I have a business degree, and I didn't hear about Milton Friedman until well after graduated. They didn't teach me about him at the University of the Super Duper Free People's Republic of Illinois. This should be required study for anyone that graduates high school. The reason they don't is obvious. They want power/control over their flock of sheeple.
Paul Samuelson's (in)famous quote: “I don’t care who writes the nation’s laws - or crafts its advanced treaties - if I can write its economic textbooks.” He did write the nation's economic textbook for a fair long while. 😏
I talked to a girl here in Canada who had an economics degree. I said "Did you guys learn primarily Keynesian or Austrian economics?" She literally had no clue what I was talking about. She had no idea there were different views. She wasn't taught. How pathetic.
Fuck Friedman, Hayek, the Mont Pellerin Society, the Chicago Boys, and the entire failed neoliberal project- and fuck all the deluded sociopaths still buying into it. Wake up already. IT DIDN'T WORK.
This guy blew my mind consistently for 52 minutes. These principles are timeless and is mind boggling how the myths continue to be pervasive in today's climate.
He doesn't do anything to provide any real evidence that any of these are myths. Possible commonly misinterpreted. But not myths at all. He doesn't even. Try to prove they are myths. He just says nope they are bullshit. Trust me.
As a Brit this is unnerving....we pay taxes on earnings, to local government for ‘services’, national ‘insurance’ contributions, pension contributions...I could go on...Monopoly money I will never see again
When this video ended, I couldn't do anything and was utterly speechless. I just allowed the video to automatically play the next video.. not because I wanted to see the next video, but because I was shocked by *this* video. Thank you VERY much for posting.
Fuck Friedman, Hayek, the Mont Pellerin Society, the Chicago Boys, and the entire failed neoliberal project- and fuck all the deluded sociopaths still buying into it. Wake up already. IT DIDN'T WORK.
@@mazatlan79P Actually no because the world will be much different than from now. Most of what he says is true but the solutions implied are less true because they imply that business (capitalism) can solve its problems. Without saying so he points to the divisions of class in the US and assumes that will continues without the breakout of class struggle despite the world divisions between different nation capitalist class that began with WW1 and that the world's problems can be solved by arbitration without war.
Actually, Freidmans books and philosophies are likely taught at most universities. I know his books were part of the curriculum at the University of Utah, at least, within the last 5 years because I was an economics major there. Maybe your confusing economic philosophy with cultural ideology. Freidman never denies systemic racial injustice exists. Furthermore, Freidman largely identifies the exact same issues with modern society as SOME of the progressive left (for example Noam Chomsky in regards to the bank/military welfare state and neoliberalism). He also mentions a time in history of high immigration coinciding with prosperity and never blames immigrants for what ails the country. In other words, he's no Donald Trump.
As a classical liberal, I have come to realize the fundamental flaw of libertarian free-market capitalism: It is theoretical perfection. However, it requires one crucial ingredient: a population fundamentally dedicated to the pursuit of success through self-reliance. Once any significant percentage of a populace either willingly, or coercively becomes auto-reliant on the confiscation of wealth from others to support them, the perfect free-market system inevitably collapses. This is exacerbated by government officials, hungry for power, who construct a support system that does not require individual effort. Many in government become truly wealthy through the industry of others. Not one fraction of 1% of those locked in the support system become wealthy unless they escape this trap. Yet, they keep voting for it. I would call it brilliant if it weren't so nefarious.
What made Friedman so important is that it's not just that Friedman was a genius, it's that he could explain complex systems in a plain way to an ordinary person would could not only understand, but relate them to others. A gift we are sorely in need of.
What government? Oh, that monstrous, greedy, senseless blob that incessantly babbles on about job creation and tax reform and preys on the weak and vulnerable...
common sense is rare these days it seems. I find it has to do with your upbringing and the values/respect instilled in you by your parents. More than often the father.
Too easy an answer, I think it's currently due to the education from peers, mostly via Facebook, Twitter, bumper stickers and fools like above who shout 'fascism, racism, homophobia, transphobia' at every little thing. I can get past the fact that they haven't read Friedman, Hayek, Rand or even Orwell, but the fact that they haven't read 'the boy who cried wolf' or 'when you give a mouse a cookie' is UNACCEPTABLE.
i don't believe they have listened to his line of thought. on the left, free thinking is greatly discouraged - verboten, in fact. as soon as they heard the name 'Friedman', their scripted responses began to flow. Its a shame he didn't live to see the mess his teachings have caused; blah,blah - who can i blame for my failure to thrive. those who have thrived must be evil because i am of course good, and my failure to thrive must be a consequence of a rigged and evil system.etc. etc.
Amazing, and the way he forms his statements and arguments are actually very interesting to listen to. I'm a 17 year old who has never been interested in economics and government and i loved this.
Jonathan, keep going...you are beyond your years and on the right track. Friedman was a great man endowed with profound insights & wisdom. If you like the intelligence of someone like Mr. Friedman give Ben Shapiro a listen if you haven't allready. Best wishes son and God bless ya! ...
Maybe you could watch all of Noam Chomsky's vids too to hear the opposing arguments EVEN MORE ELOQUENTLY with hard facts rather than jokes, rhetorical questions and anecdotes.
Sometimes I need a reminder for all of these. And researching it deeper is even more revealing. Guess I'll keep watching this speech every year lol. Utah State University was lucky to get this live.
Amazing how relevant this man's words stay in every generation. History is always repeating itself. Ronald Reagan was president when Milton Friedman was a teaching economist.
National Health Insurance?? How far has our society declined when a man of common sense on the 80's can sound like a prophet today? God Bless Milton Friedman, and long live free markets.
@@FKAAYA Explain how basically every other western country on earth has it then. I don't get Americans. They don't seem to want to look outside their country for information. If America was ranked at, or near the top for healthcare I'd buy it but you guys aren't at all being afraid of change is completely insane.
Boy was he right about government run healthcare. Isn't it amazing how politicians wanting more power and more money create the push for all of these social policies, then when these policies inevitably produce more hardship they blame businesses and say they need even more power and control.
Some of my economics professors years ago were students of Friedman. The lessons in economics from the "Chicago School" are valid now as they were then. Friedman makes the dynamics of economics easier for the average person to understand. But be assured, this Nobel Prize Economist -- has plenty of hard numbers behind his conclusions and his suggested actions.
@@borisy19 We dont buy crap. Trade should be stopped with China because of their horrible government. We should demand freedom before we open up trade again. Middle class is dying because of government regulations and policy.
Economics is one of my hobby.Some of these things i already know but i like to expand my knowledge.Milton Friedman can teach the advantages of Free Market with a little sense of humour.I like him as man.Wise person. Alwayz when i think about free market, i got Milton Friedman infront of my eyes. Rest in Heaven Milton Friedman BTW Its from 1980 and things which Milton said still matter - even now.
You don't have to be harsh on people's spelling in this technology world .English might not be his first language so just go with it His profile name#la tigre# Means in French the tiger .Be cool man and don't be judgemental .
don the way i heard it was 'capitalism is dog eat dog, whereas socialism is the other way around.' Now; Democracy, i like to say is two wolves and a sheep voting on whats for lunch.lol.;-)
Dr. Friedman clearly makes the Legitimate point, that NO Company actually pays Taxes ...They are used as middlemen in Tax Collecting ! Ultimately , The Individual pays ALL Taxes in the USA.
