Milton Friedman - Lesson of the Pencil

Milton Friedman uses a pencil to illustrate how the free market price system promotes cooperation and harmony among those with no common interest. http://www.LibertyPen.com

Source: Milton Friedman Speaks
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  News & Politics

[jegray67]

The difference is Obama thinks he knows how to make a pencil

[Alex A]

The difference is that you don't know how to make a point without resorting to petty, offensive comments...which really makes me question your capacity to reason

[homersparents]

If you think Marxism is possible you don't understand it. If you think capitalism is not possible you havent read history.

From 1865 1912 the USA there was very little regulation and very little taxes. we had the greatest growth in standard of living and life expectancy the world had yet known. so its possible.

what you espousing is similar to "freedom = slavery". George Orwell wrote about that in "Nineteen-Eighty. Good read by the way.

[spumigena]

If i'm sure? Ofcourse I'm, if capitalism is possible, then marxism is possible. They are equally crazy and scary.

I don't really follow your elephant absurdity, I see it as a poor attempt to discredit me.

You are talking about gender differences. Inequality is better described with your last sentence. Social Darwinism is just a excuse to enslave other people. In a human society, social darwinism is nothing more then a burden.

And btw, i'm unemployed and have never had a job.

[homersparents]

Get rid of the power to use the guns of government to regulate the little guy out of buisness. Who has the ear of the law makers. is it the poor shop or the rich shop with a bucket full of money in the lobby. Who has the lawyers?

The big companies use regulation and taxes to destroy competition.

Wallmart has been lobbying to raise min wage for years and they pay above it already so who are they trying to hurt . COMPETITORS.

Government is a gun.

[homersparents]

Are you sure. Do you also say elephants are crop ruining or forest destroyers.

/your friend the zoologist.

If your arguments are sound they don't need you job title after them.

There is gender inequality. Notice how men are generally larger than women. Why is that? Is it becasue men are the rulers or the workers? Women have better skill at speech. is that a skill needed by a slave or a commander?

It is the master who needs to communicate and the slave who needs muscle. Evolution!

[Nima E]

Thank you for actually taking the time to read adam smith

[Nima E]

Finland currently produces the best school system in the world, which is completely subsidized by the state. Market equilibriums are not socially optimal, most of the time. Also, what truly alleviates suffering in poor nations is proper public spending on roads, buildings, communications and institutions. What separates the third and first world are institutions and progressives taxes. Ex."brazil growing under a socialist party" Plus, fuck you milton for pinochet and his fascist advisors.

[B.P. DHANA]

EXCELLENT LECTURE! I just got enlightened by his little piece of illustration.. as a libertarian socialist myself, i'm always in favor of laissez-faire capitalism and Professor Friedman really summed it up in few sentences!

[Alexopolux]

..as every power does. In fact, he is misrepresenting Adam Smith, who heavily criticized the British Empire for its colonial policies, and even the division of labour (for making out of humans stupid beings). To say that miners in South-America or South-Asia are cooperating because of relative prices is a half-truth save you make a institutional analysis. Finally, the US developed by refusing (meaning warfare) to buy British free market dogmatism.

[Alexopolux]

In this video: First part (the pencil). He is describing the fascinating topic of the division of labour. And old topic that gained relevance in the 18th century - that is during the British Industrial Revolution. The second part, he establishes the causality between the price mechanism and the division of labour (also made by Smith). It is where Milton's dogmatism prevents to explain that: British Industrial Revolution was established partly by force. Cont..