We have never had stagflation in the course of free market capitalism but we have a large measure of it today. The reason is largely attributed to the social welfare system that has been developed since the 1970s. People today are mollycoddled and think that government can solve their problems definitely and effortlessly. We must look at the fact Dr Friedman has presented vividly and clearly before us. President Reagan did not follow exactly what Milton proposed and did not abolish the welfare mess. Most importantly, his proposal of a so-called transition period did not and could not work under the current system and with such social mentality. You can't say Milton's ideas are delusional if it has succeeded, not in the US, but in Chile, Hong Kong, South Korea as well as Taiwan in improving ordinary people's lives and leading to economic prosperity.
Well, nowadays most people seriously studying economics could easily debunk Friedman to be fair. He's actually quite silly in today's context. The Chicago School was never as discredited as it is today
I love it when people who don't understand how logical fallacies work misapply them in an attempt to detract from someone who has actually solid arguments.
It is now 2023. The young student who asked if government should play a bigger role in taking care of the people, is now teaching socialism at Stanford.
Mr. Friedman was incredibly intelligent and yet he could speak at a level that everyone could understand. He didn't get mad or raise his voice when someone disagreed with him. What would this country be like today if people could disagree and still get along?
the issue is that it doesnt get votes, people want to hear fairy tales and will vote that way. So the real solution here is education, you have to teach people what are truly the fundamentals of society and what are the ways to improve their own lives and that of others.
One way of teaching Friedman's ideas is to hold Free to Choose seminars in communities across America. We did it in Charleston, and we had eager minds wanting to know more.
@@WessGrumble Look at your history and you'll understand why socialism is so popular, whether you like it or not. Just like the early 1900s laborers want fair wages and respect for the role they play making profits for the company. They feel like they aren't getting that so they turn to socialism. The book, eugene v debs: a graphic biography, explains the phenomenon as it chronicles the life of the early Socialist Party Leader. A History of America in Ten Strikes is another good book that explains the deskilling process and dehumanizing of employees as the assembly line and Taylorism took root. Those two books should be required reads for every Business major since the only way to increase business margins is through labor cuts. A business mogul that donates money to build a library, "for the betterment of society" and then takes a tax right off could have just as well increased his employees wages for the betterment of his employees.
@@thoseflamingos8845 i think a people's history of the United states has had a little more influence. Taught on every campus in America. Preached from like a modern day bible by every progressive educator in college. Friedman is an old curmudgeon and Sowell is seen as an uncle tom on most campuses.
@@thoseflamingos8845 yes, they were very much listened too, which is why there is no more welfare state, and public schooling has been fixed. Yes, they were clearly listened to. /s
In the mid 1980's I ran a manufacturing plant. A college educated ethnic minority employee (working a white collar position) asked me if I would try a program to higher young men (of that ethnic group) with no experience and train them. Seeing the merit, and working with two department mangers, we started this training program. Over the next two years, we encountered failure after failure with trainees leaving because the work was too hard, or below them, or they just stopped coming to work. (As a side note: their entry level job was the same job I had done 20 years earlier.) The person who requested this finally said, "F**k them." We ended the program. Like it or not, there is and will always be a segment of society who lack the drive to get ahead and will live in poverty.
Some people don't want an opportunity to enrich themselves through hard work and personal growth; they want to be GIVEN the enrichment with NO hard work or personal growth. They are self-entitled, and are OWED the benefits with none of the dues. And if you don't agree, YOU are the problem, NOT them. You, personally, OWE THEM. You have no right to be a self-made success. Everything you have personally achieved through your efforts and planning is just another example of what they are OWED from what you have. And BTW, you are a racist, or sexist, or any "ist" that suits their cause.
Im currently studying behavioral economics in college and this really helped see things from a different prespective. Although the neoclassical school of economics that we study does make a strong case for a free market, nothing has convinced me more than Friedman and Sowell for a capitalist system.
Tomas Sowell followed that path as well. He used to be a Marxist. I myself used to be a socialist and an ideologue. I find myself more capitalist. Thank you for sharing your path as a reminder to all of us to never ever give up teaching. It is one of the fundamental responsibilities to our fellows. :D
God bless this man! It's hard to believe that this was done in a U.S university. Looking at what a cesspool those institutions have become is just saddening!