I miss Milton Friedman. Of course I only learned about him after his death and after I was finished with schooling. I’m so impressed with his work Iv read all of his books and it blows me away how well he knew the subject of capitalism and the benefits of the market.
Dr. Friedman is impressively intelligent. I enjoy how he puts into aspect how the simplest functions of economy, then uses that understanding to make the point of good and bad economic philosophy and its simple application. Impressive.
I am confused by this. The period he references is more the late 70's. Today we had m2 money supply grow by 90% and gdp roughly 20-25% since 2009. Inflation hasn't come through. This makes me question if money supply is solely inflation but overall the growth of the economy and the size of it through consumers.
The benefits of increased productivity... (10 times higher than 1970, one person today produces what it took ten in 1970), shrinkage of real wages (after inflation, despite the massive increase in productivity, plus the women had to join the workforce just to make ends meet in the family), massive importation of cheap products from China, plus monopoly control of most transactions (including inflation)... has been destroyed by the massive increase in money supply. In other words, our standard of living should be ten times higher today without the increase in money supply. Imagine a 90% "discount" on everything you buy to see the effects. We would/should be filthy rich. But then there would be no need for the welfare state with its massive waste and fraud. @@Christobevii3
@Wade A Tell me about the supply and demand of importing never ending waves of third world shitholers who don't even have a high school education while continuing to export manufacturing and automating millions of jobs.
_"Social security is a program which transfers income from low income classes to high income classes"_... If you would've said that to me just 20 minutes ago, I would've laughed at you. I'm going to watch this a couple of times, I'm sure I might miss something
We do have the government we deserve. Republicans must destroy SS first in order to privatize it. That is why we elected them, we want taxes used for the military might so we can destroy the planet several times over. Who needs health insurance anyway, let's get rid of it, we are rich enough to pay for health care out of pocket, same for schools including college. We do hold low standards for our government. The current president is a crook and a jerk and we elected him as irrational as he is. What about car insurance, the homeowners policy, life insurance and more?
@@renatelittlejohn177 It was certainly possible and indeed common sense that citizens in the past paid out of pocket for their own healthcare; the problem of infinitely inflated prices for healthcare and college tuition care from government guaranteed payments to corrupt oligarchies in bed with government officials, often referred to as corporate welfare and burdensome unfair regulations beyond public need. Milton Friedman vehemently opposed such nonsense and wanted government out of all collusion with private business and only be the arbiter/referee of disagreements and evaluating third party damages.
@@renatelittlejohn177 Nice strawman. I hope you arent a smoker, or at the very least that you wait until I'm a little further away from you. The U.S. budget for 2019 was 4.4 trillion dollars. The military budget was 686 billion. Theres no such thing as free healthcare. You can pay the government to pay your healthcare, or you can pay healthcare provider for your healthcare (or in our current system you can have an unholy amalgamation of both). Why do you think it would be cheaper to pay a bureaucratic middleman to pay for your healthcare?
We need him right now more than ever before. We have Ben Shapiro, but he's not an economist and isn't as fluent. Thomas Sowell doesn't go out and debate anymore. We have Larry Elder but his voice isn't listened to enough and he can't out debate people like the others. We're running out of people.
Becoming a libertarian is such a wonderful process. Suddenly you see every human beeing as an individual, which frees you from racism and see behind the lies of socialist demagoges.
Milton Friedman was an intellectual, possessed of a deep appreciation of how humans behave. Here, he essentially offers his own views on the societal balance between human rights and property rights. Moreover, he offers his own distinctions between what John Locke described as behaviors that fall within the realm of liberty versus the realm of licence. THE ROBBER BARON MYTH The nineteenth century was not quite the century of general prosperity as Friedman suggests. The societal conditions that Alexis de Tocqueville described in "Democracy in America" hid the fact that wealth was already significantly concentrated, as described by historian Jackson Turner Main. The path was already established for the United States to become increasingly dominated by "rentier" interests (i.e., those who achieve wealth by means of charging others for access to land and natural resources without having to offer any service or good in exchange). Friedman mentions that the price of agricultural land was increasing, as if this was a positive outcome. This was certainly positive for those who already owned land or those engaged in land speculation as a primary activity. Rising land prices required farmers to take on increasing levels of debt. Then, when there was a crop failure or a prolonged fall in commodity prices, farmers defaulted on their debt and lost their farms. It is worth considering whether the costs of allowing monopolies and cartels to dominate economic activity actually retarded equality of opportunity to such an extent that the nation experienced cycles of boom to bust that were totally a result of the systems of law and taxation operating. THE CAUSE OF THE GREAT DEPRESSION Milton Friedman argues that the Great Depression was caused by a failure of the Federal Reserve System. I do not doubt that decisions made by those who headed the Federal Reserve made the situation worse, made the depth and duration of the depression worse. That said, the cause of that depression -- of any depression -- are to be found in the nation's systems of law and taxation. The immediate impact was very nicely described by the historian Frederick Lewis Allen in his book "Only Yesterday" published in 1932. The 1920s was a period of intense speculation in land, in commodities and in equities. This speculation was fueled by cheap and ready access to credit. Eventually, the stress of escalating land prices ahead of any increase in household income and household saving brings the economy to a screeching halt. A correction or crash occurs. Again, the depth and duration of the crash depends on what actions are taken or are not taken by government. THE PRIVATE MARKET FAILS TO PROVIDE IMPORTANT SERVICES Friedman's criticisms of the Social Security system are certainly valid. It was a very poorly-designed program response to the problem that millions of people cannot earn enough during their working lives to save for their retirement. A far better solution would have been to issue an annual "citizens dividend" from the public collection of what economists acknowledge are income flows (imputed or actual) from the control of land and land-like assets (e.g., frequencies of the broadcast spectrum, competition-limiting licenses, or take-off and landing slots at airports). Friedman's observations regarding national health insurance continue to have validity. If access to health care is a human right, the question that also rises is whether this is conditional -- conditional on a person making a reasonable effort to remain healthy. I am not suggesting this is an easy issue to resolve. A society's involvement in providing health care for its citizens is one of the most complex ethical as well as practical challenges we face. Should hospitals be organized as profit-making entities, or be required to operate as non-profits? Does health care differ by degree only from other market activities; or, is health care of a different "kind"? The national debate continues. THE MYTH OF THE FREE LUNCH I agree with Friedman's argument for elimination of the business profits tax. A business should compensate society for whatever locational advantages enjoyed by payment of the full potential annual rental value of any land held. And, again, any additional "rents" derived from competition-limiting licenses rightfully belong to the community or society. The failure of the community to capture rents results in the capitalization of this unearned income flow into a selling price for the deed to land, or the license that restricts the number of establishments legally able to sell liquor, or the number of taxi cabs legally able to convey passengers in a city. What about the taxation of so-called "capital gains"? In the real world, actual capital goods (i.e., buildings, machinery, technologies) are depreciating assets. Capital goods maintain functional utility and some exchange value only by continuous maintenance. What are defined under tax law as capital gains are in reality gains from rent-seeking, from speculation. If are to continue to tax income, the structure ought to be progressive as a means of untaxing incomes earned as wages and salaries and progressively taxing rent-derived income. What might this look like? All individual income up to, say, the national median would be exempt from taxation. All other deductions or exemptions would be eliminated. Above the exempt level, an increasing rate of taxation would be applied to higher ranges of income, set so that rent-derived income is taxed at the highest rate. THE ROBIN HOOD MYTH Friedman's message is that politics dictates economic outcomes, so that when the politics is structured to benefit vested interests it is vested interests who benefit from law. The bottom line question is what changes in law and public policy will allow those who are poor or born in households with very low incomes to improve their economic circumstances? The real solution is to eliminate monopoly and landed privilege from our systems of law and taxation. This is the path to a full employment society, an economic circumstance where there are always more jobs looking for people than people looking for jobs. Interestingly, in another talk given by Friedman, he actually endorses the taxation of land values as the best way for government to raise revenue. However, he does not seem to recognize the synergy that would develop by this fundamental change in public policy.
