Category Archives: Milton Friedman

FRIEDMAN FRIDAY ADVICE FOR PRESIDENT TRUMP: Free to Choose Part 5: Created Equal Featuring Milton Friedman

ADVICE FOR PRESIDENT TRUMP: Free to Choose Part 5: Created Equal Featuring Milton Friedman

Related posts:

“Friedman Friday” Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

What were the main proposals of Milton Friedman?

Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]

“Friedman Friday,” EPISODE “The Failure of Socialism” of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

Defending Milton Friedman

What a great defense of Milton Friedman!!!!   Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008  PRINT PAGE  CITE THIS      Sans Serif      Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]

Milton and Rose Friedman “Two Lucky People”

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 2 of 2 Uploaded by PenguinProseMedia on Oct 26, 2011 2nd half of 1994 interview. ________________ I have a lot of respect for the Friedmans.Two Lucky People by Milton and Rose Friedman reviewed by David Frum — October 1998. However, I liked this review below better. It […]

Video clip:Milton Friedman discusses his view of numerous political figures and policy issues in (Part 2)

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2 Uploaded by PenguinProseMedia on Oct 25, 2011 Says Federal Reserve should be abolished, criticizes Keynes. One of Friedman’s best interviews, discussion spans Friedman’s career and his view of numerous political figures and public policy issues. ___________________ Here is a review of “Two Lucky People.” […]

Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

Milton Friedman – The Negative Income Tax

Volume 1: Power of the Market Volume 2: The Tyranny of Control
Volume 3: Anatomy of a Crisis
Volume 4: From Cradle to Grave
Volume 5: Created Equal
Volume 6: What’s Wrong With Our Schools?
Volume 7: Who Protects the Consumer?
Volume 8: Who Protects the Worker?
Volume 9: How to Cure Inflation
Volume 10: How to Stay Free

Updated 1990 Series:
Volume 1: The Power of the Market
Volume 2: The Tyranny of Control
Volume 3: Freedom & Prosperity
Volume 4: The Failure of Socialism
Volume 5: Created Equal

_____________________

________

FRIEDMAN FRIDAY ADVICE FOR PRESIDENT TRUMP: Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman

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ADVICE FOR PRESIDENT TRUMP:

Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman

 

Related posts:

“Friedman Friday” Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

What were the main proposals of Milton Friedman?

Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]

“Friedman Friday,” EPISODE “The Failure of Socialism” of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

Defending Milton Friedman

What a great defense of Milton Friedman!!!!   Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008  PRINT PAGE  CITE THIS      Sans Serif      Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]

Milton and Rose Friedman “Two Lucky People”

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 2 of 2 Uploaded by PenguinProseMedia on Oct 26, 2011 2nd half of 1994 interview. ________________ I have a lot of respect for the Friedmans.Two Lucky People by Milton and Rose Friedman reviewed by David Frum — October 1998. However, I liked this review below better. It […]

Video clip:Milton Friedman discusses his view of numerous political figures and policy issues in (Part 2)

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2 Uploaded by PenguinProseMedia on Oct 25, 2011 Says Federal Reserve should be abolished, criticizes Keynes. One of Friedman’s best interviews, discussion spans Friedman’s career and his view of numerous political figures and public policy issues. ___________________ Here is a review of “Two Lucky People.” […]

Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

Milton Friedman – The Negative Income Tax

Volume 1: Power of the Market Volume 2: The Tyranny of Control
Volume 3: Anatomy of a Crisis
Volume 4: From Cradle to Grave
Volume 5: Created Equal
Volume 6: What’s Wrong With Our Schools?
Volume 7: Who Protects the Consumer?
Volume 8: Who Protects the Worker?
Volume 9: How to Cure Inflation
Volume 10: How to Stay Free

Updated 1990 Series:
Volume 1: The Power of the Market
Volume 2: The Tyranny of Control
Volume 3: Freedom & Prosperity
Volume 4: The Failure of Socialism
Volume 5: Created Equal

