Other People's Money

Nobel Laureate economist Milton Friedman examines the dynamics of "doing good" with other people's money.

From:
PBS "The Open Mind" (December 7, 1975)

Full episode and info:
http://www.theopenmind.tv/searcharchive_episode_output.asp?id=494

Category:

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[Spiboy]

Very few people spend other peoples money as carefully as their own ;)

[dila813]

This is a critical thinker

[radroatch]

@Saebeck32

One example of many, a profit motive is only a motive for profit

[radroatch]

This argument is disbanded by the Nash equilibrium; social cooperation is needed for society optimums, the problem is the method used 'the state governance' is to heavily centralized, but still without trying to attain the NE society will suffer

[GunsNRosesbitches]

@Saebeck32 The FDA, while it has good intentions, has merely become an organization that supports large companies and protects their interests, largely at the expense of the consumers. For example, if you were to advertise that an orange cures the disease of scurvy, the FDA will send units to shut down your business and arrest you for selling a drug without license. Some businesses were confiscated because they sold natural herbs as medical remedy, potential hurting the profits of big pharma.

[GunsNRosesbitches]

@Saebeck32 Take a look at the FDA. Surely, it protects the American consumers by preventing harmful edible products from entering our markets by requiring them to pass guidelines before they can be sold. However, large pharmaceutical companies have lobbed the FDA to regulate the industry in ways that favors the interests of these companies. Drugs produced in Europe that saved many lives were not entered into the US because it was against the interests of these companies. That is the problem.

[GunsNRosesbitches]

@Saebeck32 Dude, what is wrong with you? First of all, a private company would have every incentive for food inspection because if people get sick, the company is in trouble and will get sued. Even worse, its reputation will be tarnished and its out of business really quick because no one wants to buy food from a company that has a bad mark on its rap sheet. Regulations simply protect these companies and people have a hard time suing companies that get special privileges by the government.

[jccusell]

@YoDudeRock

Of which he later said, just to be fair:

"I have no apologies for it, but I really wish we hadn't found it necessary and I wish there were some way of abolishing withholding now."

[Auraruth8]

@andrelebaron Whats social spending per capita?

[YoDudeRock]

Funny he says this. He was one of the 3 guys that came up with the plan for the federal government to start withholding people's money from their paychecks for taxes.