Milton Friedman - What's wrong with welfare? (Q&A) Debunking Social Justice & Equity

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Milton Friedman takes on Social Justice, social assistance, and #equity
#welfaire #miltonfriedman

[@tomandband]

The more I understand about economics the further to the right I drift

[@Gjangle-kq8kk]

That would make sense! And just wait until you notice that nearly all political problems can be solved through sound economics.

[@dre6289]

eyy lets go im 20 years old. And that's the journey I've been going through this year. I started to understand my finances and economics. I started this year on the left voting sanders but I've ended the year on the right.

[@110gotrek]

Maybe they should start teachin it in schools :)

[@queleimportapene6582]

In economics the right is correct most of the time. In the rest, (abortion, drug legalization, religion etc. ) its wrong.

[@queleimportapene6582]

I think you are a libertarian, not a centrist.

[@AlienPsyTing1]

If you look at the audience and the respectful way in which Friedman and audience interact with each other, a far cry from the abusive ignorant way in which debate takes place today.

[@TheBornnaked]

AlienPsyTing1 Milton Friedman was known for being completely rude and insulting to his opponents. This is his most famous characteristic. Lol.

[@JackJackKcajify]

this is economics, not politics, friend.

[@NoRecourse1785]

@@TheBornnaked "Milton Friedman was known for being completely rude and insulting to his opponents." Really? Can you point me to that? I've listened to hours upon hours of Friedman lecturing, debating, and answering questions. I've seen him be direct and assertive, but I've never seen him be outright rude or insulting. Could it be that some people don't have a stomach for being told they're wrong and take it personally instead of growing from the experience and moving on?

[@TotalSinging]

@@NoRecourse1785 Ding Ding Ding - nailed it. A lot of people consider telling them they're wrong, cruel, rude and insulting.

[@jamesfeldman4234]

Are you kidding? Today, Milton Friedman would be BANNED from speaking at any college campus.

[@DA-uz8qb]

"The people who get in power in government are people who want power, not people who have good intentions."

[@nathankluwak1909]

Thats why we have to dismantle capitalism

[@pinv0]

It's funny you say that I'm coming around to having celebrity politicians at least if Will Smith is president I don't know if he wants power maybe it's just that he wants to be liked

[@gentlemanbronco3246]

@@nathankluwak1909 LMAO yes because capitalism is the economic system where it is most involved with government. You commies/socialists are sheep.

[@WK_MERCURY]

Back when kids that disagreed with you got in line to ask you questions instead of rioting because your lecture is "hate speech"......

[@Captain-Sum.Ting-Wong]

I agree. Colleges have always had a liberal bent but the violence and intolerance for other ideas is a rather recent phenomena. Very unfortunate.

[@tommy07robs]

I don't think you can compare conservative thinkers to hate speech. Not even remotely similar.

[@afritimm]

Gregory Eaton Indeed, but Many leftists today label everyone they disagree with as a “hate” speaker. It is their propaganda technique for shutting down speech, INCLUDING conservative thinkers and academics.

[@andyknolls1649]

I say this was planned, the radicalization of American College Campus. If you go back and look every year it was one more step in this direction. Incrementalism that is observable. So these "hoodlums" are their final product, tested and tuned over decades. Today even many of the professors cower in fear of these little bastard monsters. If you raise up a monster, you can expect it turn on you eventually.

[@tommy07robs]

I disagree. Not sure where you went to college, but at the multiple mostly black colleges I attended we had plenty of conservative speakers. Even black conservative thinkers who offered very thought provoking insights into not only what it means to be a conservative, but a black conservative. Religious conservatives also spoke and being a moderate I listened to them all including Republican politicians. However hate speakers like those that actually get protested offer nothing but hate. Unless you really have the guile to suggest that Richard Spencer is a conservative thinker

[@LouisEmery]

I remember all those young people from the 70s. They still had respect despite not understanding free markets.

[@Kello1231]

Actually, you can trace the market collapse to government intervention in ensuring people without credentials could take out loans that were government backed. Why would any bank give money to someone where they wouldn't get their money back? Because the government guaranteed the money back. This is not a free market.

[@tommy07robs]

Marcel I work at a mortgage company and yes you're right in a sense. But don't forget the banks had free reign to risk lots of money on mortgage investments. Funny part is that mortgages are still bought lol.

[@DZ-yk2ew]

@@Kello1231 The government guaranteed the insurance companies for the mortgages and CDOs. Investors were promised higher and higher returns, which pushed firms to seek more risky assets like CDOs. This incentivized opening up access to credit even more so than what was mandated by the government. This went back to the 1970s the policy of the government mandating access to credit for many who otherwise wouldn't have access, but it was only with the derivatives market and its usage apolitical cash by every large financial institution is what nearly collapsed the system. It was a cluster-f*** of semi-rational decision making leading to totally inane decision making in other areas, like many financial crises in history. Capitalism wouldn't have been able to continue operating without falling into a recession without such activities to support the growth we saw in the 1990s and 2000s. The monetary policy of pumping trillions into the economy every couple of years, which was necessary to save asset prices at the time, pushed people eventually to exploit such risky factors as cash was loose but returns low outside of these markets. And if you didn't exploit it, than your competition would and you would be left behind. This is a case of non-self-correcting markets being intervened upon by the government, ultimately leading up to a major banking crisis provided by all that easy money. Those who say, oh if only the government would have stayed out then such a crisis would have never occurred. The government was trying to help prop up a house of cards to keep it going, which succeeded in every case while at the same time sowing the seeds for the next crisis. The government is absolutely necessary to intervene in the instance of a banking crisis, as a widespread failure would lead to a credit crunch and depression which worsens the conditions and lengthens the period of time the economy is a in a downturn.