_____________________

________

FRIEDMAN FRIDAY ADVICE FOR PRESIDENT DONALD TRUMP: Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman)

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ADVICE FOR PRESIDENT DONALD TRUMP:

Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman)

Related posts:

FRIEDMAN FRIDAY Mark J. Perry@Mark_J_Perry July 30, 2016 10:46 am | AEIdeas Happy 104th birthday, Milton Friedman

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman Mark J. Perry@Mark_J_Perry July 30, 2016 10:46 am | AEIdeas Happy 104th birthday, Milton Friedman Tomorrow […]

FRIEDMAN FRIDAY Champion of Liberty by Stephen Moore Friday, October 26, 2012

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman Free to Choose Part 5: Created Equal Featuring Milton Friedman Champion of Liberty by Stephen Moore […]

FRIEDMAN FRIDAY Socialism, RIP Tottering European economies prove again the Keynesian model is a failure By Stephen Moore – – Sunday, July 12, 2015

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Socialism, RIP Tottering European economies prove again the Keynesian model is a failure By Stephen Moore – – Sunday, July 12, 2015 ANALYSIS/OPINION: A few years ago, the […]

FRIEDMAN FRIDAY What Would Milton Friedman Say? Immigration opponents often try to claim the famed economist as an ally. They’re mistaken. By STEPHEN MOORE Updated May 29, 2013 8:31 p.m. ET

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) What Would Milton Friedman Say? Immigration opponents often try to claim the famed economist as an ally. They’re mistaken. By STEPHEN MOORE Updated May 29, 2013 8:31 p.m. ET One of the fascinating sideshows of the immigration debate within the […]

FRIEDMAN FRIDAY Obama loves the death tax but listen to what Milton Friedman had to say about it!!!

__ Obama loves the death tax but listen to what Milton Friedman had to say about it!!! Milton Friedman Redistribution of Wealth and the Death Tax ___________ The Obama Administration’s Assault on the Rule of Law September 6, 2016 by Dan Mitchell What’s the worst development in economic policy of the Obama years? The faux stimulus […]

FRIEDMAN FRIDAY Dan Mitchell and Milton Friedman: Subsidies for Higher Education Are the Problem!

Milton Friedman – Should Higher Education Be Subsidized? Published on Aug 14, 2013 Professor Friedman leads a roundtable discussion with students. http://www.LibertyPen.com Hillary Is Wrong: Subsidies for Higher Education Are the Problem, not the Solution August 24, 2016 by Dan Mitchell “So many bad ideas, so little time.” That’s my attitude about Hillary Clinton. She proposes […]

FRIEDMAN FRIDAY Milton Friedman and Walter Williams have explained, minimum wage laws are especially harmful for blacks!

Milton Friedman – A Conversation On Minimum Wage Published on Oct 4, 2013 A debate on whether the minimum wage hurts or helps the working class. http://www.LibertyPen.com Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? August 25, 2016 by Dan Mitchell While economists are famous for their disagreements (and their incompetent […]

FRIEDMAN FRIDAY Milton Friedman and Dan Mitchell look at the economics of medical care!!

Milton Friedman on Medical Care (Full Lecture) Another Grim Reminder that Obamacare Has Made Healthcare More Expensive August 29, 2016 by Dan Mitchell Way back in 2009, some folks on the left shared a chart showing that national expenditures on healthcare compared to life expectancy. This comparison was not favorable to the United States, which easily […]

FRIEDMAN FRIDAY 2 videos by Milton Friedman on welfare state plus 2 cartoons that illustrate the fate of socialism from the Cato Institute

__________   Cato Institute scholar Dan Mitchell is right about Greece and the fate of socialism: Two Pictures that Perfectly Capture the Rise and Fall of the Welfare State July 15, 2011 by Dan Mitchell In my speeches, especially when talking about the fiscal crisis in Europe (or the future fiscal crisis in America), I often […]

FRIEDMAN FRIDAY Milton Friedman has the two solutions to the Black Teenage Unemployment Problem!!!

