’s ideas are nonsense.
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.”
- Benito Mussolini
So what happened after around 1980? The USA is now the most highly unequal industrialized country in the world with the highest incarceration rate in the world, with 40 years of stagnant wages. On the other hand progressive Norway just shut down 27 prisons due to lack of crime and has low inequality.
All this inequality and poverty started around 1980 with Margaret Thatcher and Ronald Reagan who promoted Milton Friedman’s policies. Friedman was adviser to Ronald Reagan. So began the movement of 40 years of tax cuts for the Rich and corporations, austerity, cutting social programs, environmental deregulation, deregulation of banks/finance, underfunding the FTC, EPA and FDA, privatization, free trade, eliminating anti-monopoly laws, legalizing bribery laws to politicians, cutting and trying to privatize Social Security/pensions, privatizing education, Medicaid/healthcare and lastly the destruction of unions which gave some form of democracy to workers. This contributed greatly to stagnant wages and many employees feel they have to walk on eggshells and are afraid to speak up if they are overworked or if the environment is toxic psychologically or environmentally.
The main way conservative economists and politicians convince the public to cut social programs is national debt hysteria, “The nation is broke!” Conservative believe or cynically promote the national debt is like household debt, its not. A household does not have its own currency and a nation owes its debts to its self. Countries that get into trouble owe there debts in a foreign currency. I recommend reading The Deficit Myth by Stephanie Kelton, it’s a best seller right now.
Its no coincidence that around 1980 wages stoped going up with productivity. Conservatives like to accuse the left of a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor and middle-class to the rich to the tune of about $50 trillion while wages for the poor and middle class have been flat.
This is according to Ronald Reagan’s own budget director David Stockman, who now regrets implementing supply side economic policies, he states this: “In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $50 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.”
People need to understand that there are two kinds of dominant economists out there currently, one is conservative free market supply side economist and the other is the progressive demand-side economist. Conservative supply side economics policies have been proven not to work over and over again, yet the rightwing rich and conservative politicians still promote them.
The reason people in Detroit are being poisoned with leaded water is precisely because of Friedman’s idea that big government is evil and his idea that everything should be deregulated and privatized. Detroit is in shambles economically precisely because of free trade policies. Ross Perot who was running for president decades ago said this “once these free trade policies are implemented you’re going to hear a huge sucking sound of manufacturing leaving the US.” Since implementing these policies 50,000 factories in the US of closed down. Perot was absolutely right, Detroit went from a prosperous manufacturing base to what it is today, all because of cheap labor and no workers rights/unions.
Government for the people by the people is the only thing that prevents it from being overtaken by the rightwing rich and corporations, which is precisely what’s happened to the US after the conservative bill 1978 Boston Bellotti and Citizens United was passed. Prior to these two bills being passed giving unlimited funding to politicians was called called bribery, today is called “free-speech” and “corporations are people too” The US was bought and sold over 40 years ago, this is why it’s currently on the brink of revolution.
When President Jimmy Carter talked about Citizens United and this doctrine of money as speech in 2015, he said: “It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president.
They eliminated the Glass Steagall act which allowed commercial banks to merge with investment banks which allowed massive amounts or risky leveraging and in turn led to the 2008 crash. All in the name of less government.
They eliminated the Sherman Antitrust Law which disallowed monopolies. There used to be hundreds of media outlets prior to the elimination of the Sherman Anti-Trust law, now most of the media is owned by a handful people. All in the name of less government.
They eliminated The Fairness Doctrine. This was a law that was in place since 1940 which required that any broadcaster had to debate both sides of the issue equally. Republican Dick Cheney and George Bush removing it. All in the name of less government.
They attacked unions. Unions fell from a high of 34% membership who is low as 10%. Many Americans today - especially women - are working more hours than they did three decades ago, but they’re not seeing a corresponding growth in wages. All in the name of moving towards a freer markets.
Americans now work the longest hours per week compared to other developed nations with no paid sick leave, no paid vacations, and no healthcare. In France, Germany and Scandinavian countries workers get 6 to 8 weeks paid vacation.
Life expectancy dropped. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, it was at the bottom of the pack.”