[@armstrong2052]

Gotta love how certain they are asking questions. Then getting pummeled into submission by logic and reason.

[@dire7237]

Yeah nowadays they would just call him a racist and throw a milkshake.

[@robertcabrera3989]

“So, the government is not an absentee landlord?” Best comeback of the video.

[@SeraphsWitness]

Honestly as soon as the kid mentioned absentee landlords, I thought he was talking about the government. The lack of self-awareness is astounding.

[@user-hd8ej8yx9p]

And who would want an ever present landlord? I’d want that mofo as far away as possible…

[@feroxlara21]

He does great work by always reassuring the person he has just defeated by informing them that he is NOT against them, merely against the ideology mistaking the will for the deed.

[@intellectualconservative2252]

+feroxlara21 It's a very wise tactic especially in todays identity/ me vs you politics. I use it in Grad school all the time and they come away with "that makes sense but it just feel...xyz." Lovely

[@anthonychurch1567]

Interesting because he is driven by ideology as he rejects government altogether and only speaks of the private sector. The private sector has failed people on the streets and when businesses are not employing people. Anyone can end up on the street if there isn't some consistent suport to help them get back up again.

[@Alex-xh9kv]

Anthony Church, since human beings fail its logical to conclude that any institution created by humans can also fail; whether its private or public. If I'm reading Professor Friedman correctly, he'll acknowledge that a purely laissez-faire capitalistic economy will not stomp out poverty, but it will provide a higher percentage of the population with a better standard of living than any government program.

[@bernlin2000]

He does still have a knack for beheading people's arguments, however. He certainly was dogmatic in his views, but he was also willing to back it up.

[@bernlin2000]

@@Alex-xh9kv The issue is power structures. I don't feel like Friedman adequately discussed the potential power vacuum (which I would suggest corporations have filled) that would occur from having the idea of community resources (via the various levels of government) being leveraged for corporate, big businesses, instead of community needs. Not every need of a society is based in individual demands. Some planning and forethought is needed, and no free market can project it, not when its values are on short term supply and demand. For example: the current pandemic in the US. Using free market principles means that each individual, every family, had to be prepared for this outbreak. Such a thing isn't possible in an era of fractured media that paradoxically is almost largely managed by big conglomerates which only seek to perpetuate the current market status quo (endless growth of market share and profit margins). There needs to be some kind of central, value-based system within a democratically-founded institution to remain prepared for emergencies. It's why we have policeman and firemen, even when crime is low/nonexistent and there's few fires. COVID-19 reminds us that emergency preparedness is why we have governments to begin with. People want to know, in a society, that our leaders have both the power and access to lead in an emergency. That's just not the case right now in the US. When a "brutal, autocratic" regime like China's CCP seemingly is going FAR better than us at protecting it's people from harm...it does lead to political destabilization.

[@JoelNunezMusic]

These students ask questions with knowledge, unlike today where the students have no idea what is going on around them.

[@SomeUserNameBlahBlah]

I was thinking the same thing. The people here may have different views but they are well spoken, well educated, and can have an intellectual conversation with real thought and listening. I'm always amazed at this when I watch older videos. Today, society has become a mental dump-hole.

[@theredscourge]

I suspect that they carefully selected the audience to ensure only smart people were allowed to ask anything. Given the obnoxious groups out there today like Black Lives Matter, Greenpeace, etc, maybe we need to do this sort of thing more often.

[@agiftedrighterdotcom]

+theredscourge who will determine the standard? That's the problem.

[@SomeUserNameBlahBlah]

I disagree, you can look at a lot of video from back then and people were more in tune. Remember, back then people actually read the news paper and media wasn't as corrupt as it is today. Also, people didn't have PC culture and because of that they could freely speak, I think that allows them to be open without being obnoxious like today.

[@Redhawk85]

Joel - not only that, I am thinking they would scoff, talk over him and not listen patiently to his response... it would be hard to find a university in America that would even accept him these days its gone so far Left. He would be banned, probably. That's so sad.

[@Steamer1956]

I agree with 99% of everything I have ever listened to Milton Friedman say. I suspect that if he were alive today, he'd convince me on that other 1% in pretty quick order.

[@Ken-iu2zp]

@Vincent Cuttolo Definitely

[@johnetro8806]

Except Friedman was mostly exposed as a clown after 2008. People forget Friedman/neoliberalism gave the idea we can not regulate banks but insure them via the FDIC. Oops that’s not a free market. that’s a distorted market and a moral hazard. Voila 2008! Worst recession since Great Depression... also, our levels of inequality are reaching those seen at the end of the gilded age - before the big crash in the 1920s. Of which after the middle class was created through social liberal policies - basically for the first time ever. The middle class is now disappearing thanks to some of these policies. Keep reading more. While good points are made, this is biased. Balance.

[@arryaz051]

@Vincent Cuttolo I'm curious, how do you explain the 2008 crisis, given the little regulations banks had at the time ? I wonder if it has anything to do with what Friedman said on another vid of this same talk, saying that although Rockefeller did huge things for the US, he screwed up big time when he operated from the political channel... Is your view that something similar happened in 2008 with banks and policicians ? cheers

[@lolomixed6442]

Meanwhile, people are dying because they can´t afford a health insurance. Get out of your bubble.

[@CPez]

😝😄 SO True.

[@marinemarcusbradley]

I'd elect this man President today, tomorrow, and in 2020.

[@leongorgizian7074]

Jordan Stiltner if dead have the right to vote in this country, they should have the same right to be President.

