Great commentary on Friedman’s work. We need more folks like him and Sowell to take the reigns in this era of craziness. Truth and reason have to prevail.
@@MeXicgamers But Ben Shapiro is wrong in supporting one big government military and supporting rights violations like drug prohibition and abortion. A small military, local militaries for each local state and private militaries would be so much better.
@@dreisiglps2451 Big mistake. Local militaries to each state will cause the following: *increase power to each state, which isn't neccesserily a good thing, case and point the civil wars, slaves or not, it was a slaugther, and even if it doesn't what if a state or two will try to fight off another state? it will cause a lot of mini civil wars between states. *Security from forigen nations - decreased in a drastic level While Ben Shapiro percpective on abortions is questionable, his percpection on other things isn't
@@albertmooney2628 because they usually don’t. And even if they do it’s almost never as efficient as charities and free market forces can. We’ve spent 30 trillion in government handouts since 1969 and we’ve never reduced our poverty rate as a result.
@@thisismyyoutubecommentacco6302 if charities and free market were so efficient we wouldnt have needed government programs in the first place. if you cant afford food, housing, healthcare, education oh well - free market. rather spend trillions to give people a higher quality of life than on war and corporate bailouts.
@@albertmooney2628 they were actually more efficient as they brought resources to those who actually needed them. Poverty was actually decreasing in the US prior to the "Great Society" programs (which were passed on the promise of stamping out poverty in a single generation), and stagnated thereafter. Those trillions had to come from somewhere, and that was out of other people's pockets which could have actually stimulated the economy. Stronger economy means more jobs, meaning more opportunities for those seeking them. There's never been a government program that did anything more efficiently than the private sector.
@@joelellis7035 yeah im sure life in the early 1900s were great. should get rid of social security and medicare/medicaid? private programs are better because they have the luxury of picking and choosing who gets the benefits. if they had to apply their quality product/service to everyone equally, like the government has to, the private sector would fail.
I have been hearing about Friedman for many years but I never had the chance to read, see, or get in contact with it. That changed last week when I was able to find a short video of a larger discussion on youtube. He was responding to a man that asked him a 3 part question and the way Friedman responded, especially how he remembered all three parts of the somewhat complicated question almost word by word, blew me away. I am now in this rabbit hole of incredible discovery. He was a true genius. A remarkable man dedicated to truth and problem-solving.
@@lugiasimply6054 if there are Mises videos, sure, but there are none. And plus Milton Friedman made economics simple and logical to understand, Mises wrote some heavy stuff. I also believe Milton Friedman is a great gateway into Austrian economics because he was very successful in attracting people to laissez-faire economics.
@@lights473 I guess so, I personally lean more towards the Paleo rather than the Neo on the Conservative and Libertarian scales, I'm not for the war on terror, or the new deal, and I don't really think Martin Luther King Jr. is a good dude overall.
@@lights473 I myself was actually digging into ancap philosophy, like the works of Rothbard. Maybe I will give Hoppe a Chance too. Separation from Leftists sounds like a based idea.
I remember hearing on the radio that a gentleman's son had gone to the University of Chicago and graduated with a business degree without everever hearing about Milton Friedman.
@Philip I also studied economics - and I scraped a pass. I find the concept that she is smarter than me unacceptable. I don't that that she slept with her tutor though. She is quite modest. I reckon she has achieved a great deal in life with a push-up bra and a nice smile - including her congressional nomination.
"No such thing as a free lunch" - first lesson in high school economics. "Nothing in college is free. You've already paid for it; it's called tuition." - my father
This man Milton Friedman completely changed my view on capitalism and Prager U changed my view on conservatives. As an African I used to wonder how 50% of the US population can be conservatives meaning racist and support capitalism which exploits the poor but after discovering Milton Friedman and Prager U my view completely changed view. Kudos to both of you.
All of the episodes of "Free to Choose" are on Amazon Prime. Started watching them recently and they are excellent, highly recommended. The OG himself, Thomas Sowell, also makes several appearances on the panels!
They are also on the Free to Choose Channel and the Free to Choose site: Johan also has a ‘Dead Wrong’ series he did on the Free To Choose channel. Really good stuff
I am so happy to see Anti-Federal Reserve ideas being in PragerU. Milton Friedman was a Macro-Economist, but much of his philosophy and ideas were based on Austrian Economics. PragerU, please do a few videos on amazing economists such as Murray Rothbard, Carl Menger, Friedrich A Hayek and Ludwig von Mises. Austrian Economics is so important on the ideals of Libertarianism, Classical Liberalism and Anarcho-Capitalism.