Milton Friedman stated that his free market policies would produce democracy, this certainly did not happen in Chile. The economy in Chile worked wonderfully for the top 1% of course. If Friedman‘s ideas were so wonderful, why did the Chilean people reject his policies? The Chilean people should be jumping up and down on the streets praising Milton Friedman, yet they are advocating for the removal of Friedman’s policies.
“Statistically, 80% of the Chilean people have no money left at the end of the month. Senior citizens receives $180 per month. 33% of Chilean GDP goes to the 1%, that’s higher than almost anywhere else in the world.”
Friedman took part in molding the Chilean economy. Chile now has the longest work hours per week with low wage payouts. Just like America his policies have made a small sector of Chile wealthy.
In terms of healthcare, approximately 700,000 people In the US go bankrupt because they can’t afford healthcare or they are turned down because of pre-existing conditions. Approximately 50,000 Americans die each year because they can’t afford healthcare. How many people die or go bankrupt in France, Germany, Sweden, Norway, Canada, Finland etc. etc, ZERO.
Ron Paul who’s a fan of Milton Friedman and Ayn Rand, stated that he thought that it was ok if someone just died in front of a hospital if he or she could not afford healthcare. Ron Paul later backtracked and said “well there’s always the churches” which is bullshit.
For your own good, my advice is not to listen in Milton Friedman. Looking forward to your replies.
P.S. When a democrat/liberal promotes conservative policies (like Bill Clinton) he or she is not progressive.
Michael Pantazis
@@surreallife777 Your post is a little long for RUclips comments. Seems like you cut and pasted from an essay.
Nevertheless, I think we agree on every point of fact which you made that has evidence to support it. As Bernard Baruch said, "Every man has a right to be wrong in his opinions, but no man has a right to be wrong in his facts." Also, we agree that the economy is an important, central issue for human flourishing.
If I understand the gist of your concerns then we do have much common ground: we both care about protecting life, liberty, and the pursuit of happiness, yes?
Where I disagree with your premise is your 1980 starting point. The problems you identify began with the expansion of central power in 1913. Or with railroad expansion with JPMorgan. Or anytime when the federal gov't used their force to favor one group over the others. I also think you mistakenly choose the current year as the fulfillment of these policies. The damage is not over - the house is still on fire.
Maybe we can talk about one thing at a time?
@@economicsiseverywhere1901 Only two part were copied and I used quotations to identify that it was copied and pasted. Everything else was written by me from years of studying economics. It all in my head.
In terms of 1980, everything I said is correct in succession. Many progressive economists and economic historian will verify this. In fact even some conservative economists will admit to this to be true. Reaganomics and neoliberalism started around 1980. The same pattern of policies led to the 1929 crash were Friedmans ideas of less government the better, more business in government, dregulation, and massive tax cuts for the rich and corporations.The message was the same in 1980 as it was in 1929. Like I said for most of American history productivity and wages were going up in tandem, that all stopped in 1980. Its not a coincidence. Milton Friedman was an advisor to Margaret thatcher and Ronald Reagan in 1980.
Which period in American history produced the largest middle-class in terms of wealth in all of American history with huge growth in infrastructure and manufacturing? It was the period where America abandoned freedmen’s policies at around 1930. From 1932 to about 1980 America was moving towards more progressive egalitarian society. Now after 40 year rightwing neoliberal libertarian junk economics America is a shit hole. Economics are not just about opinions, policies have a outcomes.
Michael Pantazis
17:02 "If you're not free to sin, then neither are you free to be virtuous."
mind......blown......
Fucking genius!
Queleimporta Pene fucking mind blowing genius
No doubt
The economy is most efficient when each participant is Free to act in their own best self interest.
How is it possible that every one of his answers is perfect?
because he has a perfect understanding of economics, plus a clear mind with the adequate vocabulary to support his arguments
Dan Adjudeanu doesnt it sound too simple though? How do you prevent monopolies without government intervention?
Sangwa. its government that creates monopolies. without government getting involved you may have a monopoly in a certain industry for a short time but without government other people or groups would rush in to get a share of that pie with their own ideas.
the one and only way a true natural monopoly can exist is if their product and service is light years ahead of the competition and a competitive price and thats not a bad thing.
the problem with monopolies is that no one else is allowed to enter the market. look at the taxi industry. they enjoyed a monopoly for a long time now uber is messing things up for them even despite government restrictions.
or look at sugar. if i recall we pay around twice maybe more the global average for sugar. thats because competitors are not allowed to import sugar into our country giving the main suppliers a monopoly courtesy of the government.
the only way a business can hold a monopoly without the assistance of the government that is not natural is to strong arm their competitors with violence or other misdeeds all of witch is already illegal.