[@tim9453]

Do you know what year this was in?

[@leongorgizian7074]

Tim I believe it was 1979

[@MrJimmyJammers]

I feel like he wouldn’t take the position lol he always stated he thought he could do more could in the private sector rather than the public sector

[@etownvintagebuys5665]

MrJimmyJammers Back then the government wasn't as big and didn't have as much control as they do now. The public had more of a voice on many things. Now the government has the power to do all kinds of stuff without us even knowing they're doing it. So he may have said that back then based on the political climate of the time, but we no longer live in the same world we did back then.

[@7beers]

The more I read and listen to Milton, the more I am convinced that there is no person on the planet as deserving of our attention.

[@damagerjim]

+Winston Smith, if Trump wins, there will be no elections in 15 years...our monetary system has a design flaw that is set up to fail. If we make it past 5 years from now, I will be completely shocked...

[@agiftedrighterdotcom]

+Winston Smith sorry bro but most likely there's not gonna be any such thing as the United States when you're up to bat. If Milton was alive now he would agree with me.

[@Orf]

How about Martin Luther King Jr?

[@marketsquareus]

Ron Paul is up there also

[@Orf]

Peter Vida I love Ron Paul. AND Berne Sanders. Is that weird?

[@thadiussean9133]

What's amazing is his ability to answer questions from people from opposing views without seeming combatative

[@rocket5557]

Back when people with opposing views could have civil discussions. An impossibility today as those on one side more increasingly won’t even participate in debate or answer questions in regards to their stance on pertinent issues.

[@scaldedape6213]

There isnt a university in existence today that could've had this Q&A without violently protesting.

[@MeanBeanComedy]

Sure there is.

[@johnetro8806]

Yeah you could. Maybe the more obvious issue was 2008 was a direct result of moral hazards caused by neoliberals mutant ideas of free markets - such as to not regulate banks - but also insure them via the FDIC! -Enters bailouts-

[@MeanBeanComedy]

@@johnetro8806 Do free marketers support forcing banks to give out subprime mortgages? www.forbes.com/2008/07/18/fannie-freddie-regulation-oped-cx_yb_0718brook.html The Government Did It

[@johnetro8806]

Mean Bean Productions this article is my point. It’s not a free market because of the government. Thats what I meant. That’s why you have 2 sensible options. 1) make it a total free market, take the government out, and get rid of the FDIC. 2) strictly regulate it the RIGHT way as was done before neoliberals came along in the 1970s. They should have abolished these things if it were a true free market. I would prefer 1 because I don’t think the government can do 2 in finance. And banks have to be a full reserve system without the FDIC, unable to make money out of thin air.

[@MeanBeanComedy]

@@johnetro8806 I'm going with #1 too. I worry about whether or not a full reserve banking system can survive in a modern economy. What are your thoughts? Also, my mistake misreading your position. Thanks for being patient.

[@gooble69]

Why am I in my 40's and only just learning who Milton Friedman is. My education system has failed me.

[@Nathan-vn5tg]

gooble69 I’ve only just discovered him recently aswell. My life has been changed

[@MrTapk]

If the money we give the government would go the poor, they would not be poor.

[@gogobergie2000]

Mine as well.

[@dougsjogren2649]

Im in my 50's and somehow I have missed this as well. This should be required but that is just a pipe dream.

[@gooble69]

@Dean Clark "your economy is based on his theories" No it isn't. And if you listen to him for more than 5 minutes you'll realise that no economy is, since he espouses fully free market views, but no country has a pure free market.

[@jmflynny]

The brain on this man is astounding. His grasp of the subject, his comfort in speaking to it, his agility in addressing all comers, and his respectful manner of accepting challenges are... hell... how do you describe it? Something else I love about Friedman lectures/Q&As is that most often those challenging him are polite, articulate, seemingly intelligent (although frequently misguided), and curious. They aren't screaming, cursing, threatening, and attempting to intimidate Friedman nor his audience as do students today.

[@G102Y5568]

I love how concise Milton's arguments are. Every time someone says "The market is failing to address this problem", he immediately responds "Yes, but if the Government had it they'd do a worse job." His base argument is not that Capitalism is a perfect system: On the contrary, he's constantly assuring everyone he debates that there are flaws with it. His argument is simply that, given Capitalism's imperfections, the alternatives are far, far worse.

[@anthonychurch1567]

not really because he is pretty much putting the private sector above all else and government can provide support where the private sector failed. Have you ever heard of redundancy and that essentially markets mean people must be willing to give money for a business.and that doesn't always work out.

[@LotusHart01]

Great summary

[@jean-pierredevent970]

@@anthonychurch1567 I never studied economics but some claim he mostly repeated what Adam Smith and others had already said about laissez fair capitalism but I wonder if he really believes himself that he is there to abolish poverty through the wonder of free markets. I don't see that in his eyes. I see only dollar signs there.

[@anthonychurch1567]

@@jean-pierredevent970 A lot has changed in a year wow. As well as covid and everything else but personally. I recognise the market is the centre piece. The big change is putting people who care to help other people in the world in charge of business and nurture the individuals in companies to work together. Unfortunately we have some bad apples who won't take any responsibility for their actions. Some of these are dictators like Putin, Communist China etc. and then we have Trump in the US. Boris Johnson is now putting those of us in the uk in a position which could disrupt peace in Ireland just because he believes in a fantasy where he has his own way and blames the EU for it along with brexit voters who can't accept it doesn't exist. Then we have the ERG group. Then we have the violence on both sides in US with police shooting people, BLM movement which whilst blank lives do need to matter is unfortunately mainly caused by the fact police can only assume they might be shot at. Although racism exists it is largely the Republican party supporting stupid gun laws who made deaths in shootings inevitable.