Milton Friedman on Donahue Show in 1979 Milton Friedman has the two solutions to the Black Teenage Unemployment Problem!!! The solutions would be first to lower the Minimum Wage Amount and  second give students the opportunity to have vouchers so their parents can put them in the best schools when they start in the kindergarten […]

 

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FRIEDMAN FRIDAY ADVICE FOR PRESIDENT DONALD TRUMP: Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman)

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ADVICE FOR PRESIDENT DONALD TRUMP:

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman)

 

Uploaded on Dec 19, 2010

Related posts:

FRIEDMAN FRIDAY Mark J. Perry@Mark_J_Perry July 30, 2016 10:46 am | AEIdeas Happy 104th birthday, Milton Friedman

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman Mark J. Perry@Mark_J_Perry July 30, 2016 10:46 am | AEIdeas Happy 104th birthday, Milton Friedman Tomorrow […]

FRIEDMAN FRIDAY Champion of Liberty by Stephen Moore Friday, October 26, 2012

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Free to Choose Part 4: From Cradle to Grave Featuring Milton Friedman Free to Choose Part 5: Created Equal Featuring Milton Friedman Champion of Liberty by Stephen Moore […]

FRIEDMAN FRIDAY Socialism, RIP Tottering European economies prove again the Keynesian model is a failure By Stephen Moore – – Sunday, July 12, 2015

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) Free to Choose Part 2: The Tyranny of Control (Featuring Milton Friedman Socialism, RIP Tottering European economies prove again the Keynesian model is a failure By Stephen Moore – – Sunday, July 12, 2015 ANALYSIS/OPINION: A few years ago, the […]

FRIEDMAN FRIDAY What Would Milton Friedman Say? Immigration opponents often try to claim the famed economist as an ally. They’re mistaken. By STEPHEN MOORE Updated May 29, 2013 8:31 p.m. ET

Free to Choose: Part 1 of 10 The Power of the Market (Featuring Milton Friedman) What Would Milton Friedman Say? Immigration opponents often try to claim the famed economist as an ally. They’re mistaken. By STEPHEN MOORE Updated May 29, 2013 8:31 p.m. ET One of the fascinating sideshows of the immigration debate within the […]

FRIEDMAN FRIDAY Obama loves the death tax but listen to what Milton Friedman had to say about it!!!

__ Obama loves the death tax but listen to what Milton Friedman had to say about it!!! Milton Friedman Redistribution of Wealth and the Death Tax ___________ The Obama Administration’s Assault on the Rule of Law September 6, 2016 by Dan Mitchell What’s the worst development in economic policy of the Obama years? The faux stimulus […]

FRIEDMAN FRIDAY Dan Mitchell and Milton Friedman: Subsidies for Higher Education Are the Problem!

Milton Friedman – Should Higher Education Be Subsidized? Published on Aug 14, 2013 Professor Friedman leads a roundtable discussion with students. http://www.LibertyPen.com Hillary Is Wrong: Subsidies for Higher Education Are the Problem, not the Solution August 24, 2016 by Dan Mitchell “So many bad ideas, so little time.” That’s my attitude about Hillary Clinton. She proposes […]

FRIEDMAN FRIDAY Milton Friedman and Walter Williams have explained, minimum wage laws are especially harmful for blacks!

Milton Friedman – A Conversation On Minimum Wage Published on Oct 4, 2013 A debate on whether the minimum wage hurts or helps the working class. http://www.LibertyPen.com Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? August 25, 2016 by Dan Mitchell While economists are famous for their disagreements (and their incompetent […]

FRIEDMAN FRIDAY Milton Friedman and Dan Mitchell look at the economics of medical care!!