Christian Gerber you don't seem to be considering inheritance, intelectual property, marketing and scale economy. Did the government make Microsoft? Come on.
Microsoft does not have a monopoly on software development. I don't understand what you are implying with inheritance, int property, marketing and scale economy thing you put in there. what do those things have to do with having a monopoly where no other group can enter the industry?
Best line ever "A society that aims for equality before liberty will end up with neither equality nor liberty "
Also the line about sin and virtue: With out the freedom to sin, you can't develop virtue.
FYI: “The Role of Government in a Free Society.” Lecture delivered at the Hoover Institution,
Stanford University, 9 February 1978
It's always interesting how everyone insists that the poor can only be helped by government. Tell me, when has government ever proven competent, efficient and trustworthy with money? Voting your own and other people's money forcibly away to "help the poor" is not charity, it's laziness. If you want to help the poor, you can do it right now. Find a charity or find someone in need and give them what money or help that you will. Better yet, start a business and employ them. But don't sit around crying about the poor while you do nothing because the government hasn't taken it out of your paycheck yet.
My post: If you think the richer going to help the poor you’re delusional. My post: Anyone up for a challenge? Here is why Milton Friedman’s ideas are nonsense.
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.”
- Benito Mussolini
So what happened after around 1980? The USA is now the most highly unequal industrialized country in the world with the highest incarceration rate in the world, with 40 years of stagnant wages. On the other hand progressive Norway just shut down 27 prisons due to lack of crime and has low inequality.
All this inequality and poverty started around 1980 with Margaret Thatcher and Ronald Reagan who promoted Milton Friedman’s policies. Friedman was adviser to Ronald Reagan. So began the movement of 40 years of tax cuts for the Rich and corporations, austerity, cutting social programs, environmental deregulation, deregulation of banks/finance, underfunding the FTC, EPA and FDA, privatization, free trade, eliminating anti-monopoly laws, legalizing bribery laws to politicians, cutting and trying to privatize Social Security/pensions, privatizing education, Medicaid/healthcare and lastly the destruction of unions which gave some form of democracy to workers. This contributed greatly to stagnant wages and many employees feel they have to walk on eggshells and are afraid to speak up if they are overworked or if the environment is toxic psychologically or environmentally.
The main way conservative economists and politicians convince the public to cut social programs is national debt hysteria, “The nation is broke!” Conservative believe or cynically promote the national debt is like household debt, its not. A household does not have its own currency and a nation owes its debts to its self. Countries that get into trouble owe there debts in a foreign currency. I recommend reading The Deficit Myth by Stephanie Kelton, it’s a best seller right now.
Its no coincidence that around 1980 wages stoped going up with productivity. Conservatives like to accuse the left of a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor and middle-class to the rich to the tune of about $50 trillion while wages for the poor and middle class have been flat.
This is according to Ronald Reagan’s own budget director David Stockman, who now regrets implementing supply side economic policies, he states this: “In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $50 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.”
People need to understand that there are two kinds of dominant economists out there currently, one is conservative free market supply side economist and the other is the progressive demand-side economist. Conservative supply side economics policies have been proven not to work over and over again, yet the rightwing rich and conservative politicians still promote them.
The reason people in Detroit are being poisoned with leaded water is precisely because of Friedman’s idea that big government is evil and his idea that everything should be deregulated and privatized. Detroit is in shambles economically precisely because of free trade policies. Ross Perot who was running for president decades ago said this “once these free trade policies are implemented you’re going to hear a huge sucking sound of manufacturing leaving the US.” Since implementing these policies 50,000 factories in the US of closed down. Perot was absolutely right, Detroit went from a prosperous manufacturing base to what it is today, all because of cheap labor and no workers rights/unions.