[@jean-pierredevent970]

@@anthonychurch1567 I agree with the fact that a planned system can't replace innumerable interactions going on. For the rest I don't know if our media show us really well what goes on in the US but shooting in the back of an unarmed man is sick by all standards. Is it an isolated event or a symptom of something much larger, I have no good idea. I think personally that the USA seems to be struggling ever since the end of slavery. There were no immediate good jobs, positions in society, schools for all those freed slaves so they became and stayed mostly lower class. We in Europe don't have that problem. Perhaps we have it too easy to judge.

[@smartgaming6842]

RIP Milton Friedman. You are the main reason we haven't had much of "share the wealth" forced upon us, though your influence is quickly fading away:(

[@danynumero6]

Smartgaming You're absolutely right. We are seeing much greater government intervention bestowed upon us and it's causing us to take a turn for the worse.

[@peteranon8455]

portorich1. The main point that we don't want to share equally with everyone is that the reward is placed on the people who breed the most, instead of those who produce the most. That system rewards Octomom for having 14 children, and rewards her 15 times more than a hard working doctor without children. The equality of outcome cannot be equated to the equality of opportunity, or there would be no reason to ever work at anything, no matter how feel-good it is.

[@PokeyCottons]

Portorich must've been young and naive, just like the guys asking questions in these videos. Go work 40 hours a week and then give 20% of your pay away. Look really hard for the improvements to society. Look at the people who receive the most of those taxes and see how grateful and good they are because of your contributions. Did this guy even watch and listen to the video? The intention to help people through the use of government programs is fine, but look how it has worked out for the people who are supposedly helped.

[@airportchronicles199]

@@portorich1 Hey Portorich, can you lend/give me 50k? If yes we can talk I'll give u my number, email whatever.

[@Croix1]

I'm happily giving away 20% of my 40 hour workweek pay since it gives me back free healthcare, education and a safety net in case I fall on hard times (while also providing these things for every other citizen). Living in Finland is pretty fucking cool like that.

[@vicentepuyalto5151]

These young people asking questions always impress me. Even when they're absolutely wrong, they seem much more intelligent and respectful than the people taking their places today

[@volleyballfanatic808]

So intellectually satisfying it forces a smile on my face to just listen to Friedman talk.

[@75Veritas]

Civil discussions without shouting, yelling obscenities or protesting. Kids of all age levels should watch these videos.

[@Hatchet-Jack]

Thanks - I've been listening to Thomas Sowell and I recently got his book "Basic Economics." The logic of these two men is so strong that it's hard for me to understand how someone can even try to argue against it. Let free ppl decide on how to pursue their own happiness.

[@jamescampbell720]

"the people who get in power in government are people who want power, not people with good intentions" How right he was.

[@rast123456789]

Pure Genius.

[@LieslIncorporated]

Irrespective of what they say, compare the manner and articulateness with which these students pose their questions with what you get in present-day Q&As - from students and studio audiences.

[@georgecorrea8530]

Milton Friedman was brilliant. I may also add Thomas Sowell is brilliant 😂.

[@idrissberchil25]

I too agree

[@ismailbaroudi4222]

He is indeed brilliant, he’s Friedman’s student and they have the same perspectives

[@concernedcitizen6577]

Most of the questioners don't even know basic supply and demand, price floor/ceiling, market failure, and they are trying to argue their neoliberal ideology without historical evidences; whereas Friedman, a classical liberal, has provided evidences to proof his point. With all that talk, Friedman just tried to say good intention doesn't always lead to good results.

[@smartgaming6842]

Ray C Milton is a liberal? So, this is a liberal against the welfare system ,arguing with other liberals? Is this liberalception?

[@concernedcitizen6577]

Smartgaming Friedman is a libertarian, he believe in the conventional wisdom of free market, personal liberty, and small centralized government. The exact same kind of republic the founding fathers of the United States envisioned it to be. At the time, libertarianism is considered "new and liberal" to go against the monarch system. Libertarians do not want welfare state because it is fundamentally against the idea of limited government interference in people's lives. Today, he is considered classical liberal and Democrats are called neo-liberals.

[@smartgaming6842]

Ray C Ah, thanks. :)

[@MarcelloMarlow]

But selfish intention leads to net good results. Got it.

[@whatsinaname691]

Concerned Citizen Slight correction, Neoliberalism is a laissez-faire Capitalist system most recognized with Reaganomics and of course, the man himself Ronald Reagan. What you are referring to is known as “social liberalism” or “modern liberalism”

[@usnate1]

This man did more for this country than even Reagan ever did...truly a national treasure.

[@michaelpisciarino5348]

0:20 1946 22% Tax, 25% Tax, now 40% tax 0:56 “There is no Magic Number” it just gets more difficult until a breaking point 3:10 Public Housing 4:50 Rent Control 6:49 19th vs 20th century America 9:27 We have far more resources as time goes forward 10:25 Government regulation of resources leads to waste and misuse of resources 10:50 We are the heirs of hard-workers, standing on the shoulders of giants. 11:32 Germany better off than USA? No 13:46 No pervasive values except self-interest? Looking at objectives, when you need to look at results. 16:16 Most people are selfish. A minority are altruistic. How do you least impede those people? 17:53 Intentions of People in Power in Government. 18:40 What policies would help housing for the poor? 20:20 Maximum oppurtunity for self-development and altruism. 21:10 Public Goods (Roads) 22:30 Imposing a Cost on People (Market Failure)

[@AshishKumar-92]

Very good bro 👌

Thank you. This is very helpful to me.