@@johnfisher3380 have them talk about Economists like Carl Menger, Ludwig von Mises, Murray Rothbard, and Friedrich A Hayek. I know they've quoted a couple of them before, but a more in depth analysis would be fantastic
I became a free market conservative because of Milton Friedman when I was in college in the late 2000s. Nobody articulates the dual benefits of freedom and prosperity of free markets like him!
The 800-900 billion for military is fine for Americans but a 3-4 million dollar bill in a state to feed kids is too much for Americans? You do realize it only charges that state right?
Robert Heinlein said it better when he coined TANSTAAFL ("there ain't no such thing as a free lunch"), if I remember correctly in the book "The Moon is a Harsh Mistress" in 1966.
"Nobody spends somebody else's money as carefully as he spends his own." "Poor people's problem isn't lack of education, lack of health care, lack of this, or lack of that. Poor people's problem is lack of money [paraphrased]." -- Milton Friedman
I don’t get the second quote. They are lacking all of those things because of money. Bad schools because of not enough money… It would be better if they had more money, right?
@@will-sv2wh If you have the cash, you can decide for yourself what it's best for you to spend it on rather than have someone in the government decide what useless crap he wants to piss it away on on that particular day. You may decide a sociology or gender studies course is not a good investment for you, for example.
Cato and J. Norberg are wonderful! So is Milton Friedman! I bought a DVD edition of "Free To Choose" to show to my kids! All ten episodes I watched back in the '80's! :)
Thomas Sowell studied under Friedman, but it took working in an ineffective government institution to turn him into a conservative economist. I think I will watch episodes of Milton's "Free to Choose" and skip the whole 'becoming a bureaucrat' thing.
@@billgalbreath9483 You didn't know? You must have been living under a rock. That fat hypocrite has been praising Castro's Cuba particularly their "socialized medicine" for years yet when he has to have medical care (which is probably often) he goes a PRIVATE hospital in the US.
Johan Norberg has always been visible in my life ever since I started being an avid learner of economics, via Free to Choose, and it is profoundly cool that he is one of the voices who lead the charge for a free and prosperous society. I remember the time when he answered my comment about the welfare state and how it will lead people to worse situations.
I may not have a degree in economics but I know that the market as with nature, always finds its own balance. Tweaking or forcing a particular outcome in both cases is disastrous.
@@Zhyvok Fair point. The survival of small businesses is normally determined by demand. It is the people who determine whether they wish to eat a burger at McDonald's or at the family owned diner. The fact that most of our inferior stuff is made by our Eastern friends is our own fault.
Conservatives were given much more of a chance to speak by mainstream media sources in those days. Imagine Newsweek or PBS giving a right wing economist a platform now.
@@acctsys Either way; neither perspective is much on NPR. NPR is, as a matter or principle, pretty incompatible with libertarianism anyway so not surprising.
Friedman himself once amended his famous "No free lunch" quote. He said that when two people come together and agree on a mutually beneficial transaction, each person ends up in a better spot after the transaction is completed than before. Voila, this is the free lunch--the world has been made a better place at no cost to either side. This is why transactional friction must be reduced.
There’s a BIG difference between asking for Donations, and the government putting a gun to your head and TAKING IT. It boggles my mind that people can’t see the difference.
Big fan of Milton Friedman, but once upon a time, a friend and I did in fact get a free lunch. 😏 We were walking out of the library while a catering company was cleaning up after an event. They offered us as much food as we could take because they were going to have to pitch whatever was left. So my friend and I got free boxed lunches and I took four desserts, but that was all I could carry at the time. Yes, someone paid for it, but 'tweren't me.
Free lunches exist abundantly. Have always been and will always be. What is not free is high quality of worthy life. That we must strive and fight for.
People used Friedmans ideas when they had to recover from disastrous socialist ideas. Naturally, we'll be needing him and his ideas again in the future to recover from yet another round of disastrous socialist controlled plans.
Actually, Friedman didn't originate the phrase. Nor did he really popularize it. The phase was in use in the 30's, but tracking where it came from is difficult. What put in popular consciousness was SciFi author Robert Heinlein, with his novel The Moon is a Harsh Mistress. The phrase is central to the novel and put it in popular awareness. That is where Friedman heard it. Heinlein published Moon in 1966, nearly a decade before Friedman spoke it.
There is no such thing as a free lunch. Even socialists understand this. They just expect somebody else to pay. But the problem with socialism (as Maggie Thatcher so eloquently put it) is that sooner or later you always run out of other people's money.
True, no fed = no Great Depression. But, their mistake was in inflating the money supply in the first place, creating the artificial boom of the 20’s. After a boom like that, a recession had to happen. It was an unavoidable result of the boom.