Man! That boy is handsome! Complete with 70's chest hair! Some principles and concepts are timeless and make sense today as much as they did back in th day...
Just so great how smart, sharp and also charming he was. You don't win hearts and minds being snooty, condescending and self absorbed. He talks to everyone most of the time in a deductive manner, and is frequently funny which loosens the crowd making them more susceptible to actually LISTEN to the argument and not just hear when it's their time to talk. Something GREATLY lacking in modern discourse.
These already brainwashed youth, ask questions that are irrational. Is like walking into a supermarket and because this week i have more expenses, the supermarket have an obligation to give me all i put in my cart for free. Is ridiculous.
@ Back when Keynes' theories were in charge of the world economy. And guess what ? Since the 80's, with Tatcher and Reagan, poor people are poorer and poorer, while rich people control a growing part of the world gdp. You shoud check the World Inequality Database (WID), a site made by Banerjee, 2019 Nobel Prize of Economics, and Thomas Piketty, among others. That's the result of Friedman's uncontrolled deregulation. Globalisation and the Chicago School are killing western economies...
@@alioshax7797 But you forget to mention that the poverty rate in the USA is plummeting and there are less poor now. It's the lowest rate in 30 years. And the poor are also better off now than the poor were 30 or more years ago, so the poor are not, and never have been "getting poorer". That's a total myth.
A great economic thinker who was a giant among people of his time, every campus needs to hear his lectures and thoughts but sadly MOST would 'no platform' him or worse. Ironically he would tell them today, that their very intolerance to hear reason from the conservative center is exactly the genesis of their soon to come ..INEQUALITY of outcome.
not sure if you understand the term "in general". Also, there are many more factors concerning unemployment than just wages. Population, jobs available, and tax rates all affect unemployment.
hey everyone, Im looking for a Friedman quote or clip where he says something like, "it is the ineffectiveness of government that has preserved our liberty; if the government was good at doing things, it woul have stripped us of liberty years ago." Does anyone know what I am talking about, or knows the reference? Thanks
of course i understand rate, i was just trying to prove my point that minimum wage is not the only factor affecting unemployment. Also, Friedman is saying that if a company can hire someone with low skills at a low wage, that person can learn and move his way up the corporate ladder. But with minimum wage, that person will never get the chance, because he will never be hired in the first place.
Ha! The ad I got before the Friedman video was for Paul Krugman's Master Class! LOL! Krugman shouldn't even be allowed on the same internet as Friedman.
At about 2:28, a audience member can be heard saying "racist". Just start several seconds prior, where Friedman speaks of why there is such a high black youth unemployment rate, say ten seconds before the time stamp above.
The best way for the government to help the poor, and the only true way to help the poor, would be to repeal most business regulations and just get out of the way. In general, the more opportunities the people have, the less poverty there is. Welfare just serves to keep people trapped in a cycle of dependency and poverty.
It was smarter back then. I grew up in the 70's and 80's. Americans all believed that America was great and that we were world leaders for freedom and success. The difference between Left and Right was how we did so. The Right was pro self reliance and small government with hard work and charity at a local level. The left was pro union, pro education, with safety nets. This allowed us to operate in a balance of responsible but caring mix of the two. The problem occurred over time with the Right's focus on business and economic growth while the Left infiltrated Education and Community Services. Idealism went unchecked in those institutions as the Right is very much "live and let live" with their mentality. This allowed a steady progressiveness from balanced to the "Utopian" left of today. When you look at today's situation, its a mix of the Right's "doesn't concern me so I don't mind" approach and the Left's "Idealism and all people want the best for all" outlooks. Over time, the divide has become too far apart to reach over.
@MrMadPsyntist What amazes me is that you can note the "reason" for a minimum wage as you've come to understand it, without addressing Milton's comments on the subject. Just because the "reason" minimum wages are mandated is noble, doesn't mean their existence actually creates the desired expected effect on income disparity.