Just out of curiosity, when was this speech given? It's astonishing how relevant this still is in 2019... it proves to me how much of an economic visionary Milton Friedman was. Far beyond his time and much needed in the modern world
This country has become something I have no words for. How can we reset to true capitalism where institutions cant fail us. It's better we fail ourselves than an institution fail us.
You sound like a communist who still believed in Marx in the 1980s. I think laissez faire supply-side economics has had its chance to prove that it works and it's failed miserably. Otherwise MAGA hats wouldn't be a thing today.
Well, what this man said at 2.55 sounds like a prophecy. These teachings are timeless, it is truly unfortunate that there is not a wider discussion of his lines of thought to develop and further ourselves as individuals and on the way to a more progressive, inclusive and understanding society.
Wait a minute, he actually believes American history books, i have a hard time to believe them, because in my 51 years, i see “history” being distorted. Edit, i do enjoy these videos, thank you for posting and sharing.
Milton Friedman for President 2020! Sarcasm that makes you think "Wow, if only more candidates had the intelligence and speaking skills of Friedman..." One of my heroes for damn sure.
He IS a great communicator. The flow of his speech is art - almost no "uh's" or other interjections of a break in thought. He knew of what he thought expertly.
What I get from Dr. Friedman's lecture here is that people who live societies with little restrictions and lots of individuality, prosper greatly IF...if they are willing to work hard and live smart. Those who are lazy, or addicted, or foolish, or feel entitled, or are coddled, do not wish to work hard and become a drag on the system. But they can vote, so the government steps in to help them in exchange for their votes. When that brings, it will never stop, and only grows. If you don't want to work hard and you want to live off taxpayer dollars, move to Europe, or Australia, or UAE. Don't stay here in America because you are nothing but a drag and should be ashamed.
Admittedly, I'm basing this on my view online from a faraway land (Ireland) but frankly, sounds like you got off lightly if online vibes are to be believed. This guy.... I wish he was still alive :(
But what about the oppressed black lives, the poor, kneeling football players, the cops, the guns, the racists, the transgender rights and the greedy capitalists. You're just a microaggressor...ack, I'm scaring myself. We have a lot of educating to do, now get busy.
What people don't understand is that it's not about left or right, conservative or liberal, but right and wrong. There's a book called Common Sense Economics that I use in my university classes, and it's written by liberals but agrees with many conservatives. Just like in human interactive principles, there are actions one can take that will inhibit or enhance regardless of any categorical imperative.
Right and Wrong is more arbitrary and irrational than ideology, no one thinks their politics are actually wrong. Its all about the relationship between the individual vs the group and whose rights are forfeited when the needs of the individual and group conflict. Politics is often chosen because of the benefits it provides to the self, not due to a moral stance.
Tele Synth If you're speaking of the uninformed, politically ignorant, and self-indulgent, yes. But people are never that easily categorized. There may be general tendencies and patterns, but those patterns are often broken for the short term, and if the ideal is righteous enough, for the long term. ie: end of slavery, suffragette movement, Civil Rights and Voters Rights Acts, etc. There are general rights and wrongs in economics. Today, wrong being banks creating debt as money or debt out of thin air with little backing, creating an ever shifting economic status towards hyper inflation, excessive taxation, and trade fraction. These are the truths, and regardless of political stance we all must act with uniform choice to solve the problem. There are no alternative solutions herein. Read Common Sense Economics to get a taste of the critical issues at hand that I speak of. We all need to get educated, now!
I'm talking about everyone. Who wants distribution of wealth? Poor people. Who wants less regulation and tax? Business people. No one *ever* has taken a position they dislike because its for some greater good. Not one business has ripped off someone who just failed to do their homework and study the risk of the debt. What you see as a problem, others see as the normal consequences of a market. Truths, ignorance, right and wrong are all rhetorical arguments from you. Its misdirection IMO.
@@Frankincensedjb123 he was contractually banned from participating in journalism because of that outburst. funny that his "journalist" bosses silenced him for speaking on obviously true dynamics.
Yes he would. His son teaches economics(has the exact same beliefs as his father). Thomas Sowell and Walter E Williams teaches at universities as well. If you don't know them, they have the exact same economics beliefs as Friedman.
@@pottingsoil There are very few Marxist professors in economics, political science and business. They are mostly filtered out by incumbents who teach those subjects. The few marxists at universities teach in other subjects excluding engineering because that is usually connected with making money and founding start-ups.
A couple of days ago I saw a fully restored car with a personalized license plate that spelled R. NADER. I immediately thought of the Corvair when I went over and looked at the car it was a Corvair. The man that owned it showed up and he said he owned several.
Friedman---1977 speech--explains the Tea Party view--make government as small as possible. If you really look at why the people at the bottom STAY at the bottom is because the system is self-reinforcing to keep them there. Much of it is because of corporate welfare. This is what Friedman describes fairly eloquently. He does give props to AFDC to shift the balance of inequality to benefit the next generation of poor people a chance to succeed (this is of course the program that was dismantled in favor of workfare after Friedman gave this speech!!)
Unfortunately Milton Friedman transformed from a limited government, pro-Austrian economist to a Fed loving, card-carrying Keynesian. It was especially interesting how he would regularly have panels with other economists who would try to challenge his shift in viewpoints and he'd pretty much disregard them and blather on about spending spending spending.
I didn't dislike this video but I recently watched a documentary titled 'the one percent' and Milton was very reluctant to answer the interviewers questions. It made me question the validity of his teachings. I guess not everybody agrees with his school of economic thought and they shouldn't have to.
I just watched this video (only the relevant part). This is laughable.1st, he didn't really discuss ideas. 2nd, we haven't seen the entire interview with him - bear in mind that this disgusting movie was supposed to put ideas like the ones milton held in bad light... 3rd it's possible milton got old and grumpy, but more likely this SJW interviewer is just an obnoxious person like each one of them. To relate to your remark - of course people are entitled to his or her own opinions, but to agree with nonesense based on no evidence (there's actually plenty to the contrary) and no theory either, and disagreeing with reason, facs, solid theory and experience - I wouldn't say this is a respectable opinion, espiecially when people decide to ignore the obvious failures that their policy creates.
