Milton Friedman–Videos

Posted on February 6, 2009. Filed under: Blogroll, Economics, Education, Employment, Immigration, Law, Life, People, Philosophy, Politics, Quotations, Raves, Regulations, Resources, Video | Tags: Economics, Free to Chose, Milton Friedman, Videos |

Milton Friedman

Milton Friedman on Donahue 1980 (1/5)

Milton Friedman on Donahue 1980 (2/5)

Milton Friedman on Donahue 1980 (3/5)

Milton Friedman on Donahue 1980 (4/5)

Milton Friedman on Donahue 1980 (5/5)

Milton Friedman on Donahue 1979 (1/5)

Milton Friedman on Donahue 1979 (2/5)

Milton Friedman on Donahue 1979 (3/5)

Milton Friedman on Donahue 1979 (4/5)

Milton Friedman on Donahue 1979 (5/5)

The Power of Choice – Milton Friedman

Milton Friedman
Lights Off Turn down the lights

Charlie Rose – An Appreciation of Milton Friedman /

Milton Friedman (December 26, 2005)

Milton Friedman

Milton Friedman Interview: Three Categories of Freedom

Milton Friedman Interview: Spending Money

Milton Friedman Interview: A Productive Global Economy

Milton Friedman Interview: New Cooperators

Milton Friedman on Slavery and Colonization

Milton Friedman -Externalities – There Is A Free Lunch

Milton Friedman – The Nature of the Corporation – The Corporation

Milton Friedman – Role of Government – Control Externalities

Milton Friedman – Regulation – The Government Industrial Com

Milton Friedman: The Purpose of the Federal Reserve

Milton Friedman on The Gold Standard

Power of the Market – Big Government 1

Power of the Market – Big Government 2

Milton Friedman on Libertarianism (Part 1 of 4)

Milton Friedman on Libertarianism (Part 2 of 4)

Milton Friedman on Libertarianism (Part 3 of 4)

Milton Friedman on Libertarianism (Part 4 of 4)

Milton Friedman on Self-Interest and the Profit Motive 1of2

Milton Friedman – Path to Socialism 1

Milton Friedman – Path to Socialism 2

Background Artilces and Videos

Milton Friedman

“Milton Friedman (July 31, 1912 – November 16, 2006) was a United States economist, statistician and public intellectual, and a recipient of the Nobel Memorial Prize in Economic Sciences. He is best known among scholars for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.^[1] A global public followed his restatement of a political philosophy that insisted on minimizing the role of government in favor of the private sector. As a leader of the Chicago School of economics, based at the University of Chicago, he had a widespread influence in shaping the research agenda of the entire profession. Friedman’s many monographs, books, scholarly articles, papers, magazine columns, television programs, videos and lectures cover a broad range of topics in microeconomics, macroeconomics, economic history, and public policy issues. The Economist hailed him as “the most influential economist of the second half of the 20th century…possibly of all of it”.^[2]

Originally a Keynesian supporter of the New Deal and advocate of high taxes, in the 1950s his reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. In the 1960s he promoted an alternative macroeconomic policy called monetarism. He theorized there existed a “natural rate of unemployment” and he argued the central government could not micromanage the economy because people would realize what the government was doing and shift their behavior to neutralize the impact of policies. He rejected the Phillips Curve and predicted that Keynesian policies then in place would cause “stagflation” (high inflation and low growth).^[3] Though opposed to the existence of the Federal Reserve, Friedman argued that, given that it does exist, a steady expansion of the money supply was the only wise policy, and he warned against efforts by a treasury or central bank to do otherwise.

Influenced by his close friend George Stigler, Friedman opposed government regulation of all sorts. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. Friedman’s political philosophy, which he considered classically liberal and libertarian, stressed the advantages of the marketplace and the disadvantages of government intervention and regulation, strongly influencing the outlook of American conservativesand libertarians. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of licensing of doctors, a negative income tax, and education vouchers.^[4] His books and essays were widely read and even circulated underground behind the Iron Curtain.^[5]^[6]

Friedman’s methodological innovations were widely accepted by economists, but his policy prescriptions were highly controversial. Most economists in the 1960s rejected them, but since then they have had a growing international influence (especially in the US and Britain), and in the 21st century have gained wide acceptance among many economists. He thus lived to see some of his laissez-faire ideas embraced by the mainstream,^[7] especially during the 1980s. His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Augusto Pinochet in Chile, Margaret Thatcher in Britain, Ronald Reagan in the US, Brian Mulroney in Canada, Roger Douglas in New Zealand, and (after 1989) in many Eastern European countries. …”

http://en.wikipedia.org/wiki/Milton_Friedman

Milton Friedman

“…Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science, was a senior research fellow at the Hoover Institution from 1977 to 2006. He passed away on Nov. 16, 2006. (Link to obituary.) He was also the Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and a member of the research staff of the National Bureau of Economic Research from 1937 to 1981.

Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year.

He was widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation.

In addition to his scientific work, Friedman also wrote extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field are (with Rose D. Friedman) Capitalism and Freedom (University of Chicago Press, 1962); Bright Promises, Dismal Performance (Thomas Horton and Daughters, 1983), which consists mostly of reprints of columns he wrote for Newsweek from 1966 to 1983; (with Rose D. Friedman) Free to Choose (Harcourt Brace Jovanovich, 1980), which complements a ten-part television series of the same name shown over the Public Broadcasting Service (PBS) network in early 1980; and (with Rose D. Friedman) Tyranny of the Status Quo (Harcourt Brace Jovanovich, 1984), which complements a three-part television series of the same name, shown over PBS in early 1984. …”

http://www.hoover.org/bios/friedman.html

Milton Friedman

“Milton Friedman was the twentieth century’s most prominent advocate of free markets. Born in 1912 to Jewish immigrants in New York City, he attended Rutgers University, where he earned his B.A. at the age of twenty. He went on to earn his M.A. from the University of Chicago in 1933 and his Ph.D. from Columbia University in 1946. In 1951 Friedman received the John Bates Clark Medal honoring economists under age forty for outstanding achievement. In 1976 he was awarded the Nobel Prize in economics for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.” Before that time he had served as an adviser to President Richard Nixon and was president of the American Economic Association in 1967. After retiring from the University of Chicago in 1977, Friedman became a senior research fellow at the Hoover Institution at Stanford University. …”

http://www.econlib.org/library/Enc/bios/Friedman.html

The Friedman Foundation for Educational Choice

“…The Friedman Foundation for Educational Choice, a non-profit organization established in 1996, was founded upon the ideals and theories of Nobel Laureate economist Milton Friedman and economist Rose D. Friedman.

The best way to improve the quality of elementary and secondary education is to give all parents the freedom to choose the schools that work best for their children. Milton Friedman first articulated and applied this idea of liberty and free markets to our education system in 1955. As he has pointed out numerous times, this was not merely a reaction to a perceived deficiency in schooling, but rather an interest in a free society. …”

http://www.friedmanfoundation.org/friedman/Welcome.do;jsessionid=448ED43F55B1AF021A8F3D98B0890AB0

Who Was Milton Friedman?

By Paul Krugman

“…Friedman’s laissez-faire absolutism contributed to an intellectual climate in which faith in markets and disdain for government often trumps the evidence. Developing countries rushed to open up their capital markets, despite warnings that this might expose them to financial crises; then, when the crises duly arrived, many observers blamed the countries’ governments, not the instability of international capital flows. Electricity deregulation proceeded despite clear warnings that monopoly power might be a problem; in fact, even as the California electricity crisis was happening, most commentators dismissed concerns about price-rigging as wild conspiracy theories. Conservatives continue to insist that the free market is the answer to the health care crisis, in the teeth of overwhelming evidence to the contrary.

What’s odd about Friedman’s absolutism on the virtues of markets and the vices of government is that in his work as an economist’s economist he was actually a model of restraint. As I pointed out earlier, he made great contributions to economic theory by emphasizing the role of individual rationality—but unlike some of his colleagues, he knew where to stop. Why didn’t he exhibit the same restraint in his role as a public intellectual?

The answer, I suspect, is that he got caught up in an essentially political role. Milton Friedman the great economist could and did acknowledge ambiguity. But Milton Friedman the great champion of free markets was expected to preach the true faith, not give voice to doubts. And he ended up playing the role his followers expected. As a result, over time the refreshing iconoclasm of his early career hardened into a rigid defense of what had become the new orthodoxy.

In the long run, great men are remembered for their strengths, not their weaknesses, and Milton Friedman was a very great man indeed—a man of intellectual courage who was one of the most important economic thinkers of all time, and possibly the most brilliant communicator of economic ideas to the general public that ever lived. But there’s a good case for arguing that Friedmanism, in the end, went too far, both as a doctrine and in its practical applications. When Friedman was beginning his career as a public intellectual, the times were ripe for a counterreformation against Keynesianism and all that went with it. But what the world needs now, I’d argue, is a counter-counterreformation. ….”

http://www.nybooks.com/articles/19857