"There are no state, there are only people" is like saying that individuals are mainly a group of cells, therefore individuals doesn't exist & there are only cells.
I don't think you are blind. Start with 0:55 - 1:12 and I am sure you will see the foundation of compassion in a free society. Try it, my friend, listen carefully and you'll see; I have great confidence in you !
Can you provide a single reference to where Friedman has stated he does not care whether "half the globe starves"? Also, could you define "fair" for me? Thanks in advance.
I don't like the way people are spamming your comments. But anyway let me respond to this one. An administrative structure does not "have responsibilities", it is itself a system of stipulated responsibilities (that are actually HELD by human beings).
I don't know what year this was filmed but judging from the clothes of the audience is say the late 70's or early 80's. In any event, this could have been filmed yesterday.
"Is there one of you that's going to say that you don't want a doctor to treat you for cancer unless he himself has had cancer?"
Pure genius.
Cool.Hand You’re delusional.
@@MetalDetroit get lose
Cool.Hand you literally made no sense in that rant. Go back to school, kid.
@Cool.Hand wow
We have never had stagflation in the course of free market capitalism but we have a large measure of it today. The reason is largely attributed to the social welfare system that has been developed since the 1970s. People today are mollycoddled and think that government can solve their problems definitely and effortlessly. We must look at the fact Dr Friedman has presented vividly and clearly before us. President Reagan did not follow exactly what Milton proposed and did not abolish the welfare mess. Most importantly, his proposal of a so-called transition period did not and could not work under the current system and with such social mentality. You can't say Milton's ideas are delusional if it has succeeded, not in the US, but in Chile, Hong Kong, South Korea as well as Taiwan in improving ordinary people's lives and leading to economic prosperity.
A man like Friedman wouldn't be able to get a word in edgewise on a modern day campus. At least this crowd had some semblance of respect.
He would never have been able to speak at a modern day campus. The fire alarms would have been pulled before he could start talking.
The room seemed to be split 50:50 or 60:40 Left:Right, whereas now is it 80:20 or 90:10?
Was just thinking the same thing.
Maybe because his theories led to college tuition soaring...thanks free market unfettered minimally regulated capitalism.
Well, nowadays most people seriously studying economics could easily debunk Friedman to be fair. He's actually quite silly in today's context. The Chicago School was never as discredited as it is today
"Have you ever been poor?"
Milton: "Of course! More so than most of the people in this room!"
That's perfect.
I've watched this clip at least a dozen times and never gets old. His lessons are timeless and you posted a year ago.....
I still don't get why Friedman says this about himself.
I love the smack down of an ad hominem fallacy.
I love it when people who don't understand how logical fallacies work misapply them in an attempt to detract from someone who has actually solid arguments.
And is there anyone of you would refuse to be treated by a doctor for cancer unless he himself had first had cancer.
“How many of you have worked a 12 hr day and gotten paid .78 cents”. Sick burn.
It's not a burn if what he promotes is literally that but in other countries.
It is now 2023. The young student who asked if government should play a bigger role in taking care of the people, is now teaching socialism at Stanford.
Listening to Friedman in 2019 is like putting on an oxygen mask after being in a burning building.
“Let me be precise and specific”
evan Williams
Except he falsified his empirical evidence
Daniel Montaigne ?
Also, Jordan Peterson
Exactly. It is tough to stomach a room of Stanford students, many of whom have elitist backgrounds, chiding Friedman for not being poor.
Just like Marx himself, they don't care for the poor, they resent the people who tell them to get a job.
Mr. Friedman was incredibly intelligent and yet he could speak at a level that everyone could understand. He didn't get mad or raise his voice when
someone disagreed with him. What would this country be like today if people could disagree and still get along?
More like Milton Friedman schools Clark Kent.
I agree with others, wish we had a bunch of people like Friedman speaking, and acting as such, in leadership
the issue is that it doesnt get votes, people want to hear fairy tales and will vote that way. So the real solution here is education, you have to teach people what are truly the fundamentals of society and what are the ways to improve their own lives and that of others.
"The most terrifying words in the English language are: I'm from the government and I'm here to help." -- Ronald Reagan.
