Milton Friedman on Donahue 1979 (3/5)

Friedman, shows why he is unsurpassed in modern times in defending liberty. He cheerfully decapitates the ideas of a government-controlled economy, over a wide range of examples. His layman's explanation as to how government intervention and the Federal Reserve control of the money supply helped cause the Great Depression is simply outstanding.

Category:

Education

Tags:

• Capitalism
• Capitalist
• Socialism
• Socialist
• Marx
• Marxist
• Marxism
• Fabian
• Fabianism
• Mercantilist
• Mercantilism
• Democracy
• Democratic
• Liberal
• liberalism
• Libertarian
• Libertarianism
• Keynes
• Keynesian
• Keynesianism
• Monetarism
• Monetarist
• Professor
• Chicago
• Economy
• Economics
• Economist
• Free
• to
• Choose
• Nobel
• Prize
• Laissez-faire
• Invisible
• Hand
• Adam
• Smith
• Philosophy
• Market
• Tariff
• Protectionist
• Great
• Depression
• Government
• Spending

[SuperDelderfield]

Is what TV was like in the 70's? TV has gone downhill if you ask me!

[darwinkilledgod]

At 2:30 there's a great bit where Milton Friedman just explained that the only cure for poverty yet discovered was the free market, that the world has progressed from famine, disease, and barbarism only when free trade is allowed. Then Donahue completely ignores that and says, "But it doesn't seem to reward virtue..."

I sometimes wonder where Democrats care about the poor at all or if they only care about punishing the rich.

[AntiSchiff]

@darwinkilledgod

Uh, the negative income tax is an income subsidy. That's wealth redistribution and Paul doesn't support that.

I agree, it's vastly superior to the various bureaucracies we have to deal with social welfare, but it is a social welfare policy.

[darwinkilledgod]

@Betcsbirds Comedy sucked in the 70s... I've been watching reruns of MASH, Family Ties, and Happy Days. I can barely get through them!

[darwinkilledgod]

@AntiSchiff I'm confused... A negative income tax isn't a welfare state exactly. It still allows the market to work - the poor spend where they want to spend. It's like vouchers, a big republican idea that came from Milton. What they (and Milton) object to is government run programs because the incentives are wrong.

That all said, I agree with you; Ron Paul is as close to Milton as we have, and they hate him.

[AntiSchiff]

@darwinkilledgod

And yet Friedman wanted a negative income tax welfare state. Conservatives don't know the first thing about Friedman or economics.

[baller84milw]

Score:1 Capitalism. Score: -1,000,000 Socialism.

[itcanbecheezcaketime]

Lol... the guy adjusting his tie at 8:22 is such a douche.

[AndrewAllenBrown]

@darwinkilledgod I freakin' love his speech on greed at 1:20!

[EchoMike03]

"When you see around the world the mal-distribution of wealth..." The flaw to Donahue's, and liberals in general is wrapped up in this short sentiment. They believe that "wealth" is static and should be distributed, which is a false premise and the basis for the statist ideology. Capitalism flies in the face of this notion becase it CREATES wealth. The reason statists dismiss this concept is because if we are free to support oursleves we have no need for their distributive programs.

[silentmajor]

Milton said government does have a place and it was very simple; He said that when two people work a deal and that deal adversely affects a 3rd person then the government can place restrictions on those that deal. I don't know why Donahue never expanded on that point, it seems that was the whole discussion yet don let that go by. It seems to me to get anywhere to make progress you need to start somewhere where you both agree. Don wanted to argue, must be better for ratings! (capitalism)