Milton Friedman–Free To Choose–On Donahue –Videos

Posted on February 9, 2010. Filed under: Blogroll, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Video, Wisdom | Tags: , , , , , |

 

“I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible. “

“There’s no such thing as a free lunch. “

~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)

“History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition. “

“The government solution to a problem is usually as bad as the problem.”

~Milton Friedman

 

Background Articles and Videos

Milton Friedman

“…Milton Friedman (July 31, 1912  – November 16, 2006) was an American economist, statistician, and a recipient of the Nobel Memorial Prize in Economics. 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] He was an economic advisor to U.S. President Ronald Reagan. Over time, many governments practiced his restatement of a political philosophy that extolled the virtues of a free market economic system with little intervention by government. As a professor of the Chicago School of Economics, based at the University of Chicago, he had great influence in determining 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 of microeconomics, macroeconomics, economic history, and public policy issues. The Economist magazine praised 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 government intervention in the economy, during the 1950s his reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. At the University of Chicago, Friedman became the main advocate for opposing Keynesianism.[3] During the 1960s he promoted an alternative macroeconomic policy known as “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 change their behavior to neutralize such policies. He rejected the Phillips Curve and predicted that Keynesian policies then existing would cause “stagflation” (high inflation and minimal growth).[4] Friedman’s claim that monetary policy could have prevented the Great Depression was an attempt to refute the analysis of Keynes, who argued that monetary policy is ineffective during depression conditions and that fiscal policy — large-scale deficit spending by the government — is needed to decrease mass unemployment. 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 many types. 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, emphasized the advantages of free market economics and the disadvantages of government intervention and regulation, strongly influencing the opinions of American conservatives and 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.[5] His books and essays were well read and were even circulated illegally in Communist countries.[6][7]

Friedman’s methodological innovations held wide acceptance among economists, but some considered his policy prescriptions controversial. Most economists during the 1960s rejected them, but since then they have had an increasing international influence (especially in the USA and Britain). Some of his laissez-faire ideas concerning monetary policy, taxation, privatization and deregulation were used by governments,[8] especially during the 1980s. His monetary theory has had a large influence on economists such as Ben Bernanke and the Federal Reserve’s response to the financial crisis of 2007-2010.[9][10]

…”

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

Free To Choose

“…Free to Choose: A Personal Statement maintains that the free market works best for all member of a society, claims to provide examples of how the market works, and maintains that it can solve problems where other approaches have failed. Published in January 1980, the 297 page book contains 10 chapters dealing with issues such as:

  • The misuse of Federal Reserve powers during the Great Depression,
  • The decline of personal freedoms, and
  • Government spending and economic controls.

Milton Friedman won the Nobel Memorial Prize in Economics in 1976. Contrary to normal practice the book was written after the TV series was produced, although the line “Basis for the acclaimed public television triumph” is written on the front cover, using the program transcripts as reference. The book was on the United States best sellers list for 5 weeks.

PBS telecast the series, beginning in January 1980; the general format was that of Dr. Friedman visiting and narrating a number of success and failure stories in history, which Dr. Friedman attributes to capitalism or the lack thereof (e.g. Hong Kong is commended for its free markets, while India is excoriated for relying on centralized planning especially for its protection of its traditional textile industry). Following the primary show, Dr. Friedman would engage in discussion with a number of selected persons, such as Donald Rumsfeld (then of G.D. Searle & Company).

The series was rebroadcast in 1990 with Linda Chavez moderating the episodes. Arnold Schwarzenegger, Ronald Reagan, Steve Allen and others give personal introductions for each episode in the series. This time, after the documentary part, Friedman sits down with a single opponent to debate the issues raised in the episode.

The Friedmans advocate laissez faire economic policies, often criticizing interventionist government policies and their cost in personal freedoms and economic efficiency in the United States and abroad. Areas of focus include government taxation on gas and tobacco, government regulation of the public school systems, and the Federal Reserve’s role in exacerbating the Great Depression by reducing the money supply in the years leading up to it. On the subject of welfare, the Friedmans argue that current welfare practices are creating “wards of the state”, as opposed to “self-reliant individuals”, and suggest a negative income tax as a less harmful alternative. Other ideas covered are: decriminalization of drugs, tighter control of Fed money supply, and the repeal of laws favoring labor unions …”

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

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