Power of the Market - How to Cure Inflation 1

[audiopro316]

Correction, you can wear gold and live in a house of gold. I do, its nice.

[audiopro316]

That bird is out of control in the first 40 seconds!

[Welsh77]

@AUSM92 friedman said that inflation was solely a monetary phenomenon, which still holds true. if the money stock were to remain constant, you wouldn't get a steady rise in the aggregate price level, no matter what you aggregate supply and aggregate demand are. expanding the money supply at a constant rate is necessary to establish stable inflation, which is what he supported. if you could see it coming it wasn't as bad. the alternative is a wavering system with deflation, which is far worse

[adulby]

@AUSM92 The dissimilarities between Hayek, Friedman, and Rothbard on economic issues are some of the most complex economic arguments ever proposed. They are so similar in many fashions but when you find conflicting rhetoric between them, though rare, it can be quite riveting.

[2dum2getsocialism]

@AUSM92 i think the main point is that if our society were unleased to follow free(r) market principles the tinkering would not be such a focal point

capitalism, in its current incarnation in america, is employed as a bandaid on a leaking dam and when it fails to produce results under these oppressive conditions it gets blamed again and the cycle continues; we need to unleash everything we can and resist the desire to tinker

[jrsub3]

@AUSM92 I think Friedman's crowning achievement was not his ideas. While almost all were great, there's a lot of Austrian and other Libertarian economists who say the same thing.

His greatness was showing how a small state and free market can benefit EVERYONE. Anyone who dogmatically thinks that big government is for the regular guy, and small government is for the rich, would have their mind blown by Friedman. He was excellent at explaining the market as a teacher, and w/ everyone in mind.

[LibertyPen]

@AUSM92 His monetary views were his weak link, although he can be credited with advocating abolition of the FED at the end of his life.

[TheAcehd]

@LibertyPen both of you have no idea what you're talking about lol, go take an economics course and understand what the quantity theory of money is. other guy just spewing nonsensical bs, he didn't accept long run price increases to be inflation? what does that even mean. "Inflation is always and everywhere a monetary phenomenon.

—Milton Friedman, Wincott Memorial Lecture, London, September 16, 1970"

[bonfirejovi]

Like him or not, he did it. The countries following his theories ended stagflation in the 80s.

[SuperTB4]

this theory is so short and thin that it is sad. uuuhhhh. my god is this stupid economics! I geuss if we lived in the 80s we might believe it and be amazed at what a geniuss Mr. Freedman is.

[bonfirejovi]

@SuperTB4 Huh? Friedman is the most respected economist since Keynes so I have no idea what you are talking about. Also this "theory" worked and cured the stagflation even when the Keynesians had no answer. Also learn to spell, bad grammar makes you sound ever stupider than you are. Without Friedman Britain would still be a third world country just as it was in the 70s.

[SuperTB4]

@bonfirejovi sometimes U.S. economist are given a lot more credit than what they are worth, especially Friedman. notice that he never gives facts or real research on his theories, just simple explanations to problems. Back it up please with a real studie that is not some propaganda. This video has basically nothing to say and is pointless.

Sorry that my Grammer and spelling are so bad, (but hey, at least I know that britain wasnt a 3rd world country in the 70s).

[cliffkemp]

@SuperTB4 he did back it up. You must not be paying attention at all. His best study is your wallet. Look at your spending habits and what you purchase and why. The video says volumes if you pay attention. Supply and demand have not changed in the history of the world. Many people do not like that Friedman used common sense and many do not want to hear the truth.

[unfad1ng]

@SuperTB4

he won the nobel price, maybe that says something

[fab006]

@SuperTB4 Asking an economist to "give facts or real research" is like telling a mathematician that his groundbreaking theory (think, for example, Einstein's law of relativity...) is invalid because no one else ever proved it. Science does not work that way. Science is based on logic, not citations, as much as some people might want you to believe otherwise.

[Fatslave]

I vote we create hemp money.

[broeman]

Good idea. All US Dollars are already covered with cocaine. So, instead of sniffing the money, burn it! :P

[cpblackangel88]

Explain?

[herbs814]

"Inflation weakens the social fabric of society". So self-evident even a socialist like Keynes and a monetarist like Milton Friedman can agree on its truth. Remember this the next time capitalism is blamed for the bad behavior of corporations or bankers. Freedom did not erode their character; inflation did. Reckless government spending eroded the value of the "dollar" to the point that no amount of currency could be trusted to hold its value. When money supply grows, so does the evil in society.

[unfad1ng]

@herbs814

well Keynes isnt really a socialist, thaths taking it a bit to far

[herbs814]

@unfad1ng Keynes advocated increasing government spending, even deficit spending, so Keynes is undeniably a socialist.

[ready2go4mydreams]

I want croc money

[xdjessencex]

He seems to be a very smart man..

[SanguiniusX]

Thanks, when're you putting up part 2 of this?

[twanablevins]

Thank you so much for these very insightful videos.

[fzqlcs]

Where have you gone Milton Friedman? A nation turns its lonely eyes to you. (apologies to Simon and Garfunkel)