Market Failures

From a lecture given by Dr. Milton Friedman at the University of Rochester in 1978.

Excerpt from Milton Friedman Speaks: Lecture 05, "What Is Wrong with the Welfare State?"
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[TheTrueLiberal]

@SenileRonaldReagan

Watch the "Free to Choose" series and you'll see Friedman debate some of leading intellectuals of the time. He typically took on four at a time! And almost every academic he debated "resorted to logical fallacies," but never Friedman.

[EGarrett01]

@SenileRonaldReagan

What logical fallacy did Friedman use?

[FletchforFreedom]

@LouieArrighi In actuality, before governmnet git involved, mechanisms to deal with the pollution externalities were quite effective. Friedman is well aware of this (and its no accident that so many economists are, in fact, libertarians). If your "causes climate change" is any indication your last comment brings to mine glass houses and throwing ... 500 pound diasy cutter bombs.

[eswyatt]

Someday we'll have a chip in our head, and the tax collector will say when we protest "like hell you don't value that [public good]."

[superlucci]

@LouieArrighi Oh boy, here comes an intellectual to school Milton Friedman again

[LouieArrighi]

lol, that kid owned Friedman. my shirt got dirty because of the smoke. it's called pollution which causes climate change. only Milton and liberals understand what an EXTERNALITY is. libertarians are economically stupid.

[LogicalFlawDetector]

100% thumbs up. I guess liberals understand economics once in a while.

[waterspindle]

@EGarrett01 What logical fallacy did Friedman use? :: duh ... one example that is more-or-less acceptable is avoiding the scenarios that do not fit his ignorant and limited model of control. For example, what does he suggest when government & private sectors BOTH fail in massive ways to provide BASIC constitutional rights/services allowed every citizen. Why. Because he did not give a rat's hairy ass about humans, just their production and encouraging worker indebtedness for his own benefit.

[oiuoiu988]

large scale war is the answer, its the only thing the government can supply that voluntary interaction cannot.

[jimbo525SE]

@Bfisher14 I realize this is a pretty old comment, but Stossel did a show awhile ago on examples of successful private roads. I believe that private roads would operate more efficiently, but for many reasons I would be hesitant to immediately lease off all government roads at once. Doing them slowly? Yeah I can see that. I would also want to eliminate the gas tax if we start doing this as that is what is paying for the roads currently.

[mixmastermeeks]

@lachylolHamish certainly Friedman would not support cap and trade.....

[lachylolHamish]

I think Mr Friedman would support cap-and-trade over "direct action."