Thanks for your elaboration :). 1. the fact that the government decided to get rid of land and put it in the hands of someone else, means virtually nothing to the cost; it merely switched hands. remember that supply and demand determine the price. if the aftermath of that was a rise in the cost of land - it's mainly because demand was finally let get what it ought to. In that case the government released land to the market. what happened until then could be argued to be a government failure (actually Milton talks about that). if that's what you call government intervention, be my guest. I don't think many capitalist think that government has nothing to do with handling real estate.
2. how much it'd have cost them to buy it? possibly a fraction of the total expense? maybe the government designated that area, and by the way gave it for free? anyway interesting point. do you have a reference? 3. how did it cost the lives of the native americans exactly?
ok. putting land "theft" aside, this is not how supply and demand work. you didn't just erase this land off the matket. the government could have put a different price on the land, but the fact that the prices kept going up means that the land was that much valuable, and farmers who acquired their land (5 years is not a long time) could have sold it for a higher price - not just higher than what they got it for, obviously, but a higher price starting from the point when the government stopped this free for all, unless you prove to me that he talks about the rise of cost between these two eras only. you could argue that the growth of land price was initiated by growth in produce which was initiated by the government - ill get to that. I don't think Milton is denying the there was a government intervention. I think he denies its relevancy to the rise of land prices. And if what you call this land management a government intervention - we go back to the same point; the land belonged to the government in the beginning, so anything would have been an intervention. and to say that if the government should behave like free market agent - selling the land for a high price wouldn't necessarily get you more money! maybe selling it for cheaper and attracting immigrants is a better way? maybe you encourage growth and increase the tax collection later? free market means maximizing profit, not price. anyway i think you entirely missed the point he tried to make - the government didn't tax too much, which in turn created wealth, growth and prosperity. using this example against the principles he present is knickknacks; to say that the government didn't charge more for the land when could have is very superficial, as before. and to say that capitalists oppose, by and large, government authority over the land by calling any of the like an intervention, is a straw man.
USA should enact a version of New Zealand's "Electoral Finance Act", and subject all elected members including the president and senate to the same anti-corruption rules; such as those existing rules preventing house of reps from running a business that profits from the things they do at work, and taking big pay checks for meetings, speaking engagements and dinners.
16:48 "...and I say this not as a random opinion; I will be glad to refer you to a several-hundred-page book in which it is documented, I won't tell you who the author is, Mr Ekles did that..." What book is this he's referring to? I wish he would have told us what the book is. Was it one he wrote himself or something?
I agree with you, one problem with big government is that big business and big labor take it over hurting the majority of the US citizens. I am glad that you recognize that and realize the need for a more limited government.
I have a business degree, and I didn't hear about Milton Friedman until well after graduated. They didn't teach me about him at the University of the Super Duper Free People's Republic of Illinois. This should be required study for anyone that graduates high school. The reason they don't is obvious. They want power/control over their flock of sheeple.
Paul Samuelson's (in)famous quote: “I don’t care who writes the nation’s laws - or crafts its advanced treaties - if I can write its economic textbooks.”
He did write the nation's economic textbook for a fair long while. 😏
I talked to a girl here in Canada who had an economics degree. I said "Did you guys learn primarily Keynesian or Austrian economics?" She literally had no clue what I was talking about. She had no idea there were different views. She wasn't taught. How pathetic.
Fuck Friedman, Hayek, the Mont Pellerin Society, the Chicago Boys, and the entire failed neoliberal project- and fuck all the deluded sociopaths still buying into it. Wake up already. IT DIDN'T WORK.
This guy blew my mind consistently for 52 minutes. These principles are timeless and is mind boggling how the myths continue to be pervasive in today's climate.
He doesn't do anything to provide any real evidence that any of these are myths. Possible commonly misinterpreted. But not myths at all. He doesn't even. Try to prove they are myths. He just says nope they are bullshit. Trust me.
"the hardest thing for anyone in the world to admit is that they have made a mistake" amen 100X over
I love the truth. I seek the truth. That's why I never tire of hearing this man speak.
Milton Friedman spitting straight facts. Timeless, just as relevant today as then.
As a Brit this is unnerving....we pay taxes on earnings, to local government for ‘services’, national ‘insurance’ contributions, pension contributions...I could go on...Monopoly money I will never see again
"Give me control of a nation's currency, and I care not who makes its laws." ~ Mayer Amschel Rothschild
We need people like this today speaking and teaching at all our universities.
When this video ended, I couldn't do anything and was utterly speechless. I just allowed the video to automatically play the next video.. not because I wanted to see the next video, but because I was shocked by *this* video. Thank you VERY much for posting.
Fuck Friedman, Hayek, the Mont Pellerin Society, the Chicago Boys, and the entire failed neoliberal project- and fuck all the deluded sociopaths still buying into it. Wake up already. IT DIDN'T WORK.
At 74 yrs of age, I will never get too much of Milton Friedman, nor will you.
Play this video in 100 years and it will still be relevant....
Ozipeter Not if I can help it.
He is not relevant now and did lots of harm and still does during his lifetime. Enough of Milton, he was a bad and really inhumane influence.
Renate Littlejohn that's strange. I was looking for an argument in your comment, but I couldn't find one. Help me out a bit. Please
This will be flagged as" hatespeech" or whatnot in no more than couple of decades, and banned from watching. Sad.So sad...:(
@@mazatlan79P Actually no because the world will be much different than from now. Most of what he says is true but the solutions implied are less true because they imply that business (capitalism) can solve its problems. Without saying so he points to the divisions of class in the US and assumes that will continues without the breakout of class struggle despite the world divisions between different nation capitalist class that began with WW1 and that the world's problems can be solved by arbitration without war.
It’s 2019. I can’t imagine Milton Friedman safely entering a university without being called a white supremacist or racist in this day and age. 😣
So true!
ya, Antifa would show up and beat everyone/smash stuff. Then the newspaper headlines would read, "violence at right wing event"
Actually, Freidmans books and philosophies are likely taught at most universities. I know his books were part of the curriculum at the University of Utah, at least, within the last 5 years because I was an economics major there. Maybe your confusing economic philosophy with cultural ideology. Freidman never denies systemic racial injustice exists. Furthermore, Freidman largely identifies the exact same issues with modern society as SOME of the progressive left (for example Noam Chomsky in regards to the bank/military welfare state and neoliberalism). He also mentions a time in history of high immigration coinciding with prosperity and never blames immigrants for what ails the country. In other words, he's no Donald Trump.
he's jewish
@@asfdghkjxzcvnbm2580 All the best people are!
As a classical liberal, I have come to realize the fundamental flaw of libertarian free-market capitalism: It is theoretical perfection. However, it requires one crucial ingredient: a population fundamentally dedicated to the pursuit of success through self-reliance. Once any significant percentage of a populace either willingly, or coercively becomes auto-reliant on the confiscation of wealth from others to support them, the perfect free-market system inevitably collapses. This is exacerbated by government officials, hungry for power, who construct a support system that does not require individual effort.
Many in government become truly wealthy through the industry of others. Not one fraction of 1% of those locked in the support system become wealthy unless they escape this trap. Yet, they keep voting for it. I would call it brilliant if it weren't so nefarious.