That's deep
That's a great quote from the guy litteraly in government that fucked our county.
yes
Reagan was a moron, and until Trump was the worst president of the last 100 years.
Then his rich friends take a tax cut lol. Got you.
One way of teaching Friedman's ideas is to hold Free to Choose seminars in communities across America. We did it in Charleston, and we had eager minds wanting to know more.
+Paige Duffy Lewis id like to know more
Me too! Could you elaborate?
He was a brilliant man. So glad I get to see his lectures and appearances through modern technologies. What an amazing time we live in.
I wish that more people would had listened to people like Friedman and Sowell, perhaps then we wouldn't be in the condition that we are today.
We're in the conditions we are today because they were listened to.
@@thoseflamingos8845 no
@@WessGrumble Look at your history and you'll understand why socialism is so popular, whether you like it or not. Just like the early 1900s laborers want fair wages and respect for the role they play making profits for the company. They feel like they aren't getting that so they turn to socialism. The book, eugene v debs: a graphic biography, explains the phenomenon as it chronicles the life of the early Socialist Party Leader. A History of America in Ten Strikes is another good book that explains the deskilling process and dehumanizing of employees as the assembly line and Taylorism took root. Those two books should be required reads for every Business major since the only way to increase business margins is through labor cuts. A business mogul that donates money to build a library, "for the betterment of society" and then takes a tax right off could have just as well increased his employees wages for the betterment of his employees.
@@thoseflamingos8845 i think a people's history of the United states has had a little more influence. Taught on every campus in America. Preached from like a modern day bible by every progressive educator in college. Friedman is an old curmudgeon and Sowell is seen as an uncle tom on most campuses.
@@thoseflamingos8845 yes, they were very much listened too, which is why there is no more welfare state, and public schooling has been fixed. Yes, they were clearly listened to. /s
"Is there one of you that doesn't want a doctor to treat you for cancer unless he himself has had cancer?"
BEST ANALOGY EVER!
I pine for the days where questions were this articulate and people actually let you finish your thought.
In the mid 1980's I ran a manufacturing plant. A college educated ethnic minority employee (working a white collar position) asked me if I would try a program to higher young men (of that ethnic group) with no experience and train them. Seeing the merit, and working with two department mangers, we started this training program. Over the next two years, we encountered failure after failure with trainees leaving because the work was too hard, or below them, or they just stopped coming to work. (As a side note: their entry level job was the same job I had done 20 years earlier.) The person who requested this finally said, "F**k them." We ended the program. Like it or not, there is and will always be a segment of society who lack the drive to get ahead and will live in poverty.
Some people don't want an opportunity to enrich themselves through hard work and personal growth; they want to be GIVEN the enrichment with NO hard work or personal growth. They are self-entitled, and are OWED the benefits with none of the dues. And if you don't agree, YOU are the problem, NOT them. You, personally, OWE THEM. You have no right to be a self-made success. Everything you have personally achieved through your efforts and planning is just another example of what they are OWED from what you have. And BTW, you are a racist, or sexist, or any "ist" that suits their cause.
holy crap this man is brilliant
If common sense is considered brilliant, I'd suggest most of us watching this can be called brilliant.
Im currently studying behavioral economics in college and this really helped see things from a different prespective. Although the neoclassical school of economics that we study does make a strong case for a free market, nothing has convinced me more than Friedman and Sowell for a capitalist system.
"Is there one of you who's going to say that you don't want a doctor to treat you for cancer unless he himself has had cancer?" Milton is the master!
Absolute madman! He just ripped him a new one. I hope he learned something from it. I would kill to get schooled by Friedman. What a lucker.
But he didn't answer the question.
Friedman was the real deal, his work should be studied.
The smartest man in any room. R.I.P.
I love that debate like this used to be able to happen on a University campus. Wish that was still the case.
Holy crap that was smooth. well done, Mr. Friedman.
Tomas Sowell followed that path as well. He used to be a Marxist. I myself used to be a socialist and an ideologue. I find myself more capitalist. Thank you for sharing your path as a reminder to all of us to never ever give up teaching. It is one of the fundamental responsibilities to our fellows. :D
THIS DUDE ROCKS I JUST LOVE IT!