Government for the people by the people is the only thing that prevents it from being overtaken by the rightwing rich and corporations, which is precisely what’s happened to the US after the conservative bill 1978 Boston Bellotti and Citizens United was passed. Prior to these two bills being passed giving unlimited funding to politicians was called called bribery, today is called “free-speech” and “corporations are people too” The US was bought and sold over 40 years ago, this is why it’s currently on the brink of revolution.
When President Jimmy Carter talked about Citizens United and this doctrine of money as speech in 2015, he said: “It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president.
They eliminated the Glass Steagall act which allowed commercial banks to merge with investment banks which allowed massive amounts or risky leveraging and in turn led to the 2008 crash. All in the name of less government.
They eliminated the Sherman Antitrust Law which disallowed monopolies. There used to be hundreds of media outlets prior to the elimination of the Sherman Anti-Trust law, now most of the media is owned by a handful people. All in the name of less government.
They eliminated The Fairness Doctrine. This was a law that was in place since 1940 which required that any broadcaster had to debate both sides of the issue equally. Republican Dick Cheney and George Bush removing it. All in the name of less government.
They attacked unions. Unions fell from a high of 34% membership who is low as 10%. Many Americans today - especially women - are working more hours than they did three decades ago, but they’re not seeing a corresponding growth in wages. All in the name of moving towards a freer markets.
Americans now work the longest hours per week compared to other developed nations with no paid sick leave, no paid vacations, and no healthcare. In France, Germany and Scandinavian countries workers get 6 to 8 weeks paid vacation.
Life expectancy dropped. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, it was at the bottom of the pack.”
Milton Friedman stated that his free market policies would produce democracy, this certainly did not happen in Chile. The economy in Chile worked wonderfully for the top 1% of course. If Friedman‘s ideas were so wonderful, why did the Chilean people reject his policies? The Chilean people should be jumping up and down on the streets praising Milton Friedman, yet they are advocating for the removal of Friedman’s policies.
“Statistically, 80% of the Chilean people have no money left at the end of the month. Senior citizens receives $180 per month. 33% of Chilean GDP goes to the 1%, that’s higher than almost anywhere else in the world.”
Friedman took part in molding the Chilean economy. Chile now has the longest work hours per week with low wage payouts. Just like America his policies have made a small sector of Chile wealthy.
In terms of healthcare, approximately 700,000 people In the US go bankrupt because they can’t afford healthcare or they are turned down because of pre-existing conditions. Approximately 50,000 Americans die each year because they can’t afford healthcare. How many people die or go bankrupt in France, Germany, Sweden, Norway, Canada, Finland etc. etc, ZERO. The best healthcare systems in the world are government run not privatized. Look it up for yourselves.
Ron Paul who’s a fan of Milton Friedman and Ayn Rand, stated that he thought that it was ok if someone just died in front of a hospital if he or she could not afford healthcare. Ron Paul later backtracked and said “well there’s always the churches” which is bullshit.
For your own good, my advice is not to listen in Milton Friedman. Looking forward to your replies.
P.S. When a democrat/liberal promotes conservative policies (like Bill Clinton) he or she is not progressive.
Thank God for Milton Friedman
Too bad we're having all the same debates all over again. Only this time, there's no Milton Friedman. There is Ben Shapiro, though.
Ben Shapiro is a hack. He does not hold a candle to Friedman.
@@robrophside3691 I believe in Bens stance just not how he debates it.
Friedman nailed it at the end of this video when he talked about externalities and how sometimes there's no good solution to a problem. Statists often try to use externalities such as pollution to show that the state is necessary for the public good, and Friedman handled that argument beautifully.
Friedman's answers are always so thunderous, emphatic and most importantly precise. He sure never beats around the bush.
R.I.P. Milton... Sadly the common sense you have preached for DECADES still goes unnoticed by the masses... But some of us have. And for that God Bless you sir..
My post: Anyone up for a challenge? Here is why Milton Friedman’s ideas are nonsense.
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.”
- Benito Mussolini
So what happened after around 1980? The USA is now the most highly unequal industrialized country in the world with the highest incarceration rate in the world, with 40 years of stagnant wages. On the other hand progressive Norway just shut down 27 prisons due to lack of crime and has low inequality.
