Milton Friedman - More Liberty, Less Government

Professor Friedman explains why voluntary exchange is always preferable to a command economy. http://LibertyPen.com

Category:

News & Politics

Tags:

• economy
• free
• market
• exchange
• voluntary
• compulsory
• Russia
• freedom
• liberty
• capitalism
• incentive
• prosperity
• conservative
• li

[AKlover]

Where government grows liberty dies, it's that simple.

[Myndir]

@SonnyTheWhiteDwarf The sad thing is that arguments against the free market are at their most persuasive in times of economic crisis, yet it's at those times where free market capitalism is needed the most.

[stevemcgee99]

dtorfleming - it's not possible to have monopolies lie you suggest without government intervention.

The current water monopolies are supported through government enforcing water collection laws, making it illegal to collect the water that lands on your property or roof!

[dtorfleming]

@Myndir

So, do you free market worshippers support monopolies and unlimited price variation based upon supply and demand? For example, if a business had a near monopoly on water you would support a price of $200/gallon? Or is that the point when you would support big government regulations?

[Cornampoo]

@asianpsuation it sounds good, but it doesn't work. Unlike the FED, the European Central Bank (ECB) is officially completely independent from politics and therefore supposedly makes it decisions objectively - like you would like. However, reality is that they are also bailing out losers, buying up debt and lowering interest rates; just like the FED. ECB is literally throwing billions of euro's at the banks at 1% interest rates. Unfortunately, objective monetary policy is wishful thinking.

[asianpsuation]

@Cornampoo and i say that as a libertarian, I share your fear about the federal reserve system and the enormous malinvestment it can promote via artificially low interest rates...I'm just not quite convinced a return to commodity/competing currencies is the solution. I think monetarism stakes out a fairly reasonable and prudent position.

[asianpsuation]

@Cornampoo gotcha, at the risk of speaking for Friedman I would argue that monetarism seeks an objective monetary policy that targets money supply based on various pbpl indicators. As much as is possible it seeks to remove politics and subjective preference, avoiding the keynesian tendency towards inflation. The business community would be told in advance future interest rates, and would then hopefully make more informed decisions as a result. It is intervention, but imo fairly reasonable.

[Cornampoo]

@asianpsuation I know, it's more of a rhetorical question. Monetary policy is the only issue on which Friedman advocates government interference and it's also the only issue I don't agree with. Listen to what his son David Friedman has to say about the issue.

[asianpsuation]

@Cornampoo he is staking out a monetarist position with regards to the depression, frankly it would be difficult to explain in a 400 character youtube comment...He has written pretty extensively on the matter, I'd imagine a google search would answer your question better than any of us can.

[Cornampoo]

I agree that free markets were not responsible, but is Milton Friedman saying that if the FED would've printed enough money, the Great Depression wouldn't have happened?

[thumpybones]

Does anyone know what the music is at the beginning? It's gorgeous!

[kaaajeee]

love the reflection on his glasses. its hypnotic