The 4 Ways to Spend Money by Milton Friedman

1. You spend your own money on yourself.
2. You spend your own money on someone else.
3. You spend someone else's money on yourself.
4. You spend someone else's money on someone else.

Sorry for the horrible quality on this one. The original source was a low quality .rm file from http://freetochoose.net/media.html

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[eelliott74]

Friedman brilliantly argues that the government is not as near as careful at spending your money as you are at spending your own money. How can you disagree with that?

[resources57]

He is the philosopher I been searching for and a positive human, wish I could have met him or seen him at a lecture. That is why YOUTUBE is so great !

[LeoAutodidact]

It's only SIMPLE, because it's TRUE!

Friedman was a great educator because he was good at finding clear and relevant ways to illustrate "complicated" truths of "The Dismal Science," Economics.

Only Academics could find a way to make something as fascinating and compelling as MONEY, into the most boring course on campus. It's almost as if they were delibeeratly TRYING to get people to disengage.

Rodney Dangerfield's "BACK TO SCHOOL" showed this wonderfully well.

[GenuinelyInquisitive]

@GenuinelyInquisitive

It's the apathy that is the problem to address. Voter apathy it seems to me is the main problem. A keenly politically engaged public which takes its political role as voters seriously will drive the agendas of representatives who would otherwise do as they please toward genuine public interests, just as an individual who offers to purchase dinner for another using someone else's money will do so much more carefully if they have to face the money source face to face.

[GenuinelyInquisitive]

With all due respect to Dr. Friedman, this all depends on the individual spending someone else's money on themselves or someone else as being apathetic to the impact that their expenditures have on the money source.

I support universal healthcare and education, but I also view the source of the revenue for these endeavors (public funds) with great respect and would seek to get the most out of them. I simply CANNOT be the only person who feels that way.

[MrUnconvinced]

@HomelessOnline I'll go with the PISA standards to define successful. Perhaps you could suggest how you think Friedman's hypothesis could be disproved?

[MrUnconvinced]

@LetitRideOut87 My comment was about education systems, not individual schools. No developed country has left schooling to the free market and expected parents to pay for their children's education. Giving parents "choice" is not truly a free market system if the costs of schooling are still met by the taxpayer. Friedman went to a state funded school... what's he complaining about?

[HomelessOnline]

@MrUnconvinced - Any private school that's not funded by the government, but I'm not sure how you define "successful." 'Tis true, private schools don't educate the majority of the people in America, but you've hardly disproved Friedman's hypothesis.

[LetitRideOut87]

@MrUnconvinced then please tell me why private schools almost always outperform public schools?

[transferpoint2012]

check out henry hazlitt

[MrUnconvinced]

So where is the successful education system anywhere in the world which is mainly funded by private money/school fees paid by individuals? Not South Korea, not Finland (the top systems in the world), not any part of Western Europe or North America.  All successful education systems are mainly funded from tax. All successful economies depend upon education systems mainly funded by tax, even in the most capitalistic, free enterprise cultures. Friedman hypothesis disproved.

[fububalla]

I wonder what Mr. Friedman would think about the multi-trillion dollar bailouts within a span of a couple years?!?