Milton Friedman on Medical Care (Full Lecture) Another Grim Reminder that Obamacare Has Made Healthcare More Expensive August 29, 2016 by Dan Mitchell Way back in 2009, some folks on the left shared a chart showing that national expenditures on healthcare compared to life expectancy. This comparison was not favorable to the United States, which easily […]

FRIEDMAN FRIDAY 2 videos by Milton Friedman on welfare state plus 2 cartoons that illustrate the fate of socialism from the Cato Institute

__________   Cato Institute scholar Dan Mitchell is right about Greece and the fate of socialism: Two Pictures that Perfectly Capture the Rise and Fall of the Welfare State July 15, 2011 by Dan Mitchell In my speeches, especially when talking about the fiscal crisis in Europe (or the future fiscal crisis in America), I often […]

FRIEDMAN FRIDAY Milton Friedman has the two solutions to the Black Teenage Unemployment Problem!!!

Milton Friedman on Donahue Show in 1979 Milton Friedman has the two solutions to the Black Teenage Unemployment Problem!!! The solutions would be first to lower the Minimum Wage Amount and  second give students the opportunity to have vouchers so their parents can put them in the best schools when they start in the kindergarten […]

FRIEDMAN FRIDAY Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview

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Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 2 of 2

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Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 6 of transcript and video)

Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 6 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: FRIEDMAN: But I personally think it’s a good thing. But I don’t see that any reason whatsoever why I shouldn’t have been required […]

Milton Friedman – A Conversation On Minimum Wage

Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 5 of transcript and video)

Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 5 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: Are your voucher schools  going to accept these tough children? COONS: You bet they are. (Several talking at once.) COONS: May I answer […]

Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 4 of transcript and video)

Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 4 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: It seems to me that if one is truly interested in liberty, which I think is the ultimate value that Milton Friedman talks […]

Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 3 of transcript and video)

Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 3 of transcript and video) Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 3 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: If it […]

Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 2 of transcript and video)

Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 2 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: Groups of concerned parents and teachers decided to do something about it. They used private funds to take over empty stores and they […]

By Everette Hatcher III | Also posted in Vouchers | Edit | Comments (1)

Friedman Friday” Free to Choose by Milton Friedman: Episode “What is wrong with our schools?” (Part 1 of transcript and video)

Here is the video clip and transcript of the film series FREE TO CHOOSE episode “What is wrong with our schools?” Part 1 of 6.   Volume 6 – What’s Wrong with our Schools Transcript: Friedman: These youngsters are beginning another day at one of America’s public schools, Hyde Park High School in Boston. What happens when […]

By Everette Hatcher III | Also posted in Vouchers | Tagged , , , , | Edit | Comments (0)

FRIEDMAN FRIDAY Milton Friedman on Self-Interest and the Profit Motive

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

Milton Friedman on Self-Interest and the Profit Motive 2of2

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 7of 7)

TEMIN: We don’t think the big capital arose before the government did? VON HOFFMAN: Listen, what are we doing here? I mean __ defending big government is like defending death and taxes. When was the last time you met anybody that was in favor of big government? FRIEDMAN: Today, today I met Bob Lekachman, I […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 6of 7)

worked pretty well for a whole generation. Now anything that works well for a whole generation isn’t entirely bad. From the fact __ from that fact, and the undeniable fact that things are working poorly now, are we to conclude that the Keynesian sort of mixed regulation was wrong __ FRIEDMAN: Yes. LEKACHMAN: __ or […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 5 of 7)

MCKENZIE: Ah, well, that’s not on our agenda actually. (Laughter) VOICE OFF SCREEN: Why not? MCKENZIE: I boldly repeat the question, though, the expectation having been __ having been raised in the public mind, can you reverse this process where government is expected to produce the happy result? LEKACHMAN: Oh, no way. And it would […]

By Everette Hatcher III | Also posted in Current Events | Edit | Comments (0)

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 4 of 7)