God bless this man! It's hard to believe that this was done in a U.S university. Looking at what a cesspool those institutions have become is just saddening!
Young people no matter how different their opinions back then, were incredibly respectful at all times.
The beauty of this is that none is right or left. It's a healthy discussion about role of government.
Clark kent there looked quite humbled. Maybe the penny dropped for him, hearing Milton's response.
4:30 Oh SNAP! Epic.
Man! That boy is handsome! Complete with 70's chest hair! Some principles and concepts are timeless and make sense today as much as they did back in th day...
Perfect! More young people should watch this video!!
Go Milton. During the 70's he mind was razor sharp and no one could touch him in a debate.
I hope I'm like this footage when I'm 40. Still young and fresh and as relevant as ever.
That student really looked like he learned something. He looked like he was questioning his own beliefs.
Just so great how smart, sharp and also charming he was. You don't win hearts and minds being snooty, condescending and self absorbed. He talks to everyone most of the time in a deductive manner, and is frequently funny which loosens the crowd making them more susceptible to actually LISTEN to the argument and not just hear when it's their time to talk. Something GREATLY lacking in modern discourse.
Ive watched this a ton of times... still entertaining.
Never heard him before! I think he's fantastic!
Watch the Free to Choose series. Then you might get into Thomas Sowell next. That's where I was about a year ago... I'm excited for you.
So well said!
These already brainwashed youth, ask questions that are irrational. Is like walking into a supermarket and because this week i have more expenses, the supermarket have an obligation to give me all i put in my cart for free. Is ridiculous.
wow this perspective and knowledge is immeasurable
We need milton in 2019
Definitely in 2020
Dr. Thomas sowell is another good anti-government economist
He may not have got the answer he wanted, but Bruce Campbell did himself proud asking the question so boldly, given the circumstances.
I have been hired over 40 times and never by a poor man. Never.
I enjoyed the last part the best where h stayed that poor people here are better off than people in many other parts of the world
And what? That's supposed to motivate them?
Preach uncle Miltie!
Dude!! This guy just drops BOMB after BOMB!!!! Milton is the greatest.
Back when leftist students still looked respectable and didn't shout and scream.
Back when they weren't an ideological sick cult
@ Back when Keynes' theories were in charge of the world economy. And guess what ? Since the 80's, with Tatcher and Reagan, poor people are poorer and poorer, while rich people control a growing part of the world gdp.
You shoud check the World Inequality Database (WID), a site made by Banerjee, 2019 Nobel Prize of Economics, and Thomas Piketty, among others. That's the result of Friedman's uncontrolled deregulation. Globalisation and the Chicago School are killing western economies...
@@alioshax7797 But you forget to mention that the poverty rate in the USA is plummeting and there are less poor now. It's the lowest rate in 30 years. And the poor are also better off now than the poor were 30 or more years ago, so the poor are not, and never have been "getting poorer". That's a total myth.
@TheBdema16, since when do pies(income) fall from the sky? Who creates more of the new income?
Kennedy's family loves to help poor people as long as somebody else's money.
Greed is a very important part of human nature. It's a primal emotion. It taught us to stockpile food for more difficult times.
I like how respectful and intelligent the students are... anymore it’s just yelling saying you suck!
Well said! You gotta love those idealists huh. They mean well but refuse to accept human action and motivation.
at 2:28 you here some woman in the audience say "Racism." Today they would have shouted him down before he said two words.
So what system would you prefer that provides complete unity of purpose?
A great economic thinker who was a giant among people of his time, every campus needs to hear his lectures and thoughts but sadly MOST would 'no platform' him or worse. Ironically he would tell them today, that their very intolerance to hear reason from the conservative center is exactly the genesis of their soon to come ..INEQUALITY of outcome.
I think the guy who asked the question was on the TV show Laramie.
Get 'em, Milton!!
Awesome!
Who titled this video? 🤦🏻♂️
what a brilliant man
You tell Ted Bundy, Mr. Friedman!
not sure if you understand the term "in general". Also, there are many more factors concerning unemployment than just wages. Population, jobs available, and tax rates all affect unemployment.