What made Friedman so important is that it's not just that Friedman was a genius, it's that he could explain complex systems in a plain way to an ordinary person would could not only understand, but relate them to others. A gift we are sorely in need of.
Since Dr. Friedman's pertinent lecture was recorded, Government has increased significantly in size and scope. Government always grows.
What government? Oh, that monstrous, greedy, senseless blob that incessantly babbles on about job creation and tax reform and preys on the weak and vulnerable...
And it's continuing to grow
Both sides of the aisle
These lectures never get old...
We need Milton Friedman today more than ever. I did not even know about this guy until after he was dead, but God I miss him.
Blows my mind that other people can't see the wisdom in this line of thought.
common sense is rare these days it seems. I find it has to do with your upbringing and the values/respect instilled in you by your parents. More than often the father.
Too easy an answer, I think it's currently due to the education from peers, mostly via Facebook, Twitter, bumper stickers and fools like above who shout 'fascism, racism, homophobia, transphobia' at every little thing. I can get past the fact that they haven't read Friedman, Hayek, Rand or even Orwell, but the fact that they haven't read 'the boy who cried wolf' or 'when you give a mouse a cookie' is UNACCEPTABLE.
@@CB-rv2lj And you don't have any.
i don't believe they have listened to his line of thought. on the left, free thinking is greatly discouraged - verboten, in fact. as soon as they heard the name 'Friedman', their scripted responses began to flow. Its a shame he didn't live to see the mess his teachings have caused; blah,blah - who can i blame for my failure to thrive. those who have thrived must be evil because i am of course good, and my failure to thrive must be a consequence of a rigged and evil system.etc. etc.
Boris Y typical liberal spouting ignorance and violence!
Lord how this man is to be missed.
Now THIS should be taught in schools. I was in my thirties before I found this man, I truly believe that was a crime.
I'm learning about him right now in world civilizations 2
+Legend Length then why are they teaching it?
they are the problem. also remembering my textbooks preached these 5 myths.
They don't teach this in schools because to commies it's hate speech to state facts.
I'm with you all the way on this. Hope this stuff always stays up on UA-cam.
Amazing, and the way he forms his statements and arguments are actually very interesting to listen to. I'm a 17 year old who has never been interested in economics and government and i loved this.
Jonathan, keep going...you are beyond your years and on the right track. Friedman was a great man endowed with profound insights & wisdom. If you like the intelligence of someone like Mr. Friedman give Ben Shapiro a listen if you haven't allready.
Best wishes son and God bless ya!
...
jonathan dobrowolski stay on course young man.
Maybe you could watch all of Noam Chomsky's vids too to hear the opposing arguments EVEN MORE ELOQUENTLY with hard facts rather than jokes, rhetorical questions and anecdotes.
18 here, in the same spot as you
As a professor of economics, I am very happy to hear it. I hope you keep expanding your mind!
Sometimes I need a reminder for all of these. And researching it deeper is even more revealing. Guess I'll keep watching this speech every year lol. Utah State University was lucky to get this live.
Amazing how relevant this man's words stay in every generation. History is always repeating itself. Ronald Reagan was president when Milton Friedman was a teaching economist.
National Health Insurance?? How far has our society declined when a man of common sense on the 80's can sound like a prophet today? God Bless Milton Friedman, and long live free markets.
i am still waiting for godot to deliver a free market world/
It's so sad, what milton Friedman talked about should at least be common knowledge today
@@FKAAYA Explain how basically every other western country on earth has it then. I don't get Americans. They don't seem to want to look outside their country for information. If America was ranked at, or near the top for healthcare I'd buy it but you guys aren't at all being afraid of change is completely insane.
Boy was he right about government run healthcare. Isn't it amazing how politicians wanting more power and more money create the push for all of these social policies, then when these policies inevitably produce more hardship they blame businesses and say they need even more power and control.
Some of my economics professors years ago were students of Friedman. The lessons in economics from the "Chicago School" are valid now as they were then. Friedman makes the dynamics of economics easier for the average person to understand. But be assured, this Nobel Prize Economist -- has plenty of hard numbers behind his conclusions and his suggested actions.
@@borisy19 We dont buy crap. Trade should be stopped with China because of their horrible government. We should demand freedom before we open up trade again. Middle class is dying because of government regulations and policy.
The world needs more milton Friedman’s!!!!
wow. Respect.
I love the focus on the fed res. I think i"ll be binge watching Mr. Friedman. great stuff
Quite prophetic. He was a great champion of individual freedom. He is missed.
He sounds like the kinda guy that would be fun to talk to at a bar....
Yes....we lost a truly great one in 2004
I believe it was 2006
www.hoover.org/profiles/milton-friedman
jose sanchez haha yissss!
2006
Right? Bright, funny, and witty, too. Even more than his philosophy (which he always laid out beautifully), he seems like a very approachable man.
Economics is one of my hobby.Some of these things i already know but i like to expand my knowledge.Milton Friedman can teach the advantages of Free Market with a little sense of humour.I like him as man.Wise person. Alwayz when i think about free market, i got Milton Friedman infront of my eyes. Rest in Heaven Milton Friedman
BTW Its from 1980 and things which Milton said still matter - even now.
Anyone who spells always "alwayz" and says they are into economics as a hobby... 😂
You don't have to be harsh on people's spelling in this technology world .English might not be his first language so just go with it His profile name#la tigre#
Means in French the tiger .Be cool man and don't be judgemental .
My Dad used to say that capitalism is dog eat dog whereas socialism is wolf eat sheep
don the way i heard it was 'capitalism is dog eat dog, whereas socialism is the other way around.' Now; Democracy, i like to say is two wolves and a sheep voting on whats for lunch.lol.;-)
I'm stealing that.
@@osheadkkm _hahaha..--that is classic"whats for lunch".. and-"the other way around"
dan o'shea superb
Capitalism- the dogs feed eachother
Just wonderful arguments, changed my some earlier misconceptions about M Friedman.
Thanks professor
Dr. Friedman clearly makes the Legitimate point, that NO Company actually pays Taxes ...They are used as middlemen in Tax Collecting !
Ultimately , The Individual pays ALL Taxes in the USA.
Halfway trough his speech, he hammers socialized medicine.
All without a teleprompter. He's quite an amazing thinker.
2019 this knowledge is as valuable as ever
I strongly urge you to rethink that belief.
@@iconicon7354 perhaps we would feel urged if you had any form of counterargument
@@seanrobinson2270 that would require them to think 😂
His description of what socialized healthcare will do to the USA healthcare system is exactly what happened and continues to happen here in Canada.
I miss Milton Friedman. Of course I only learned about him after his death and after I was finished with schooling. I’m so impressed with his work Iv read all of his books and it blows me away how well he knew the subject of capitalism and the benefits of the market.
Nearly half a million views in 3 years. Getting better all the time.
Unfortunately we are already well on the path of tyranny and misery and theres no stopping this train.
This is still so relevant for Australian government and economics.
Dr. Friedman is impressively intelligent. I enjoy how he puts into aspect how the simplest functions of economy, then uses that understanding to make the point of good and bad economic philosophy and its simple application. Impressive.