All this inequality and poverty started around 1980 with Margaret Thatcher and Ronald Reagan who promoted Milton Friedman’s policies. Friedman was adviser to Ronald Reagan. So began the movement of 40 years of tax cuts for the Rich and corporations, austerity, cutting social programs, environmental deregulation, deregulation of banks/finance, underfunding the FTC, EPA and FDA, privatization, free trade, eliminating anti-monopoly laws, legalizing bribery laws to politicians, cutting and trying to privatize Social Security/pensions, privatizing education, Medicaid/healthcare and lastly the destruction of unions which gave some form of democracy to workers. This contributed greatly to stagnant wages and many employees feel they have to walk on eggshells and are afraid to speak up if they are overworked or if the environment is toxic psychologically or environmentally.
The main way conservative economists and politicians convince the public to cut social programs is national debt hysteria, “The nation is broke!” Conservative believe or cynically promote the national debt is like household debt, its not. A household does not have its own currency and a nation owes its debts to its self. Countries that get into trouble owe there debts in a foreign currency. I recommend reading The Deficit Myth by Stephanie Kelton, it’s a best seller right now.
Its no coincidence that around 1980 wages stoped going up with productivity. Conservatives like to accuse the left of a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor and middle-class to the rich to the tune of about $50 trillion while wages for the poor and middle class have been flat.
This is according to Ronald Reagan’s own budget director David Stockman, who now regrets implementing supply side economic policies, he states this: “In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $50 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.”
People need to understand that there are two kinds of dominant economists out there currently, one is conservative free market supply side economist and the other is the progressive demand-side economist. Conservative supply side economics policies have been proven not to work over and over again, yet the rightwing rich and conservative politicians still promote them.
The reason people in Detroit are being poisoned with leaded water is precisely because of Friedman’s idea that big government is evil and his idea that everything should be deregulated and privatized. Detroit is in shambles economically precisely because of free trade policies. Ross Perot who was running for president decades ago said this “once these free trade policies are implemented you’re going to hear a huge sucking sound of manufacturing leaving the US.” Since implementing these policies 50,000 factories in the US of closed down. Perot was absolutely right, Detroit went from a prosperous manufacturing base to what it is today, all because of cheap labor and no workers rights/unions.
Government for the people by the people is the only thing that prevents it from being overtaken by the rightwing rich and corporations, which is precisely what’s happened to the US after the conservative bill 1978 Boston Bellotti and Citizens United was passed. Prior to these two bills being passed giving unlimited funding to politicians was called called bribery, today is called “free-speech” and “corporations are people too” The US was bought and sold over 40 years ago, this is why it’s currently on the brink of revolution.
When President Jimmy Carter talked about Citizens United and this doctrine of money as speech in 2015, he said: “It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president.
They eliminated the Glass Steagall act which allowed commercial banks to merge with investment banks which allowed massive amounts or risky leveraging and in turn led to the 2008 crash. All in the name of less government.
They eliminated the Sherman Antitrust Law which disallowed monopolies. There used to be hundreds of media outlets prior to the elimination of the Sherman Anti-Trust law, now most of the media is owned by a handful people. All in the name of less government.
They eliminated The Fairness Doctrine. This was a law that was in place since 1940 which required that any broadcaster had to debate both sides of the issue equally. Republican Dick Cheney and George Bush removing it. All in the name of less government.
They attacked unions. Unions fell from a high of 34% membership who is low as 10%. Many Americans today - especially women - are working more hours than they did three decades ago, but they’re not seeing a corresponding growth in wages. All in the name of moving towards a freer markets.
Americans now work the longest hours per week compared to other developed nations with no paid sick leave, no paid vacations, and no healthcare. In France, Germany and Scandinavian countries workers get 6 to 8 weeks paid vacation.
Life expectancy dropped. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, it was at the bottom of the pack.”
Milton Friedman stated that his free market policies would produce democracy, this certainly did not happen in Chile. The economy in Chile worked wonderfully for the top 1% of course. If Friedman‘s ideas were so wonderful, why did the Chilean people reject his policies? The Chilean people should be jumping up and down on the streets praising Milton Friedman, yet they are advocating for the removal of Friedman’s policies.
“Statistically, 80% of the Chilean people have no money left at the end of the month. Senior citizens receives $180 per month. 33% of Chilean GDP goes to the 1%, that’s higher than almost anywhere else in the world.”