The massive growth of central government that started after the depression has continued ever since. If anything, it has even speeded up in recent years. Each year there are more buildings in Washington occupied by more bureaucrats administering more laws. The Great Depression persuaded the public that private enterprise was a fundamentally unstable system. That […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 3 of 7)

Worse still, America’s depression was to become worldwide because of what lies behind these doors. This is the vault of the Federal Reserve Bank of New York. Inside is the largest horde of gold in the world. Because the world was on a gold standard in 1929, these vaults, where the U.S. gold was stored, […]

“Friedman Friday” (Part 16) (“Free to Choose” episode 3 – Anatomy of a Crisis. part 2 of 7)

  George Eccles: Well, then we called all our employees together. And we told them to be at the bank at their place at 8:00 a.m. and just act as if nothing was happening, just have a smile on their face, if they could, and me too. And we have four savings windows and we […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 1of 7)

Milton Friedman’s Free to Choose (1980), episode 3 – Anatomy of a Crisis. part 1 FREE TO CHOOSE: Anatomy of Crisis Friedman Delancy Street in New York’s lower east side, hardly one of the city’s best known sites, yet what happened in this street nearly 50 years ago continues to effect all of us today. […]

By Everette Hatcher III | Also posted in Current Events | Edit | Comments (0)

FRIEDMAN FRIDAY Milton Friedman – The Negative Income Tax

 

Milton Friedman – The Negative Income Tax

Volume 1: Power of the Market Volume 2: The Tyranny of Control
Volume 3: Anatomy of a Crisis
Volume 4: From Cradle to Grave
Volume 5: Created Equal
Volume 6: What’s Wrong With Our Schools?
Volume 7: Who Protects the Consumer?
Volume 8: Who Protects the Worker?
Volume 9: How to Cure Inflation
Volume 10: How to Stay Free

Updated 1990 Series:
Volume 1: The Power of the Market
Volume 2: The Tyranny of Control
Volume 3: Freedom & Prosperity
Volume 4: The Failure of Socialism
Volume 5: Created Equal

_____________________

______

Video clip:Milton Friedman discusses his view of numerous political figures and policy issues in (Part 2)

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2 Uploaded by PenguinProseMedia on Oct 25, 2011 Says Federal Reserve should be abolished, criticizes Keynes. One of Friedman’s best interviews, discussion spans Friedman’s career and his view of numerous political figures and public policy issues. ___________________ Here is a review of “Two Lucky People.” […]

Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

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FRIEDMAN FRIDAY Milton Friedman: There’s No Such Thing as a Free Lunch

Milton Friedman: There’s No Such Thing as a Free Lunch

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 7 of transcript and video)

Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. Created Equal [7/7]. Milton Friedman’s Free to Choose […]

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 6 of transcript and video)

Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. Created Equal [6/7]. Milton Friedman’s Free to Choose […]

“Friedman Friday” Free to Choose by Milton Friedman: Episode “Created Equal” (Part 5 of transcript and video)

Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. Created Equal [5/7]. Milton Friedman’s Free to Choose […]

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 4 of transcript and video)

Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. Created Equal [4/7]. Milton Friedman’s Free to Choose […]

Friedman Friday” Free to Choose by Milton Friedman: Episode “Created Equal” (Part 3 of transcript and video)

Friedman Friday” Free to Choose by Milton Friedman: Episode “Created Equal” (Part 3 of transcript and video) Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other […]

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 2 of transcript and video)

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 2 of transcript and video) Liberals like President Obama want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are […]

Free to Choose by Milton Friedman: Episode “Created Equal” (Part 1 of transcript and video)

 Milton Friedman and Ronald Reagan Liberals like President Obama (and John Brummett) want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. […]

FRIEDMAN FRIDAY Milton Friedman Can Help Trump Make America Grow Again GLENN HUBBARD and JON HARTLEY 11/25/2016

 

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Milton Friedman Can Help Trump Make America Grow Again

This month marks 10 years since the death of Milton Friedman, the famous free-market economist who became one of the 20th century’s greatest economists. Since his death, the world has witnessed the worst recession since the Great Depression along with a massive expansion of federal regulations on commerce, government spending and taxation under President Obama.