"Inflation is made in one place and one place only: in Washington DC."
Still in all its individual bosses that raise prices to capture more money.
I am confused by this. The period he references is more the late 70's. Today we had m2 money supply grow by 90% and gdp roughly 20-25% since 2009. Inflation hasn't come through. This makes me question if money supply is solely inflation but overall the growth of the economy and the size of it through consumers.
The benefits of increased productivity... (10 times higher than 1970, one person today produces what it took ten in 1970), shrinkage of real wages (after inflation, despite the massive increase in productivity, plus the women had to join the workforce just to make ends meet in the family), massive importation of cheap products from China, plus monopoly control of most transactions (including inflation)... has been destroyed by the massive increase in money supply. In other words, our standard of living should be ten times higher today without the increase in money supply. Imagine a 90% "discount" on everything you buy to see the effects. We would/should be filthy rich. But then there would be no need for the welfare state with its massive waste and fraud. @@Christobevii3
@Wade A Tell me about the supply and demand of importing never ending waves of third world shitholers who don't even have a high school education while continuing to export manufacturing and automating millions of jobs.
Oh, so Russian propaganda isn’t lying - it is all your fault???!!! 😂😂😂
Friedman at his best. Watch his youtube videos, I learnt much more economics than many textbooks put together. Pure genius.
Such an amazing presenter with amazing views to boot.
This is such an enlightening video
This should be put on every mandatory training for people in government! No senators or congressmen should be allowed in unless they understand this!
The mark of an orator is that se can make uncomfortable truths seems self-evident, and even funny. Much missed.
incredibly relevant to this day...
I agree
There is nothing new under the sun.
All Of This Has Happened Before And Will Happen Again - Cylons
Is this really the first rise of civilization ?
The second ?
The third ?
The place I live is a prime example of what Milton is talking about
Free markets for the poor, socialism for the very rich. The economy should be rigged to make sure the billionaires always stay rich. Yeah!
_"Social security is a program which transfers income from low income classes to high income classes"_...
If you would've said that to me just 20 minutes ago, I would've laughed at you. I'm going to watch this a couple of times, I'm sure I might miss something
We do have the government we deserve. Republicans must destroy SS first in order to privatize it. That is why we elected them, we want taxes used for the military might so we can destroy the planet several times over. Who needs health insurance anyway, let's get rid of it, we are rich enough to pay for health care out of pocket, same for schools including college. We do hold low standards for our government. The current president is a crook and a jerk and we elected him as irrational as he is.
What about car insurance, the homeowners policy, life insurance and more?
@@renatelittlejohn177 yes i totally agree with you, although he is wayy better than any democrat who wants huge government programs.
@@renatelittlejohn177 If you weren't so ignorant I'd laugh - but I'm scared by knowing there are more idiots like you who vote!
@@renatelittlejohn177 It was certainly possible and indeed common sense that citizens in the past paid out of pocket for their own healthcare; the problem of infinitely inflated prices for healthcare and college tuition care from government guaranteed payments to corrupt oligarchies in bed with government officials, often referred to as corporate welfare and burdensome unfair regulations beyond public need. Milton Friedman vehemently opposed such nonsense and wanted government out of all collusion with private business and only be the arbiter/referee of disagreements and evaluating third party damages.
@@renatelittlejohn177 Nice strawman. I hope you arent a smoker, or at the very least that you wait until I'm a little further away from you. The U.S. budget for 2019 was 4.4 trillion dollars. The military budget was 686 billion. Theres no such thing as free healthcare. You can pay the government to pay your healthcare, or you can pay healthcare provider for your healthcare (or in our current system you can have an unholy amalgamation of both). Why do you think it would be cheaper to pay a bureaucratic middleman to pay for your healthcare?
Always prescient, always precious. Gob bless America for this gift.
Joe Ellerbrock Gob only blesses people with a requisite donation. 😉
We need him right now more than ever before. We have Ben Shapiro, but he's not an economist and isn't as fluent. Thomas Sowell doesn't go out and debate anymore. We have Larry Elder but his voice isn't listened to enough and he can't out debate people like the others. We're running out of people.
Bane yaron Brook. Dennis Prager.
Fortunately
I can't listen to Shapiro, sounds just like sjws who have figured out the conversation before they have it.
Let's put welfare on the donation list, so we can opt out if we choose.
He is a very bright and makes grest well thought out points. And willing to point out we are not perfect as humans.
Becoming a libertarian is such a wonderful process. Suddenly you see every human beeing as an individual, which frees you from racism and see behind the lies of socialist demagoges.
Milton Friedman was an intellectual, possessed of a deep appreciation of how humans behave. Here, he essentially offers his own views on the societal balance between human rights and property rights. Moreover, he offers his own distinctions between what John Locke described as behaviors that fall within the realm of liberty versus the realm of licence.
THE ROBBER BARON MYTH
The nineteenth century was not quite the century of general prosperity as Friedman suggests. The societal conditions that Alexis de Tocqueville described in "Democracy in America" hid the fact that wealth was already significantly concentrated, as described by historian Jackson Turner Main. The path was already established for the United States to become increasingly dominated by "rentier" interests (i.e., those who achieve wealth by means of charging others for access to land and natural resources without having to offer any service or good in exchange). Friedman mentions that the price of agricultural land was increasing, as if this was a positive outcome. This was certainly positive for those who already owned land or those engaged in land speculation as a primary activity. Rising land prices required farmers to take on increasing levels of debt. Then, when there was a crop failure or a prolonged fall in commodity prices, farmers defaulted on their debt and lost their farms. It is worth considering whether the costs of allowing monopolies and cartels to dominate economic activity actually retarded equality of opportunity to such an extent that the nation experienced cycles of boom to bust that were totally a result of the systems of law and taxation operating.
THE CAUSE OF THE GREAT DEPRESSION
Milton Friedman argues that the Great Depression was caused by a failure of the Federal Reserve System. I do not doubt that decisions made by those who headed the Federal Reserve made the situation worse, made the depth and duration of the depression worse. That said, the cause of that depression -- of any depression -- are to be found in the nation's systems of law and taxation. The immediate impact was very nicely described by the historian Frederick Lewis Allen in his book "Only Yesterday" published in 1932. The 1920s was a period of intense speculation in land, in commodities and in equities. This speculation was fueled by cheap and ready access to credit. Eventually, the stress of escalating land prices ahead of any increase in household income and household saving brings the economy to a screeching halt. A correction or crash occurs. Again, the depth and duration of the crash depends on what actions are taken or are not taken by government.
THE PRIVATE MARKET FAILS TO PROVIDE IMPORTANT SERVICES
Friedman's criticisms of the Social Security system are certainly valid. It was a very poorly-designed program response to the problem that millions of people cannot earn enough during their working lives to save for their retirement. A far better solution would have been to issue an annual "citizens dividend" from the public collection of what economists acknowledge are income flows (imputed or actual) from the control of land and land-like assets (e.g., frequencies of the broadcast spectrum, competition-limiting licenses, or take-off and landing slots at airports).
