Free to Choose - vol 01, 1980

See the entire video at www.ideachannel.tv
America's freedom and prosperity derive from the combination of the idea of human liberty in America's Declaration of Independence with the idea of economic freedom in Adam Smith's Wealth of Nations. Friedman explains how markets and voluntary exchange organize activity and enable people to improve their lives. He also explains the price system. Friedman visits Hong Kong, U.S. and Scotland.

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  People & Blogs

[TyZi187]

This should be mandatory viewing for Kindergartners. 99% of the people never give this any feel entitled to everything they can get their hands on kids need to learn what Value is.

[bernie23232323232323]

i bet you theres some asian dude who knows how to make this pencil

[Banisag]

The only thing they're good at is pedophilia. They have made ZERO contribution to science; all they do is COPY! I know Chinese medical students who hardly speak English; they just memorise the stuff to get a pass mark!

[DarknesSoldier]

stfu with your asian superiority.

[snarfels]

People already do recieve compensation they are called wages, but thats not at all what were talking about. I'm simply asking about your first comment that stated the money that goes to fatcat bosses should go to the workers who actually "harvest and craft".

Thanks for being preachy and all but seriously with my question about workers responsibilities for profits and losses how did you come up with that answer lol. But of course you're right about extremes of ideology, although irrelevant.

[snarfels]

cont...

Even with those extra funds being taken directly out of what can be spent on workers, equipment, materials ect... and given to those who organize, or used to bring in others who can organize better, more is produced, at a higher quality at a lower cost! Economics is about trade offs and the trade of efficiency at the cost of profits has been shown to be the most efficient system yet.

I am curious though, if you believe workers should be given profits, should they also pay for losses?

[snarfels]

I really hope that you can ascertain from my comments that i am very pro capitalist.

However you are 100% wrong about profits not being a cost. Cars were still made in the USSR along with innumerable other things, without the profit motive. These goods were provided without the organizers of their production being incentived by the prospects of profits. This means that the money that would have went to the organizers went to production instead. That is a cost.

But like i said earlier...

cont...

[snarfels]

Cont...

All of these things happened in the USSR because it did not have the profit motive. Obviously profit is a cost, this i'm not denying, but the cost of the efficiency created by the profit motive has been shown to be less than the cost of the inefficiency created in it's absence.

Please refute

[snarfels]

Profits are the cost of efficiency.

The profit motive ensures that when a car is made it doesn't sit idly by for weeks waiting for someone to put tires on it. It ensures that if you are in need of mens undershirts, you won't have to wait in line for 8 hours to get one while being flooded with trouser buttons. If you put in an order for raw materials or equipment you can be certain you will get them on time, so you don't have to maintain costly inventories as a contingency.

cont...

[33Crazydude]

I beg to differ on his view at 1:54

[kyle flores]

ang galing