Milton Friedman on Libertarianism (Part 1 of 4)

What are the elements of the libertarian movement and how does one of its most illustrious proponents, Milton Friedman, apply its tenets to issues facing the United States today? Milton Friedman, Senior Research Fellow, Hoover Inst., Nobel Laureate in Economic Sciences discusses how he balances the libertarians' desire for a small, less intrusive government with environmental, public safety, food and drug administration, and other issues.

This is a 4 part video. Here are the links to all 4 parts.

Part 1 - http://www.youtube.com/watch?v=0PaN9M... (7:21)

Part 2 - http://www.youtube.com/watch?v=KUDV0Y... (7:42)

Part 3 - http://www.youtube.com/watch?v=zhgy0y... (4:31)

Part 4 - http://www.youtube.com/watch?v=64mr-c... (5:59)

Use this link to watch all 4 parts back to back in one playlist: http://www.youtube.com/cp/vjVQa1PpcFN...

Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science, was a senior research fellow at the Hoover Institution from 1977 to 2006. He passed away on Nov. 16, 2006. He was also the Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and a member of the research staff of the National Bureau of Economic Research from 1937 to 1981.

Recorded February 10, 1999. Please see the end of Part 4 for all of the credit and ownership information. I am posting this video to further spread the Ideas and knowledge of Milton Friedman. It is only through implementing his ideas that we will preserve that which the founding fathers established.

• Category

  News & Politics

[Ryan Haverstock]

Huh? China as an example of libertarianism? Non sequitur much?

[Joseph Stern]

I'll spell it out for you again. Friedman believed that (1) it is not desirable to have a federal reserve, but (2) if society insisted on one, then it should tightly --- in fact, automatically (and Friedman thought this could best be done by a computer) --- adjust the quantity of money so as to minimize slack or lag time and mitigate inflationary trends as quickly as possible. Greenspan thought that it could be useful to have discretion over the quantity of money for other purposes.

[bighands69]

China is a controlled economy more so that the US.

It is in a state of growth that will last for the next 15 year at least but there will come a time when their is stagnation.

[Roy Dudgeon]

It's an obsolete movement, is what it is. What we are trying to do now adays is to rescue free markets from Commercial Corporate Central Plannin (CCCP). And to put them on a Green path. See my youtube blog for more details.

[mactekos]

This doesn't explain China where everyone is out to make a quick buck to the damage of their own environment, low safety, repression of others, and poor quality of life. For peasants, the city factory may offer consistent work over the hardness of the farm, but the blatant disregard of the few government regulations in place by small greedy businesses are causing problems and sparking protests. You may argue this is a natural evolution of self-interest, but it is not forward-thinking.

[ubernoobslayer]

He's analyzing the success of Greenspan's career at the Fed, and because he determined that he did a good job (mind you, before the financial crisis) he praised his efforts in that position. Economists aren't the sort of people to espouse heavy praise upon their colleagues' work when they are ideologically opposed, which Friedman and Greenspan weren't.