Friedman's observations regarding national health insurance continue to have validity. If access to health care is a human right, the question that also rises is whether this is conditional -- conditional on a person making a reasonable effort to remain healthy. I am not suggesting this is an easy issue to resolve. A society's involvement in providing health care for its citizens is one of the most complex ethical as well as practical challenges we face. Should hospitals be organized as profit-making entities, or be required to operate as non-profits? Does health care differ by degree only from other market activities; or, is health care of a different "kind"? The national debate continues.
THE MYTH OF THE FREE LUNCH
I agree with Friedman's argument for elimination of the business profits tax. A business should compensate society for whatever locational advantages enjoyed by payment of the full potential annual rental value of any land held. And, again, any additional "rents" derived from competition-limiting licenses rightfully belong to the community or society. The failure of the community to capture rents results in the capitalization of this unearned income flow into a selling price for the deed to land, or the license that restricts the number of establishments legally able to sell liquor, or the number of taxi cabs legally able to convey passengers in a city.
What about the taxation of so-called "capital gains"? In the real world, actual capital goods (i.e., buildings, machinery, technologies) are depreciating assets. Capital goods maintain functional utility and some exchange value only by continuous maintenance. What are defined under tax law as capital gains are in reality gains from rent-seeking, from speculation. If are to continue to tax income, the structure ought to be progressive as a means of untaxing incomes earned as wages and salaries and progressively taxing rent-derived income. What might this look like? All individual income up to, say, the national median would be exempt from taxation. All other deductions or exemptions would be eliminated. Above the exempt level, an increasing rate of taxation would be applied to higher ranges of income, set so that rent-derived income is taxed at the highest rate.
THE ROBIN HOOD MYTH
Friedman's message is that politics dictates economic outcomes, so that when the politics is structured to benefit vested interests it is vested interests who benefit from law. The bottom line question is what changes in law and public policy will allow those who are poor or born in households with very low incomes to improve their economic circumstances? The real solution is to eliminate monopoly and landed privilege from our systems of law and taxation. This is the path to a full employment society, an economic circumstance where there are always more jobs looking for people than people looking for jobs. Interestingly, in another talk given by Friedman, he actually endorses the taxation of land values as the best way for government to raise revenue. However, he does not seem to recognize the synergy that would develop by this fundamental change in public policy.
Just out of curiosity, when was this speech given? It's astonishing how relevant this still is in 2019... it proves to me how much of an economic visionary Milton Friedman was. Far beyond his time and much needed in the modern world
1980 or thereabouts.
Wow, what a powerful orator. Cogent arguments
This is enlightening in the age of democratic socialism.
Everything he says is so goddamn interesting. This guy gives me a lot of motivation to get through my undergrad economics courses.
Considering the economic disasters his teachings led to he's about as interesting as Karl Marx, unfortunately.
I greatly admire Dr. Friedman.
And the award for all-time smartest dude ever goes to....MILTON FRIEDMAN. Congratulations.
This country has become something I have no words for. How can we reset to true capitalism where institutions cant fail us. It's better we fail ourselves than an institution fail us.
The three wise men: Hayek, Sowell, Friedman
Absolute brilliance... Wish he were here and could be a white house advisor.
+Justin Walley like government listen lmao
+Justin Walley He wouldn't be listened to even if he was. He doesn't say what politicians want to hear.
Thomas sowell
@tonyhuynhtwo And we see how well trickle-down economics failed.
Right, an advisor to trump the buffoon, ok.
We should heed Dr. Friedman's advice, it's as wise now as ever!
You sound like a communist who still believed in Marx in the 1980s. I think laissez faire supply-side economics has had its chance to prove that it works and it's failed miserably. Otherwise MAGA hats wouldn't be a thing today.
Milton Friedman is a great man!
are you agree with free immigration?
Well, what this man said at 2.55 sounds like a prophecy.
These teachings are timeless, it is truly unfortunate that there is not a wider discussion of his lines of thought to develop and further ourselves as individuals and on the way to a more progressive, inclusive and understanding society.
This looks very interesting. I have to watch it later today when I have time.
+PaulDA2000 make time
Watch! It was fantastic!
What a brilliant man...
Wonderful talk. More relevant than ever....
Wait a minute, he actually believes American history books, i have a hard time to believe them, because in my 51 years, i see “history” being distorted.
Edit, i do enjoy these videos, thank you for posting and sharing.
Milton Friedman for President 2020! Sarcasm that makes you think "Wow, if only more candidates had the intelligence and speaking skills of Friedman..." One of my heroes for damn sure.
Place on 1.5 speed and you have Ben Shapiro lol
genius
I play Ben S on .75 speed
Tried it. Felt 1.75 was closer. XD
I'm playing him at 2.0.
Ben learned a lot from Milton. Uses a lot of his examples.
Love Milton..he's the best.
Love this guy...he doesnt minch words just facts based on reality
I think he was one of the greatest communicators to walk the earth. His Mind Is amazing
He IS a great communicator. The flow of his speech is art - almost no "uh's" or other interjections of a break in thought. He knew of what he thought expertly.
For those of you who lack the understanding of CAPITOLISM you should watch this Amazing exposure of the top five historical myths.
EXPECT US ALL!
Anon Rises Capitolism is what happens in the beltway. Capitalism is what happens in free market economies.
I love listening to this guy .
What I get from Dr. Friedman's lecture here is that people who live societies with little restrictions and lots of individuality, prosper greatly IF...if they are willing to work hard and live smart. Those who are lazy, or addicted, or foolish, or feel entitled, or are coddled, do not wish to work hard and become a drag on the system. But they can vote, so the government steps in to help them in exchange for their votes. When that brings, it will never stop, and only grows. If you don't want to work hard and you want to live off taxpayer dollars, move to Europe, or Australia, or UAE. Don't stay here in America because you are nothing but a drag and should be ashamed.
Thanks for posting this great message.
200,000 views makes me feel somewhat optimistic.
I don't. I haven't met anyone who is interested in these kinda of topics. other than my school professors.
i wish it had at least as many views as a stupid Miley Cyrus music video, than the world would be much better.
Admittedly, I'm basing this on my view online from a faraway land (Ireland) but frankly, sounds like you got off lightly if online vibes are to be believed.
This guy.... I wish he was still alive :(
It's horrible.
But what about the oppressed black lives, the poor, kneeling football players, the cops, the guns, the racists, the transgender rights and the greedy capitalists. You're just a microaggressor...ack, I'm scaring myself. We have a lot of educating to do, now get busy.
What people don't understand is that it's not about left or right, conservative or liberal, but right and wrong. There's a book called Common Sense Economics that I use in my university classes, and it's written by liberals but agrees with many conservatives. Just like in human interactive principles, there are actions one can take that will inhibit or enhance regardless of any categorical imperative.
Right and Wrong is more arbitrary and irrational than ideology, no one thinks their politics are actually wrong. Its all about the relationship between the individual vs the group and whose rights are forfeited when the needs of the individual and group conflict. Politics is often chosen because of the benefits it provides to the self, not due to a moral stance.