Friedman took part in molding the Chilean economy. Chile now has the longest work hours per week with low wage payouts. Just like America his policies have made a small sector of Chile wealthy.
In terms of healthcare, approximately 700,000 people In the US go bankrupt because they can’t afford healthcare or they are turned down because of pre-existing conditions. Approximately 50,000 Americans die each year because they can’t afford healthcare. How many people die or go bankrupt in France, Germany, Sweden, Norway, Canada, Finland etc. etc, ZERO. The best healthcare systems in the world are government run not privatized. Look it up for yourselves.
Ron Paul who’s a fan of Milton Friedman and Ayn Rand, stated that he thought that it was ok if someone just died in front of a hospital if he or she could not afford healthcare. Ron Paul later backtracked and said “well there’s always the churches” which is bullshit.
For your own good, my advice is not to listen in Milton Friedman. Looking forward to your replies.
P.S. When a democrat/liberal promotes conservative policies (like Bill Clinton) he or she is not progressive.
Michael Pantazis
@@surreallife777 no lol.
to all that.
@@pillznarRy Prove it. Looking forward to your reply.
@@surreallife777 as in 'hey you dude who wasnt talking to me. respond to this book of a comment ive copy/pasted under multiple other comments. sentences and paragraphs that arent in any sense connected to my comment or other beliefs i stated on my OP.
lol yeah.. eat a dick lol
that work for a reply??
@@pillznarRy Learn how to write. Half of what you wrote doesn’t make any sense. Nothing was copied and pasted except for the two paragraphs where I put quotations as evidence that they were copied and pasted. Anybody who likes Charlie Kirk is a useful idiot. That means you DUDE.
When he talked about sin and virtue I got goosebumps
Was I the only one who saw an impersonator of Che Gevara and another of John Lennon?
Facebook, Twitter, RUclips, etc. They are blocking certain voices. Why? So the only voices they Want get a say. That is Coercion
Just goes to show how the young are normally always so self-righteously arrogant, but at least these seem brighter than the ones we have today.
22:00 - There is no question now after so many years, that Stanford was wrong, that Multi-Nationals far and away helped South Africa break down apartheid and helped Blacks achieve equality.
He was such an eloquent speaker almost hypnotic in a way.
I wish this man was my uncle, so i could have picked his brain when ever I wanted. I went to a liberal arts school (Poly Sci) and was a more modest kid from a steel town who was for free enterprise and capitalism. I always admired the guys that came from nothing and made everything. Never understood over privileged rich liberal kids who tried their hardest to champion liberal views and couldn't see how enabling liberalism truly is. But yet they kept on pushing and pushing, never having to deal with red tape, bureaucracy, and nonconstructive systems. It was so refreshing when we got to read Friedman and invigorating to go back and listen to him speak.
i see in the audience 70% blank faces, 10%anger, 10% distrust and 10% athletes on scholarship that dont belong
That's common sense for ya - It woull take Friedman's "Good Sense" over common sense anyday.
This is what should be playing on TV right now, not this follow Kim Kardashian/Snooki/HoneyBooBoo around.
Something I'm happy with is the way people used to present an argument and actually try to have a debate with someone they disagree with, without resorting to attack on the person but rather actually debating the subject matter.
The world is not like this anymore. If this happened in today's world, people would be standing up and shouting, chanting and drowning out any response from Friedman just because they don't want to her an opinion different to theirs even if they asked a question.
The students now are more interested in shutting down conversation by attributing bad motives to their opponent.
Friedman has to be one of the best public speakers of all time.
He has a way of speaking to individuals that today’s public speakers can’t.
Wisdom that hopefully won't be lost to time......entropy?
Highly intelligent arguments.
And confronted with the artful precision of the maestro, the tide of proto-castrati meanders aimlessly back out to sea. ☺️
timeless still
It's just tragedy that he is not more popular
Take a shot every time Dr. Friedman says "on the contrary"
You can't have equality before liberty.
Government is not needed in a society. We do not need a king.
even when a guy is nervous and flubbing his dumb question, friedman kindly builds him up as asking a complicated (read: too abstract) question, and then takes the bandaid off.
Honest gov would tax to pay for what it spends. Spending other future people's money for your pleasure today is immoral.
appears we are at this point - keep in mind, all channels must remain OPEN.
