Milton Friedman - Bad Laws
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@dave19941000 Income inequality doesn't mean living standards per capita are low. And how are you measuring poverty? The main point is did the country improve per capita or not after the long-term effects of the Chicago school could correct the Keynesianism?
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@dave19941000 50% of the USA does not live in near poverty. Come here to Africa and see poverty! You can have an apartment, Cable television, a car, and a soup kitchen around the corner and still be considered on the poverty line in the USA. Come to South Africa and see the difference living in a shack often (not always) with bad sanitation. Disgusts me that the poor in China save at a higher rate than the affluent poor in the USA.
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@ElJefer Those numbers give a false impression. Its like in the US, where 50% of the population lives in near-poverty, yet it is the richest nation in the world. In Chile over 90% of the wealth is in the hands of the top 10%, and Chile has a very high poverty rate, as well as one of the highest (and it was for a time the highest) levels of income inequality in the world. Basicly, its people playing with statistics to give a false impression.
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@stealthgerm minimum wage and child labor laws are not the only factors to consider
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@dave19941000 I don't mean to quote wikipedia, but let me know if this is wrong: "Many of these reforms have been continued to this day ... Chile is currently the 11th most economically free nation in the world and the most free in Latin America ... Currently, Chile is the most economically prosperous nation in Latin America according to GDP per capita." Of course, a correction was required, but the long-term effects seem quite positive.
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@dave19941000 occupied iraq... LOL that's a strawman if I ever seen one.
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@ElJefer The first example is Chile after the Coup which put Pinochet into power, or Russia during the post-Soviet period.
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@dave19941000 Let's focus on one of those countries. During which years did they practice this. I want to look into it
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@ElJefer Yes (exept Russia, they kept the trade barriers), that is what happened, and their economies and people payed the price. It did not work out for the better.
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@dave19941000 So these countries withdrew 95% of government involvement in the economy, removed most regulation on businesses, respected private property, and removed all barriers to trade?
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I miss Uncle Milty!!
funkymonkey1930 2 years ago 50
genius
ironclad452 2 years ago 3