[@donaldthesavage1288]

rxp56 Looking at the standard of living in different companies can be misleading if one country is ethnically homogenous whereas the other is very diverse and has a large minority population.

[@donaldthesavage1288]

rxp56 Also, in many cases the economy in a country is growing at a fast rate and this improves living standards, but then the growth rate is cut after the implementation of government “solutions”. Then other countries who are growing at a faster rate may have lower standards of living, but it’s not because they need to implement government programs, it’s just because they haven’t yet caught up in terms of per-capita-GDP.

[@donaldthesavage1288]

Countries*

[@nathantaylormckenzie]

You should change the titles of Friedman's videos to Chomsky so Chomsky's fans can listen to how economics actually works

[@fenian123]

+Bob Shapiro Friedman was very intellectually gifted and I agree with many of his conclusions, but like many lifelong academic elites he did not have real world experience outside of campus, which clouded some of his ideas.

[@fenian123]

***** Was I not clear enough?

[@theviolatedtwinky]

James Fenian He was Reagan's top economic advisor. He has direct experience in what he is discussing. What's more is just saying he doesn't have experience doesn't mean anything unless you can demonstrate how his ideas are lacking. Either the policy is good or the policy is bad, on the operational level the person who devises the theory is largely irrelevant.

[@fenian123]

Friedman was opposed to workplace safety regulations. If in the 1930s he had been working in a coal mine or steel mill rather than a classroom, his opinion likely would have been different. No different than liberal academics, A policy being good or bad is subjective

[@theviolatedtwinky]

James Fenian I haven't seen his rational for that position. But I would assume his reasoning is predicated on the fact that labour is a voluntary contract; no one is being forced to work in a coal mine. In an agreement amongst two parties, a third uninvolved parties demands are arbitrary. What's more is empathy based reasoning rarely leads to good policy.

[@michaelhughes7706]

What a fantastic speaker and human being. We now lack people like Milton who have a) done the research b) developed their ideas c) can explain them to the younger idealistically naive generation. The result now is that naive people now believe they may be right.

[@7beers]

The amount of knowledge of everyone combined in that room can fit in Milton Friedman's toenail.

[@the80386]

take it easy on them. they were much more respectable and knowledgeable about the geopolitics. there may have been disagreements but those people were 1000 times better than today's abomination to human intelligence known as the 'progressives' in their liberal art campus safe spaces.

[@jayromeo9631]

People who didnt agree at least knew how to ask questions with civility. Fast forward to today, the people in that same position just scream.

[@jaiclary8423]

Maybe, but conservative economics today is selling trickle-down economics for the 10th time and assuring us that surely this time it will finally work. If we take Friedman in good faith, then he would certainly find trickle-down economics abhorrent and would support a modest level of social safety net. "One of the great mistakes is to judge policies and programs by their intentions rather than their results." We have decades of results with which to judge both conservative and progressive policies.

[@vhufeosqap]

@@jaiclary8423 nah, let’s just cut taxes again! It worked 60 years ago. It’s been done repeatedly with less of (or none of) an effect every time. And then some “fiscal conservative” people will increase the debt when they are in power and they won’t be talking about the importance of fiscal responsibility again until their opponents are in power and then they will say “OMG, but what about the debt”.

[@bluewater454]

I wish we had a hundred more like Mr Friedman in our universities to explain the concepts of a free market system. The ideas are so simple, and have been proven over and over to work. We live in a society that worships at the altar of free speech, freedom of association, a womans right to choose and so on. Why do people have such a hard time understanding the value of a free market? Is it because that with true freedom also comes responsibility? People like freedom as song as long as it doesn't cost them anything.

[@ceekat8627]

Freedom vs. liberty: Liberty might cost you everything, freedom maybe not so much!

[@AshishKumar-92]

Freedom to think is also important 😉...

[@LajtSejbr]

Just to correct you. ALL of those good things happened during times of lesser free market. During the times when the government had to practice a more firm hand over the economy and its people.

[@sungod9797]

Marko Gabrovec ... freedom of speech and association did not happen when there was more government control.

[@doesnotreallymatterr]

The fact that, even after 2 centuries of empirical evidence that Free Market Capitalism and Limited Constitutional Government is the only system that created wealth and gave opportunity to all kind of people, regardless of their race,ethnicity,religion or sex and yet the subject is still matter of debate, means that people simply do not support freedom, because there is no freedom without responsibility and we live in times when people support more collective approach and collective responsibility, over Individual one, it's easier to blame the society and the collective, rather than take the responsibility by yourself, so the conclusion is that, we the people are fundamentally and pathologically flawed and afraid of individual responsibility and thus we society decade, after decade, regardless of evidence, drift towards Collectivism.

[@JohnJohnson-dj2dv]

Every time I watch a video or read something by Dr. Friedman I am in awe of his level of knowledge. He is brilliant.

[@johnmarkharris]

The one where the kid says there are no more resources to make money, before Microsoft or Apple.

[@the8u9]

I really like the respect the students show a person that is deemed to be at a higher level of academics than themselves. Shut down or not, not understanding or not, there is mutual respect it's truly a thing of beauty.

[@ENIGMAXII2112]

I just learned about Mr. Milton Friedman.... Ignorant be I... What a truly amazing man. He may have passed away. But his VERY wise words speak on. Way into the future. Educating new generations to come. Only if they have one good thing. To stop and to LISTEN.....

[@rachel99988]

It’s 2020 & I am with great gladness to hear this. -An African-American Conservative

[@shibadoge633]

RIP to this economic legend. Wish we still had him around today to give some reality into this insane world.