Both Friedman and the asker are right, a wonderful exchange all around
hey everyone, Im looking for a Friedman quote or clip where he says something like, "it is the ineffectiveness of government that has preserved our liberty; if the government was good at doing things, it woul have stripped us of liberty years ago." Does anyone know what I am talking about, or knows the reference? Thanks
This guy is awesome, I just discovered this guy. My most favorite jew yet! 😀👍
🤣
of course i understand rate, i was just trying to prove my point that minimum wage is not the only factor affecting unemployment. Also, Friedman is saying that if a company can hire someone with low skills at a low wage, that person can learn and move his way up the corporate ladder. But with minimum wage, that person will never get the chance, because he will never be hired in the first place.
In the young man's defense, he's very handsome.
Ha! The ad I got before the Friedman video was for Paul Krugman's Master Class! LOL! Krugman shouldn't even be allowed on the same internet as Friedman.
As an idealist, I recognize the theory of free market capitalism to be ideal.
At about 2:28, a audience member can be heard saying "racist". Just start several seconds prior, where Friedman speaks of why there is such a high black youth unemployment rate, say ten seconds before the time stamp above.
The best way for the government to help the poor, and the only true way to help the poor, would be to repeal most business regulations and just get out of the way. In general, the more opportunities the people have, the less poverty there is.
Welfare just serves to keep people trapped in a cycle of dependency and poverty.
Preach My Friend.... What a Great Mind
Without young idealists, society would never change.
He is young prof Richard Wolff.
Is it me or did the left sound smarter back then?
It was smarter back then. I grew up in the 70's and 80's. Americans all believed that America was great and that we were world leaders for freedom and success. The difference between Left and Right was how we did so. The Right was pro self reliance and small government with hard work and charity at a local level. The left was pro union, pro education, with safety nets. This allowed us to operate in a balance of responsible but caring mix of the two. The problem occurred over time with the Right's focus on business and economic growth while the Left infiltrated Education and Community Services. Idealism went unchecked in those institutions as the Right is very much "live and let live" with their mentality. This allowed a steady progressiveness from balanced to the "Utopian" left of today. When you look at today's situation, its a mix of the Right's "doesn't concern me so I don't mind" approach and the Left's "Idealism and all people want the best for all" outlooks. Over time, the divide has become too far apart to reach over.
@MrMadPsyntist What amazes me is that you can note the "reason" for a minimum wage as you've come to understand it, without addressing Milton's comments on the subject. Just because the "reason" minimum wages are mandated is noble, doesn't mean their existence actually creates the desired expected effect on income disparity.
The deeper the cycle of privilege takes hold the less the privileged will consider social responsibility a virtue.
"There are no state, there are only people" is like saying that individuals are mainly a group of cells, therefore individuals doesn't exist & there are only cells.
When you reward bad conduct you get more bad conduct
That was brutal. And totally awesome
Who heckles Milton Friedman? How classless.
So simple and logical.
4:00 body language
Extraordinary man
What a speaker! He sounds a bit like an anarcho capitalist in this clip lol
His son is.
Priceless.
I don't think you are blind. Start with 0:55 - 1:12 and I am sure you will see the foundation of compassion in a free society. Try it, my friend, listen carefully and you'll see; I have great confidence in you !
I didn't hear it. At what time is it exatley?
Can you provide a single reference to where Friedman has stated he does not care whether "half the globe starves"? Also, could you define "fair" for me? Thanks in advance.
I don't like the way people are spamming your comments.
But anyway let me respond to this one. An administrative structure does not "have responsibilities", it is itself a system of stipulated responsibilities (that are actually HELD by human beings).
Ripping this before UA-cam algorithm catches it
I don't know what year this was filmed but judging from the clothes of the audience is say the late 70's or early 80's. In any event, this could have been filmed yesterday.
Sorry, I replied to you about John D but thought you were someone else. I tried to remove the post but I can't for some reason
Ya. They're real legends in their own minds.
please elaborate how so......
4:25 brilliant as always