This is not the whole truth. Milton Friedman is indeed an important figure for economics and had a lot of good ideas. But today we have new insides on economics, especially about marked imperfections. There are several marked imperfections, some are induced by government regulation, how Milton Friedman proclaimed, but some are rooted in the nature of the individual marked. Nature pollution through chemicals is a good example for negative externalities, the company have not to pay the social costs and it's to expansive (Frictions) for small individuals to go against this inefficiency (and reduction of their living standard). The higher the pollution distribution, the higher this problem. The end level of this would be climate change, where the pollution is not just like smog in a country, but even globally. This kind of problems are called "negative externalities", there are also positive externalities, like education. Not only one individual profits from education, other profit too if this individual is capable of doing things more efficient. We have also information asymmetry problems like in the Second car marked (Nobel Prize 2001), or problems about goods which are limited, but not easy to secure from others, like overfishing or too much woodcutting (Nobel Prize 2008).You see, individual optimal doesn't equal socially optimal because of externalities. We have other imperfections like natural monopolies through natural resources, high fixcosts, network externalities (like whatsapp, everyone has it and competition here is very hard) and other high market barriers. Or insurances, they only work when a whole groupe with equally distributed risks is insured - like Friedman said, somebody have to pay for this, if only the healthy ones are insured, then there is no need for insurances. So we see only the unhealthy insured, which, once again, is something which has to be payed, but they afford the payments because.. the aren't healty. So in conclusion, you have to be insured before you are born, so before we know if you are healthy or not healthy. The easiest and most efficient way is here a governmental insurance, like in Germany, or the skandinavian countries. We also now, that a minimum wage doesn't automatically induce higher unemploayment (Nobel Prize 2021). The conclusion: It's not black and white. It's not about communism/socialism or capitalism in its extremes. It's about a balance to use the powers of free market whenever possible, but intervention where markets are failing to function as a typical market. I'm a german economist and Milton Friedman did a great job with his research, but we had a lot of time since his research and so we know now much more.
Well i agree with the pollution part. But I don't understand how did the 2021 Nobel Laureates find there is no effect on unemployment due to increase in minimum wages while Eurostat said otherwise through a line graph of unemployment rates of EU countries with and without minimum wages?? Are there some keywords that the articles are missing out?? BTW Where can i get their research paper ?? i can't understand the findings of 2008 Nobel Laureates in Economics that you are talking about. plz explain it in detail.
@@EducatedMoron_ The 2021 Nobel Laureate David Card examined the effects of minimum wages on different states. He won the price together with two economists on Econometrics, that might be the reason why you didn't found him. The 2008 was my fault, I actually meant the 2009 Nobel price Laureate Elinor Ostrom, she is a real luminary on "allmende Goods", modern work on that topic lies completely on her shoulders.
Word. He was one of the great intellectuals of the 20th century. But neoliberalism which he was the chief proponent of is now failing and approaching its death. There are some problems, after all, that the free market cannot solve.
Envy is a bottomless pit. It's not a problem that someone else can solve other than the person himself. What the market can't solve, the government can't solve either. It could only put a veneer of a solution as Friedman pointed out regarding the visible and invisible.
We haven't had a true Free Market in decades. Government intervention has kept that from happening. Not sure where true Free markets would go as history says they typically end in monopolies. But I am not expert
I mean Sweden's "tightened social security benefits" are still about 50 times better than the USA's, so maybe they can be followed if Friedman was so good? By the way, Friedman supported universal basic income and government welfare. From the man himself: "one accepts, as I do, this line of reasoning as justifying governmental action to alleviate poverty; to set, as it were, a floor under the standard of life of every person in the community"
The NIT would actually run out so you couldn’t live off of it. It’s not exactly a UBI, it’s just a small temporary handout to help sustain you long enough to find another job.
I watched Free to Choose in high school, and LOVED it, and have watched it a few times since. What I can't figure out is what would he say about Big Tech? They are being left alone and they are crushing and spying like no one has ever before. I sure wish I knew what he would say there.
Have found nobody like him. Sowell is as close as you get I think. I like when he describes the idea of party A deciding for party B at the expense of party C. Perfectly describes government.
@@whousa642 Doesnt really matter both are incredible. Sowell learned from Friedman though so that says something. Both incredibly brilliant. We desperately need the next Sowell to present himself or herself soon.
@@thelastpillar4973 the thing is, if the United States goes bankrupt, all those countries who also enjoy free lunches, will also fall. Only countries who doesn't rely on the current world order, will be fine.