[@randy109]

More Dignity, Less Welfare. Work does a man good and idle hands do the Devil's work. When I was a kid, 45 years ago, people wouldn't accept taking Welfare or even Food Stamps because they had Pride and Dignity and didn't want the Government's "hand outs". Today? It's a Take What you Can Get Society...

[@HVACSoldier]

randy109 45 years ago, being on “welfare” was seen as temporary and in many cases as a last resort.

[@abark]

Cool story boomer.

[@ceekat8627]

And now it's "I found this shopping bag, it's mine now, I don't care if it has a special present for a loved one in it, 'finder's keepers'". I blame it on illegal immigration too, as they come into the country with out respect for our laws and some just keep up with that disrespect.

[@yeahdudex]

@@abark lol this child is a clearly a product of the "take what you can get" mentality

[@tinastanley6090]

in ancient Greece the rich paid all the taxes, fighting over who got to pay the most, because they knew how lucky they were society had elevated them to their positions, unlike the greed the extreme wealth show today by bribing whoever it takes to get out of paying anything, creating laws that make it look like they have no earned income, hiding it in other countries, have 100's of 1000's of employees who produce way more than their paid, handful on top grab ALL the surplus, give it back to themselves, while the producers live paycheck to paycheck, sit around tables with their fellow rich exclaiming, look what I did with ALL my hard work, shall we take our martinis and go play a round of golf!!

[@Senecamarcus]

More people need to watch this video than spending their weekend on Netflix

[@kermitdagangster1012]

Facts....or Netflix needs to do a documentary on this man...he's such a gem!

[@TheDHEL13]

First time I heard him, it was life changing.

[@Lordpoliticallyincorrect]

*I am glad I have learned english as a foreign language. This guy is pure enlightenment ; and the level of civility of the discussions back then makes me even sicker of where we are now !*

[@gregorcutt1199]

16:10 "Explain to me how it is that a people who ...are driven by only material self interest, are somehow in their collective capacity driven by altruistic impulses?" This is certainly the most brilliant thing I've ever heard Friedman say, and he spent his life being brilliant.

[@MarioOrtiz-hs7bg]

R.I.P Milton Friedman. Your great mind still greatly influences modern day economics. I wonder, do we have a modern day Milton Friedman?

[@IEatPooPooForFun]

Thomas Sowell

[@sanogo3298]

Peter schiff

[@jestork1]

Yaron Brook is pretty good

[@AustrianEconomist]

Yaron Brook is fucking amazing. Gotta love that guy.

[@OneHippiesMusings]

We had/have Dr Ron Paul. Thomas Woods is also very good, even though his primary focus isnt only economical.

[@americaisacontinent.]

In short: If you work, you will provide for yourself and for others via taxation. If you do not work, you won't provide for yourself or for others and by this you should not be expecting others to help you either...

[@brianlaudrupchannel]

So simple but never thought about that 🤔

[@einrand]

Rothbard may be more consistent, but Friedman is truly the great communicator!

[@WhoThrewThat]

@Ganga Din Nor proposed a "negative income tax".

[@nickcormier8571]

These young people asking questions grew up, had kids of their own, or became professors, then improved their questions with new techniques and disruptive behavior.

[@russkurtell3942]

I'm sitting here watching this going, man what well mannered, respectful, articulate kids. The good ol' days.

[@billmeriwether605]

Did Milton just openly pick his nose while brilliantly explaining his point? I don’t think anyone even noticed - He is captivating!!

[@natdavi]

i've watched hours of Milton stuff and I laugh b/c I know that he knows what people are going to ask before they ask it b/c I've seen him answer the same questions asked in different ways in the past. But I still learned something new every time.

[@SicSeb]

Very well spoken and polite people. Oh how the times have changed

[@kimwiser445]

Amazing teacher!!! Why didn’t people listen to this man, Thomas Sowell or Walter E. Williams. The poor and minority communities have been hurt by all the well intentioned people and the policies they pushed. It’s not the intentions it’s the results that matter!!!

[@brianlaudrupchannel]

Because the anointed have a vision and that vision has to be implemented

[@moderndaythinker3897]

Always brilliant, cordial, and professional.

[@yaoakimtantiquyloukou9674]

Milton Friedman 💞💖

[@Hatchet-Jack]

Is there anyone talking like this today? Milton makes a lot of sense to me and it seems like we need ppl like this in Washington.

[@draconusspiritus1037]

If the Free Market is unable to accomplish something. If the Free Market System fails. Government attempting to accomplish the exact same feat will fail in epic fashion.

[@zorro149]

I could listen to Milton Friedman all day.

[@EfftingES]

16:12 ''explain to me how it is that people who in their separate lives are driven only by material self interest are somehow in their collective capacity driven by altruistic impulses?'' Man, I wouldnt dare to speak ever again after that one.

[@teklife8271]

THE QUESTIONERS SPEAK WELL AND ALL STAND WITH CONFIDENCE BUT ARE DESTROYED BY FACTS EVERY TIME 💯

[@ClickToPreview]

Friedman says rightly that HIDDEN government taxes (in gas !!!, cigarettes, alcohol !!!, gambling etc...) are mostly considered by the consumer as the cost of goods, which is GROSSLY INACCURATE. Without such hidden taxes, you would pay MUCH LESS for goods, and keep more wealth in your own pocket.

[@joyceclemons3916]

ClickToPreview That's true and often these are regressive taxes.

[@DoReMi123acb]

15:40 That segment alone is worth its weight in gold. He gave an honest and well research answer without any PC bs. Academics like him are a treasure. Someone who is willing to speak truth.......