Poor in USA is REALITIVE. Poor in USA are rich compared to other nations. Realitive
Listening to the question raised on South Africa suggests that it was asked prior to 1990. Probably in the 70s or 80s. Look at South Africa today. What has gone wrong?
2020 quarentena from Portugal
this is my new favorite channel.
economics is a very interesting topic with so many repercussions. i thought till a few years ago it was actually finance.
His South Africa riff is awesome and is just as true today.
21:23 Real reason for anti-market mentality!
14:00 Q & A reminds me of the Chernobyl disaster. Listen to the Q & A and think about the coal miners (now dead due to radiation exposure) that were forced to bury and secure the facility.
Another video full of truth bombs by Mr. Friedman.
they made me watch a paul krugman add before i could watch this .........
I'd like to see Noam Chomsky and Milton Friedman go head-to-head in a debate.
Freedman died in 2006
Who were as anyways as? Persuasive speech? Exams?
the stupid question can be separated into 2 possible alternative actions :
1.Ford keeps on making cheap cars with human casualties. Who is to blame? Why work there when you know your life is at risk? Are they slaves?Are they compelled to work in such unsafe work environment? Who is forcing them?
2.Ford increases the price, no human casualties.People want cheap stuff.People buy cheap stuff.If Ford can be morally vindicated for saying what it did,should the people be vindicated for forcing ford to make cheap stuff thus forcing workers to die?Thats what people do.If you increase the price,people will go for cheaper cars.If the company is not gaining any profilt,how will they pay the workers?Who will be at loss ?
The first guy....Al Franken?
Fucking genius!
Persuasion becomes part of the character, most likely fortunate, cause you don't want to kill the person.. Digging your book not graves.
What year was this?
for the safety of all of us, please close some of the pharmacies, if you want people to brush their teeth again.
Notice the body language of the kid in the blue flannel shirt. Arms crossed, slightly hunched, slight sideways stance, glowering expression. Protecting himself against the truth with everything he's got! 😀
I really wonder how that guy from 23:07 turned out in life
Poor kid... 10:42 - 12:35 :( How do you not switch sides after that answer?!
Debunking Milton Friedman. Milton Friedman states that free market capitalism has lifted more people out of poverty more than any other system. What he doesn’t tell you is compared to left leaning social democratic capitalist countries, free market capitalist countries are nowhere in comparison. Social democratic countries by all metrics out perform countries that are free market or free market leaning.
Milton Friedman was an advisor to Ronald Reagan and he also implemented his policies in Chile. Look at Chile and the US as an economic experiment, then compare them to socially democratic countries which have unions, regulations, minimum wage laws, lots of social programs etc, everything that Milton Friedman disapproves of and they all outperform America and Chile not just economically but socially.
People in Chile were rioting in the streets and Milton Friedman’s economic policies are no longer implemented in Chile. If Milton Friedman’s policies were so wonderful the Chilean people would not be getting rid of his policies would they?
Just like the US, the economy did improve in Chile, but only for the top richest individuals with high inequality and low wages. After Ronald Reagan implemented Friedman policies in the US inequality skyrocketed. The US is now the most highly unequal country in G7 countries, this was not the case prior to 1980. The same thing happened in the UK with Margaret Thatcher who was a fan of Milton Friedman, it is the second most highly unequal country in the G7.
The US has the highest incarceration rate in the world of over two million, the 3rd highest homicide rate next to Mexico and Estonia. Nordic countries have low crime, as an example Norway just shut down 27 prisons due to lack of crime. The US has a massive homelessness problem, Finland has no homelessness.
In the US it’s estimated that approximately 40,000 and 50,000 people die each year because they can’t afford healthcare and another 700,000 people file for bankruptcy because of healthcare costs. In 2007, 8.1 million children under 18 years old were without health insurance in the US. In left-leaning socially democratic countries nobody goes bankrupt and nobody dies. The healthcare systems in Socially democratic countries are rated to be best the world with much lower costs compared to private healthcare in the US. Milton Friedman was promoted by right wing billionaires. Personally I would not listen to him, his policies only leads to inequality and wealth concentration. He is easily debunked today.
Michael Pantazis.