Tele Synth If you're speaking of the uninformed, politically ignorant, and self-indulgent, yes. But people are never that easily categorized. There may be general tendencies and patterns, but those patterns are often broken for the short term, and if the ideal is righteous enough, for the long term. ie: end of slavery, suffragette movement, Civil Rights and Voters Rights Acts, etc. There are general rights and wrongs in economics. Today, wrong being banks creating debt as money or debt out of thin air with little backing, creating an ever shifting economic status towards hyper inflation, excessive taxation, and trade fraction. These are the truths, and regardless of political stance we all must act with uniform choice to solve the problem. There are no alternative solutions herein. Read Common Sense Economics to get a taste of the critical issues at hand that I speak of. We all need to get educated, now!
Check out Dylan Ratigan (rightfully) loses it on the air on UA-cam. He'll set you all straight.
I'm talking about everyone. Who wants distribution of wealth? Poor people. Who wants less regulation and tax? Business people. No one *ever* has taken a position they dislike because its for some greater good. Not one business has ripped off someone who just failed to do their homework and study the risk of the debt. What you see as a problem, others see as the normal consequences of a market. Truths, ignorance, right and wrong are all rhetorical arguments from you. Its misdirection IMO.
@@Frankincensedjb123 he was contractually banned from participating in journalism because of that outburst. funny that his "journalist" bosses silenced him for speaking on obviously true dynamics.
Unfortunately he would never achieve tenure at today's universities.
Yes he would. His son teaches economics(has the exact same beliefs as his father). Thomas Sowell and Walter E Williams teaches at universities as well. If you don't know them, they have the exact same economics beliefs as Friedman.
@@bane3991 His son is an Anarcho-Capitalist.
@@pottingsoil There are very few Marxist professors in economics, political science and business. They are mostly filtered out by incumbents who teach those subjects. The few marxists at universities teach in other subjects excluding engineering because that is usually connected with making money and founding start-ups.
@@pottingsoil Anarcho-Capitalism is an attempt to steal the good names of anarchists and try and connect them with capitalism.
@@kimobrien. just a "few" Marxist professors? Surely you are kidding!
The man was preaching to the choir then. What the crap happened to the University of Utah in the meantime? It resembles exactly what he's decrying.
I've a man-crush on Friedman lol
Same here. #nohomo
It's called a bromance.
There is nothing wrong in falling in love with a man like Friedman.
Me too!
Dr. Friedman's class year stone of 1932 is next to mine, Rutgers College Class of 1982 at Kirkpatrick Chapel. I feel privileged because of this.
A couple of days ago I saw a fully restored car with a personalized license plate that spelled R. NADER. I immediately thought of the Corvair when I went over and looked at the car it was a Corvair. The man that owned it showed up and he said he owned several.
Friedman---1977 speech--explains the Tea Party view--make government as small as possible. If you really look at why the people at the bottom STAY at the bottom is because the system is self-reinforcing to keep them there. Much of it is because of corporate welfare. This is what Friedman describes fairly eloquently. He does give props to AFDC to shift the balance of inequality to benefit the next generation of poor people a chance to succeed (this is of course the program that was dismantled in favor of workfare after Friedman gave this speech!!)
Unfortunately Milton Friedman transformed from a limited government, pro-Austrian economist to a Fed loving, card-carrying Keynesian. It was especially interesting how he would regularly have panels with other economists who would try to challenge his shift in viewpoints and he'd pretty much disregard them and blather on about spending spending spending.
S S
I have to question your claim considering that at 36:00, Milton points out that you cannot print money without incurring cost onto someone.
Shane Stevens No Way....
can any of the 84 who disliked can elaborate on it a bit? I assume not
I didn't dislike this video but I recently watched a documentary titled 'the one percent' and Milton was very reluctant to answer the interviewers questions. It made me question the validity of his teachings. I guess not everybody agrees with his school of economic thought and they shouldn't have to.
I just watched this video (only the relevant part). This is laughable.1st, he didn't really discuss ideas. 2nd, we haven't seen the entire interview with him - bear in mind that this disgusting movie was supposed to put ideas like the ones milton held in bad light... 3rd it's possible milton got old and grumpy, but more likely this SJW interviewer is just an obnoxious person like each one of them.
To relate to your remark - of course people are entitled to his or her own opinions, but to agree with nonesense based on no evidence (there's actually plenty to the contrary) and no theory either, and disagreeing with reason, facs, solid theory and experience - I wouldn't say this is a respectable opinion, espiecially when people decide to ignore the obvious failures that their policy creates.
Thanks for your elaboration :).
1. the fact that the government decided to get rid of land and put it in the hands of someone else, means virtually nothing to the cost; it merely switched hands. remember that supply and demand determine the price. if the aftermath of that was a rise in the cost of land - it's mainly because demand was finally let get what it ought to. In that case the government released land to the market. what happened until then could be argued to be a government failure (actually Milton talks about that). if that's what you call government intervention, be my guest. I don't think many capitalist think that government has nothing to do with handling real estate.
2. how much it'd have cost them to buy it? possibly a fraction of the total expense? maybe the government designated that area, and by the way gave it for free? anyway interesting point. do you have a reference?
3. how did it cost the lives of the native americans exactly?
ok. putting land "theft" aside, this is not how supply and demand work. you didn't just erase this land off the matket. the government could have put a different price on the land, but the fact that the prices kept going up means that the land was that much valuable, and farmers who acquired their land (5 years is not a long time) could have sold it for a higher price - not just higher than what they got it for, obviously, but a higher price starting from the point when the government stopped this free for all, unless you prove to me that he talks about the rise of cost between these two eras only. you could argue that the growth of land price was initiated by growth in produce which was initiated by the government - ill get to that. I don't think Milton is denying the there was a government intervention. I think he denies its relevancy to the rise of land prices. And if what you call this land management a government intervention - we go back to the same point; the land belonged to the government in the beginning, so anything would have been an intervention. and to say that if the government should behave like free market agent - selling the land for a high price wouldn't necessarily get you more money! maybe selling it for cheaper and attracting immigrants is a better way? maybe you encourage growth and increase the tax collection later? free market means maximizing profit, not price.
anyway i think you entirely missed the point he tried to make - the government didn't tax too much, which in turn created wealth, growth and prosperity. using this example against the principles he present is knickknacks; to say that the government didn't charge more for the land when could have is very superficial, as before. and to say that capitalists oppose, by and large, government authority over the land by calling any of the like an intervention, is a straw man.
When was this lecture given?
Eye opening and very sense making.
It undid the lies I've been fed so far...
USA should enact a version of New Zealand's "Electoral Finance Act", and subject all elected members including the president and senate to the same anti-corruption rules; such as those existing rules preventing house of reps from running a business that profits from the things they do at work, and taking big pay checks for meetings, speaking engagements and dinners.
By USA do you mean congress?
16:48 "...and I say this not as a random opinion; I will be glad to refer you to a several-hundred-page book in which it is documented, I won't tell you who the author is, Mr Ekles did that..." What book is this he's referring to? I wish he would have told us what the book is. Was it one he wrote himself or something?
Yes, the one he wrote.
at 17:00 is he referring to prof. Carol Quigley?
Where are these students today?
I agree with you, one problem with big government is that big business and big labor take it over hurting the majority of the US citizens. I am glad that you recognize that and realize the need for a more limited government.
Absolute brilliance.
Wow, what an enlightening speech! Unfortunately, the Moon government of Korea is doing everything against the economic reasoning of Friedman!