[@fabsmaster5309]

Just like they were the heirs of their forefathers' wealth, we are now also the heirs of our forefathers' debt.

[@mattlourer9692]

Fabsmaster5 imagine if the fed would never have been allowed in America how much value and wealth we would own.

[@alinucalinuc4124]

Great stuff! Thank you for posting!

[@nathanrobinson1099]

"Yeah, well that's fundamentally wrong" Haha

[@jackieo7113]

O-M-G!!! The wisdom of this man

[@christophstronen1516]

*Beginning, R.I.P headphone users . . . - **___** -*

[@conradthe2]

+Christoph Stronen What?! I CAN'T HEAR YOU!!!

[@keptkozy]

ma...MAH.. MUH MAH

[@bobjordan5231]

Milton Friedman, a national treasure.

[@marcorodriguez6240]

We should never have had government insistence just wasting hard working Americans money. I finally got a good job makeing 40000$ a year 40 hours a week and I'm only bringing home 290000$a year because I'm being taxed so bad because I'm a single young male :( I probably have pay taxes because I make to much according to the government

[@cipfalco]

Marco Rodriguez In Germany you would get about 29800$ with a gross salary of 40k$. In addition in Germany University is free. However accommodation is expensive and at the end there is little difference between the two countries.

[@MarkWellsGolfLessons]

Its a shame only 16000 + people have stumbled across this marvelous exchange of free market wisdom. We have still living a few men who can carry on with such clarity about the undeniable benefits of the free market. Thomas Sowell, Peter Schiff, Walter Williams.

[@IIIMajesty]

21:29 The legend reveals itself, ROADS!

[@markschmidt393]

Just brilliant. I think Stephen Moore has carried this line of thinking forward. Unfortunately the American populace isn’t listening or comprehending what is being said

[@qetoun]

I amazed how much fear this man puts into the Hearts of the Left Wing.

[@alhazed]

"If you want the American dream, move to Finland" Thank Milton for that.

[@dnch]

John Drain living from wellfare?

[@alhazed]

Nope. Not that it matters, i pay my taxes and that's what's it's for.

[@mattlourer9692]

I'm really surprised that u-tube allows these videos to stay up. Not their style of indoctrination.

[@suejak1]

Not really. He makes some insightful comments, but says other things that are just obviously wrong. His response to the question about resources is a great example -- he completely dodged the question by playing with words, then proclaimed victory. Sophistry at its finest.

[@krissykriss328]

Its taxation without representation.......PERIOD.......Professor Friedman is a GENIUS ...He would have been an incredible PRESIDENT of the UNITED STATES....💖💖💖🌈🌈🌈🌈💖💖💖

[@Orf]

12:03 What kind of system will give the widest range of people the greatest opportunity to make the most out of themselves, out of their own capacities, their own resources? What are the plans for doing that? I'm not going to try to have a program which will give adequate housing to the poor. I want to have a system under which individuals can have as much opportunity as possible to develop themselves, and which other people can have as much opportunity to help other people..."

[@User-om5bv]

So much knowledge and class, then people say the old times are not better.

[@AussieZeKieL]

The schools never let us watch anything like this lol.

[@jimhughes1070]

Man Milton is killing it!!!! Took the young man's one truth and showed him where it leads.... People are most giving... When they're making the most money... All day long!!!👍🤣

[@helshabini]

Milton Friedman: “The problem that this young man is illustrating is the tendency that we often have to take the will for the deed.” Milton was not just an economist. He was a philosopher. Nietzsche talked about a similar thought in his writings about morality. He said that it might seem fair to distinguish between good an evil by the intended consequences of actions, while in fact it would be more moral to distinguish between good and evil by the unintended consequences of actions. It doesn’t matter what your intentions are. It only matters what actually happened as a consequence.

[@Captain_Hapton]

All of this is so much more true now than it was 40 years ago.

[@vubhuhjkbhubohjb]

You forget there was a time when left and right could actually talk without shouting and calling each other racists, sexists and bigots.

[@brianlaudrupchannel]

Then the left created speech codes

[@Nuvendil]

One thing he didn't outright state in so many words but is absolutely worth reflecting: those who promote the legislation don't stay in power forever. So their intentions are irrelevant after a time. When you give government power to do something you want it to do, that power doesn't go away when someone else gets elected with ill intent.

[@pierreramos8018]

6:20.. Ohh, the good ol’ days when you could cough in public!

[@icanmanifest]

One of the hardest things I had to hear as a young man was that the most selfish people are broke people, simply because they're economic situation forces them to be constantly concerned about themselves. In dollars virtually all charity comes from those who've earned money above and beyond their own needs. Hard yet so liberating.

[@tg101393]

"Maybe you don't like it because it looks like a hotel." LMAO

[@joshuastuller5355]

What a legend. Milton Friedman for President 2020! If only, if only...

[@exarkun696]

He had this ability to be totally condescending and yet you think he is making a joke. Such skills.

[@BryanMordt]

You tell me... is it condescending to make solid points in a respectful manor?

[@SteadyEddie1983]

Translation : He was a meanie therefore what he says has no merit. Go cry in a corner Socliaist!

[@NYYscorpio]

His sentiments on housing is spot on. HUD has lead to more luxury apartment complexes that increase in "value" every year. Ive never seen an "affordable" housing unit or a section 8 waitlist under 10 years.

[@matthewphelps5136]

Even in this time period the students were brain washed by their professors.

[@ferdinandimposter691]

16:10 this was the turning point for the chap who posed the question.