This period of time has also marked one of the weakest economic recoveries measured by GDP growth, something Milton Friedman would argue is no coincidence. Real GDP growth has stalled between 1% and 2% in recent years, below its postwar, pre-crisis trend of 3%. Not to mention that wage growth among the poorest Americans has remained stagnant and labor force participation remains close to all-time lows among prime working age individuals.

As President-elect Trump and a stronger Republican majority will take office in January, they are presented with a substantial opportunity to carry on Milton Friedman’s free-market, pro-growth legacy in designing what American economic policy will look like over the coming years.

First, helping “the forgotten man and woman,” a chief message in the 2016 Trump-Pence presidential campaign, can best be accomplished by promoting faster economic growth. Doing so requires putting tax reform first, including expanding the earned income tax credit and lowering the corporate tax rate.

Some unfounded ideas about economic policy arose during the recent election cycle, such as doubting the net benefits of free trade and blaming the 2003 tax cuts enacted under President George W. Bush for the 2008-2009 Great Recession. We hope that as political rhetoric settles after the election, policymakers can turn to the more rigorous data-driven policy analysis that was championed by Friedman.

While we would discourage the use of tariffs or renegotiating trade agreements, which could send consumer prices skyrocketing (and which would disproportionately hurt the poorest Americans), there can and should be a role for tax credits, wage subsidies and retraining programs targeted at those who have had their jobs displaced by globalization or automation.

Milton Friedman was not opposed to ideas like wage subsidies, which resemble the “negative income tax” he endorsed in his best-selling 1962 book “Capitalism and Freedom.”

An expansion of the earned-income tax credit (EITC), a form of wage subsidy, could dramatically assist those who have taken low-paying jobs, after being displaced by the phenomena of globalization and automation, in addition to helping strengthen labor-force participation

Similarly, lowering the corporate tax rate from 35%, currently the highest rate among OECD countries, is arguably the biggest economic policy opportunity to foster job creation, particularly among low-wage workers. Such an action could help stem the tide of tax inversions whereby companies reincorporate abroad through acquisition —  taking jobs and tax dollars with them.

Furthermore, the gains from lowering tax rates for small businesses and simplifying the regulatory costs of entrepreneurship could reinvigorate the small business economy which comprises the largest number of American jobs.

Second, there is ample opportunity to spur labor market activity and efficiency through reforming the regulatory state.

One instance is the ability to overhaul the new Obama mandatory overtime rules that will raise the salary threshold from $23,600 to about $47,476 to qualify for overtime pay, which, if still implemented, could have a distortionary impact on businesses, incentivizing employers to reduce hours and reclassify salaried workers to hourly workers.

Moreover, the Obama White House further estimates that 81.8% of workers affected by expanding the mandatory overtime threshold to $47,476 would have some college, a bachelor’s degree or some advanced degree.

Such an initiative is welfare for wealthier educated individuals, who could better be assisted through middle class individual tax relief which does not interfere directly with businesses.

Reforming occupational licensing, a topic to which Milton Friedman dedicated an entire chapter in “Capitalism and Freedom,” could help improve the labor market efficiency of thousands of jobs, from those spending unnecessary hours training to be hair stylists to nurse practitioners who are outlawed from doing routine low-risk procedures in primary care.

Easily the greatest example of relaxed occupational licensing laws is the growth of Uber, Lyft and other ride-sharing companies, which have rapidly grown and created thousands of jobs and billions in consumer surplus following the relaxation of taxicab licensing laws.

Finally, a long-run pro-growth agenda could be fostered by the newfound ability for Republican policymakers to temper government spending through reforming the Affordable Care Act and other entitlement spending.