Fences
DemoCRIPS and ReBLOODlicans: No More Gangs in Government Paperback - May 28, 2013
by Jesse Ventura (Author), Dick Russell (Contributor)
Wow the professors of today really were Little Hippie punks!!!
I assume to return your ears, choose German Bubchen soap?
should *have* ran
society wishes not to be free
Kid with the brown vest used a lie to begin his question and got rekt.
Once again, Milton reprises the role that made him famous playing roadshow evangelist Elmer Gantry. The "laws of economics" channel the same fire and brimstone that have traditionally animated all forms of fundamentalism both that of the secular religion of economics and that of the lower rungs of show business. In this missive Friedman again bemoans mans transgressions against the will of the market which stands in for the invisible hand of father. The biblical injunction implied here goes something like this; Thou Shalt Not Govern. The original sin of mankind being that of pride, with the evil apple of knowledge represented by popular sovereignty. The climax of the sin and salvation narrative being is reached when guilty man accepts the truth of his wicked nature and finally surrender to the divine will of the market by which we are redeemed from the bondage of sin. Figuratively speaking it is the bondage of self rule and the the corrupting temptation of political decision making by public deliberation and the institutions democracy. In the immortal words of Billy Sunday, "Repent now, or America is going to Hell in a hand-basket!"
gary morrison Beautifully written. I've heard parallel's drawn between the "invisible hand" and religion before, and I'm then reminded of something Albert Camus said, "Ah, mon cher, for anyone who is alone, without god and without a master, the weight of days is dreadful. Hence one must choose a master, God being out of style."
The invisible hand is invisible in the same way the laws of physics are invisible, but differing in we don't have formulae for it. Unlike in physics, with their relatively closed systems, we only ever truly have the end results of these machinations in the form of prices to behold and act on. All but an extremely benevolent glance at the history of price setting shows how difficult it is, with our lack of useful formulae, to predict the consequences on respective economic variables when prices are set. When Milton refers to the invisible hand, or even the market at times, I immediately assume he means prices.
tfunknationtown" I've heard parallels drawn between economics and physics before" and appreciate the analogy. For classical economics and its heirs, history ended in the 19th century with Newtonian physics. But prices even if they be administered or otherwise attributed to the will of God or the machinations of natural forces, speak to us in the voice of incontestable certainty and lo, even of revelation. Similarly, Milton serves as an instrument of God much like the biblical Saul who on the road to Damascus, fell from his horse and at the roadside, he behold a burning bush and a voice spoke to him.
gary morrison
You don't find any similarities between the world as Niels Bohr described it and the price system as described by Hayek? I really assumed the later inspired the former, being they shared intellectual time and space and the ideas were being hotly debated/discussed.
tfunknationtown As you have adopted the role of the caped crusader himself, It goes without saying that the crusade to conflate the subject matter of economics with the forces of nature as they are studied in the natural sciences has lead some with little exposure to the history of either, to become confused enough to imagine that it is Economics that somehow informs Physics. This digression attempts to change the subject but still begs the question. If Economics has no physically demonstrable laws, nothing even approximating a scientific research program and for all intents and purposes other that seeking to acquire a bogus mantle of neutrality, Economics is not really a science, then why is it so troubling to have this system of belief linked to theocratic leanings originating in the tradition of our cultural politics? What is your beef with religion when you come right down to it? As a defender of orthodoxy, was Hayek himself open to debate within the discipline, while determined to keep the skeptics out of his closed society, the MPS?
It seems a fair assumption, that economists as a group, are no less susceptible to superstitions of ideology, nor less prone to religious mania than their well heeled customers. I cannot think of a reason why William Jennings Bryant would not have provided as able a defense of economics as Milton Friedman or the later to be disenchanted, Karl Popper.
"As you have adopted the role of the caped crusader himself" - Where? What?
"it is Economics that somehow informs Physics" - Whoa brother. I asked you to compare the ideas as of HAYEK in the context of BOHR. If you're not interested or comfortable with doing that, that's also OK. If the way I asked the question was confusing, then I'm sorry.
You talk of economics, and offer a poetic interpretation of... something, but no description of the weather, regardless of how verbose, is meteorology. I'm not going to play propagandist with you any longer, friend. I really like your writing style, however.
Philosophy is great, but talking about random musings now seems like a change of subjects to me. I appreciate you getting back to me though. Take care.