[@TheAsianRepublican]

5:00 - Nobody today doubts the horrible conditions of the 1970 Public Housing created by Jimmy Carter.

[@shivam.maharshi]

It's so refreshing to see young people who are legit curious and willing to listen to a subject matter expert. Rather than having a know-it-all self-righteous condescending attitude and shaking their head in disagreement as Milton Friedman answers their questions.

[@fudgedogbannana]

Michael Moore can be seen in another M. Freeman vid asking a question when he was a youngster like these guys

[@Orf]

10:52 We are of course wealthier and better off than were the people in the 19th century. But we are their heirs. We could not be where we are if they had not did what they did. And I think it's a false comparison not to take into account the debt which we owe to the enormous economic progress and development of the 19th century, to the fact that our ancestors came here with empty hands and made it possible for us to have a decent life. I hate to use the old cliche about standing on their shoulders but that's what we do.

[@7beers]

+Orf Excellent!

[@pex3]

+Matt Orfalea don't forget the shoulders of First Nations that we destroyed and slaves that were used

[@fredpearson5204]

+colenbrak, seriously? Which "First Nations" did we destroy? As far as slavery, as regrettable (morally) as that was, it wasn't without precedent in world history and represented a tiny contribution to why this country became a wealthy, prosperous country. In fact, the greatest expansion in America occurred after slavery had been abolished.

[@pex3]

David Pearson are you serious? you don't have a very firm grasp on colonial history if you don't realize the systematic elimination of native people that occured

[@fredpearson5204]

+colenbrak, answer my question. Which "First Nations" did we destroy? And please, give some concrete historical FACTS instead of the ideological, emotional drivel you've been spoonfed. As far as "native people," I'm assuming you're referring to "Native" Americans and Hawaiians? In fact, both of these groups aren't indigenous to America, either. The "Indians" came to this continent from Asia/Siberia, somewhere around 15,000 years ago according to a recent study (as published in the Jul 2015 Time magazine) and the so-called indigenous people of Hawaii came from the Marquesas and Tahiti. By the way, BOTH of these groups were vicious, warlike groups who had no moral compunction about killing their foes and taking what was theirs, any more than we did, so spare me the sob story.

[@johnn5680]

I could listen to Friedman all day long

[@MrJarth]

Back when the left wing was polite and welling to listen to other opinions.

[@itsacorporatething]

MrJarth the campus radicals of the sixties weren’t exactly known for politeness.

[@vhufeosqap]

Back when conservatives didn’t acquiesce to a President who denied a peaceful transfer of power, solicited election fraud in Georgia, and goes on saying the election was stolen without proof after many failed lawsuits. (And also when the left was more concerned with the working class than identity politics and outrage)

[@keneblana]

Wonderfully impressive answers.....and questions.

[@UncleSiam]

I must be getting old. I am getting annoyed with all these young debaters with attitudes...I'm sure these young people are older than I am by now lol.

[@soapbxprod]

LOL! Me too! I was 17 in '77... it took decades to clear my head of all the brain dead "liberalism". Maybe it's as Churchill said- “Show me a young Conservative and I'll show you someone with no heart. Show me an old Liberal and I'll show you someone with no brains.”

[@christianparks766]

Tom Evans I think the group of economists you meant to reference were the Austrians (which is the school most in sync with the values of Libertarians). I agree that ONLY economic education will not remedy the ills of our time. But in educating people in the workings of a free market and consistently voluntary trade you begin to show them that we share 98% of the socialist objectives, the difference being the means used to achieve the end. So in the method of Austrian economics, the means would be a Free Market with ZERO Gov intervention to the end of prosperity and opportunity for all. As Dr Friedman said to the young lady questioning him "I'm on your side, but you're not." We want the same end result, but history shows the means employed by socialists and other degrees thereof have always ended in catastrophe if allowed to persist and grow. In the even that someone can grasp this concept they will most assuredly come away with the conclusion that Government is the problem and should be kept in it's tiny tiny box. (as was the intention of the founding fathers).

[@soapbxprod]

Tom Evans Profanity only devalues your argument. Economics IS philosophy. It's Moral Philosophy, as opposed to Natural Philosophy/hard science (18th Century terminology). John Allison makes the point better than anyone. John A. Allison Discusses 'The Financial Crisis and the Free Market Cure' BTW- where did you study Phil and Econ?

[@soapbxprod]

Christian Parks Bravo, young sir! You have restored my hope for the future- at least for a few hours! :) Here's a great link to one of the great men of our time- hope that you enjoy it and good luck in all your endeavors. John A. Allison Discusses 'The Financial Crisis and the Free Market Cure'

[@christianparks766]

***** An older gentleman I speak with often has of late been feeling as you did in your previous post. Upon asking him why he seemed so upset one day not long after the ACA was passed he replied "I have failed you, your generation, and those after you. We have not been good stewards of our Republic." I told him that day that until I am dead and the ideas he transferred to me have been silenced, all is not lost. With the guidance of my elders and the passion of my peers, we will succeed in the face of ignorance and coercion. Don't give up on us yet!

[@raiden492]

It's such a shame that you don't see discussion like this any more. Mutual respect between the young people and the speaker - no screaming, no "no platforming", just civilised discussion.

[@stubkar]

It's like there's a spike lined pit in front of the microphone, and it's filled with carcasses of the defeated. *Dum dums continue to waltz up to the mic...

[@italianmiltyfriedman6264]

😂😂😂

[@Gershwin48]

I asked my father, who lived through the same area during the depression, if he was as poor as the ones shown in the movie, “Grapes of Wrath.” He replied, “They were rich! The rich people in my neighborhood were the ones who had wooden floors in their tents.”