There are huge opportunities to restore fiscal balance by increasing the retirement age, reducing Social Security benefit growth for nonpoor individuals, transforming Medicare into premium support, and reducing the burden of the health care law on businesses, such as relaxing the ObamaCare employer mandates which encourage reductions in labor hours.

Education reform that improves the efficiency of our public investments in education is another fix that could help promote long-run economic growth. The idea that educational attainment could be improved through a voucher system was championed by Friedman throughout his lifetime and has been embodied in the continued work of the Friedman Foundation for Educational Choice, which Friedman and his wife, Rose Friedman, co-founded in 1996.

Thanks to their work, voucher systems have successfully been implemented in Florida, Mississippi and Tennessee, with strong positive results.

In the wake of the recession and the absence of Friedman’s intellectual presence, there have been several new trends in economic thinking that have strayed from the rigorous level of policy that Friedman applied in analyzing the economy and policy prescriptions.

We hope that President-elect Trump, his economic team and the Republican Congress look to the ideas of Milton Friedman and his intellectual descendants who have applied such rigor in their thinking. We believe that could very well be the best path to “make America grow again” and promote inclusive economic growth.

  • Hartley is an economics contributor for Forbes and a co-founder of Real Time Macroeconomics.
  • Hubbard, dean of Columbia Business School, was chairman of the Council of Economic Advisers under President George W. Bush.

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FRIEDMAN FRIDAY Paddy Cosgrave Sep 7, 2016 Trump and the Risk of Doing Nothing

_

Over 200 years ago, just as the excesses of British aristocracy were being banished from Boston’s shores, one of America’s founding fathers Thomas Jefferson warned of a “new aristocracy” which might one day come to control America under the name of democracy.

For those interested in the 2016 US election, and bemused in particular by the rise of Donald Trump, Jefferson’s warnings make for fascinating reading.

Thomas Jefferson was concerned by the rise of what he termed “our monied corporations which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country”. Jefferson hoped that his fellow democrats would “crush in its birth” this “new aristocracy”. He lamented that if they failed, then eventually this “new aristocracy” would rise to “rid[e] and rul[e] over the plundered ploughman and beggared yeomanry” under the name of democracy.

But Jefferson was not alone.

Alexander Hamilton, another founding father, warned of a new “spirit of speculation”. It was a “dangerous tumour” he wrote that if allowed develop unchecked would one day “rob the industrious of the fruits of their labour and… enable the idle and rapacious to live in ease and comfort at the expense of the better part of the community”. He called it “popular despotism” and insisted that it’s rise “must be corrected”.

Another founding father, James Madison worried of a comparable future. In that future, democratic government would be found “substituting the motive of private interest in place of public duty”, leading to “a real domination of the few under an apparent liberty of the many”. The drivers of this change in Madison’s view would be “[t]he stock-jobbers” who he wrote “will become the praetorian band of the Government, at once its tool and its tyrant; bribed by its largesses and overawing it by its clamours and combinations”.

On the other side of the Atlantic, during a similar period, Scottish philosopher and economist Adam Smith was also sharing his predictions.

Smith’s words should carry weight for those interested in capitalism, freedom and democracy on all sides of the political spectrum. Nobel prize winning economist Milton Friedman, who is an ideological pillar of modern liberalism, begins one of his more seminal works, Free to Choose, with great praise for Adam Smith. Smith is, Friedman concludes, the “father of modern economics”, and his book The Wealth of Nations a “masterpiece”. For any classical, quasi or neoliberal, Adam Smith’s words in Wealth of Nations are therefore worth some consideration.

Smith believed the existence of what he called “joint stock companies” was unreasonable except in exceptional circumstances where they can demonstrate “with the clearest evidence that the undertaking is of greater and more general utility than the greater part of common trades”. However, Smith later concluded that while corporations “are established for the public-spirited purpose of promoting some particular manufacture” they “can in other respects scarce ever fail to do more harm than good”.

In the long run, Smith concluded that “the interested sophistry of merchants and manufactures”, might come to overwhelm the benevolent aspirations of democrats everywhere and turn civil government into “civil government… instituted for the defence of the rich against the poor”.

Some decades later Alexis de Tocqueville, whom another ideological pillar of modern liberalism Frederick von Hayek considered one “of the greatest political thinkers”, made similar observations. De Tocqueville urged in his chef-d’oeuvre Democracy in America that any “friends of democracy should keep their eyes anxiously fixed” on “the manufacturing aristocracy which is growing up under our eyes”. De Tocqueville understood it to be “one of the harshest which has ever existed in the world”. Moreover, if allowed develop, it could plausibly be expected to lead to “a permanent inequality of conditions”, leading to “a real domination of the few under an apparent liberty of the many”, to borrow Madison’s words once more.

Milton Friedman wrote at length about the “relation between economic freedom and political freedom”, and was adamant that “historical evidence speaks with a single voice”. The founding fathers of the United States and of modern economics are part of that single voice. While many of their predictions were for the most part theoretical, those theories perhaps pass Friedman’s ultimate test of validity when applied to our modern democracies. Writing in 1966 in The Methodology of Positive Economics Friedman concluded that:

[T]heory is to be judged by its predictive power for the class of phenomena which it is intended to “explain.” Only factual evidence can show whether it is “right” or “wrong” or, better, tentatively “accepted” as valid or “rejected.” …the only relevant test of the validity of a hypothesis is comparison of its predictions with experience.

The experience of many in the western world today, in particular the squeezed middle, is that Jefferson’s “new aristocracy” has truly “become the praetorian band of the Government”. Trump, Farage and many others across the western world, both on the right and left, are reshaping politics by articulating people’s fears in a new language. In place of Jefferson’s “new aristocracy” is the 1%. In place of Madison’s “stock jobbers” is Wall Street. In place of what Adam Smith termed “the interested sophistry of merchants and manufactures” are the lobbyists both in the United States and Europe.

However, implicit in much of the recent commentary about the rise of the 1% and their role in shaping policy is the assumption that this phenomenon is something new or recent. It’s not. As the documentary record shows it has been forever both a feature and concern of democrats on both sides of the Atlantic. The only difference today perhaps is the extent to which our “new aristocracy” influences decisions that impact on all of our lives.

The question then for those interested in maintaining the promise of the founding fathers of modern democracy is to what extent you believe Trump or Farage or similar political voices are the answer to this “dangerous tumour”, this “new aristocracy”. If you don’t, the challenge then is to build or support voices that are the answer. As to do nothing at a moment of so much tumultuous change is to tacitly acquiesce to whatever happens next.

— —

Some sources in particular order for those curious:

Friedman, Milton, “The Methodology of Positive Economics” In Essays In Positive Economics (Chicago: Univ. of Chicago Press, 1966)

Friedman, Milton & Rose, Free To Choose, (Avon, 1981)

Friedman, Milton, Capitalism and Democracy, (University of Chicago Press, 2002)

Werhane, Patricia, Adam Smith and His Legacy for Modern Capitalism, (Oxford University Press, 1991)

Smith, Adam, The Wealth of Nations, (Aberdeen University Press, 1904)

Sellers, Charles, The Market Revolution: Jacksonian America, 1815–1846, (New York: Oxford University Press, 1991)

Jennifer Nedelsky, Private Property and the Limits of American Constitutionalism: The Madisonian Framework and its Legacy, (University of Chicago Press, 1990)

Hayek, F.A., The Road to Serfdom, (Routledge Classics, 2002)

Tocqueville, Alexis de, Democracy in America, (Mentor Books, 1984)

Manley, John F., “American Liberalism and the Democratic Dream: Transcending the American Dream,” Policy Studies Review, Vol. 10, №1, Fall 1990

 

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