Essential Milton Friedman: Who was Milton Friedman

Milton Friedman was an American economist who, despite his humble origins, rose to become one of the most influential economists of the 20th century. A Nobel Laureate, Friedman revolutionized the way economists think about consumption, money, stabilization policy and unemployment. Watch this video to learn more about Friedman's life and work.

[@hockley91]

Growing up in the 80's and 90's I never heard of him AT ALL (or Thomas Sowell). Never saw him on TV, never saw an AD, never heard of him in any economics class in high school or college. It wasn't until around 2008-2010 that I accidentally came across his appearance on Donahue. He explained how the world and our country works in a way that totally made sense finally. I had notions and ideas, read a lot, but still no firm grasp to support my viewpoint. He changed my entire outlook on this country and his ideas are positive and creates a path for success for everyone in this amazing country we live in. It does not guarantee success by any means, but offers the best opportunity to succeed as an individual in this country through life, liberty, freedom, consensual transactions, and limited government intervention.

[@germandiagogomez]

Two of the best americans about economy and society I know of, Thomas Sowell and Milton Friedman.

[@surreallife777]

Debunking Milton Friedman. Milton Friedman states that free market capitalism has lifted more people out of poverty more than any other system. What he doesn’t tell you is compared to left leaning social democratic capitalist countries, free market capitalist countries are nowhere in comparison. Social democratic countries by all metrics out perform countries that are free market or free market leaning. Milton Friedman was an advisor to Ronald Reagan and he also implemented his policies in Chile. Look at Chile and the US as an economic experiment, then compare them to socially democratic countries which have unions, regulations, minimum wage laws, lots of social programs etc, everything that Milton Friedman disapproves of and they all outperform America and Chile not just economically but socially. People in Chile were rioting in the streets and Milton Friedman’s economic policies are no longer implemented in Chile. If Milton Friedman’s policies were so wonderful the Chilean people would not be getting rid of his policies would they? Just like the US, the economy did improve in Chile, but only for the top richest individuals with high inequality and low wages. After Ronald Reagan implemented Friedman policies in the US inequality skyrocketed. The US is now the most highly unequal country in G7 countries, this was not the case prior to 1980. The same thing happened in the UK with Margaret Thatcher who was a fan of Milton Friedman, it is the second most highly unequal country in the G7. The US has the highest incarceration rate in the world of over two million, the 3rd highest homicide rate next to Mexico and Estonia. Nordic countries have low crime, as an example Norway just shut down 27 prisons due to lack of crime. The US has a massive homelessness problem, Finland has no homelessness. In the US it’s estimated that approximately 40,000 and 50,000 people die each year because they can’t afford healthcare and another 700,000 people file for bankruptcy because of healthcare costs. In 2007, 8.1 million children under 18 years old were without health insurance in the US. In left-leaning socially democratic countries nobody goes bankrupt and nobody dies. The healthcare systems in Socially democratic countries are rated to be best the world with much lower costs compared to private healthcare in the US. Milton Friedman was promoted by right wing billionaires. Personally I would not listen to him, his policies only leads to inequality and wealth concentration. He is easily debunked today. Michael Pantazis.

[@DeadAbeVigoda]

I notice that all the negativity directed toward Friedman in the comments is in the form of labels, not arguments.

[@jamespfitz]

You've identified leftist "logic". Good eye.

[@DeadAbeVigoda]

​@Jeff Whitman You're replying to my argument that people are criticizing with labels instead of arguments by calling me blind and stupid--which are labels, not an argument. Your Honor, I rest my case.

[@s3lim77]

If u want an argument u might want to look into what he encouraged in chile with the dictator Pinochet. His advising lead to the destruction of chiles economy and the worst period in chiles history.

Tell you to Pinochet and Videla.

[@s3lim77]

Notice how you didn’t reply to my comment cos I actually gave u an argument

[@anubis1416]

makes you wish he was around today to discuss current politics

[@jeansenn2831]

Amen to that!

[@1helluvaguy738]

We really need him too!

[@caseyclover1647]

Listen to Thomas sowell, he's very old but shares the exact same views as milton friedman. 2 of the greatest thinker who I owe my life to. Both played such a big role in development of my outlook on life.

[@coolkidcrypto386]

Oh boy wouldn't he have something to say today!

[@jonjudice1155]

Just play milton anyway, this points for the most part transcend time. I've watched his lectures from 70's and 80's and if you didn't know who he was and was just hearing audio you wouldn't know he wasn't talking about today

[@yourneologism]

Love this. Well done!

[@DiegoMonroyF]

Great man and great thinker. Although some of his views and principles would be hard to execute in the current world, they're still an excellent compass on knowing when government intervention is getting out of hand. I wish he would still be alive today :(

[@davepowell7168]

Naive comment ignorant of social issues

[@davepowell7168]

Ignoring social inequality ?

[@cannontaylor97]

He was a good man. I love listening to him!

[@caseyclover1647]

@Jeff Whitman really? Any argument against what he preached? Give us facts not insults moron

[@caseyclover1647]

@Jeff Whitman you have directed me to watch documentaries about other people talking about issues, Chomsky btw is a linguist and not an actual economist anywho I will watch those interviews but I asked you for actual counter arguments as to why you think humans who have naturally evolved to be selfish and care only for them and their family will work collectively for a greater good without any incentive? Everyone is different and we get angry, we all also have people who we absolutely hate for some reason or another. Why in your view in your Collectivist world do you think human's would put others over them? Why would they work hard if the pay is equal for everyone? Why would they innovate when there is nothing in it for them. Why would they do anything if they can get things for free. Explain to me your perfect world, where you can get best living standards, equality, peace etc etc. What do you propose we do to make this world better. Friedman gave arguments, I want you to give me counter arguments based on strict facts and not feelings. I'm all 👂ears

[@caseyclover1647]

@Jeff Whitman I have actually watched alot of Chomsky back when I was a socialist myself, then I saw one of milton friedman videos and got hooked, he made more sense than anyone as to how things actually work. I have read books by both Chomsky and wolff, they don't give actual answers as to how things are supposed to actually work but criticize current system which has created unimaginable wealth, technology and prosperity for everyone at the hands of private individuals seeking profit and providing what the public demands. I never understand you people, you can still make up your own group and live a collectivist lifestyle, why force others to do so? I'm a libertarian and I want you to do what makes you happy while you want to force me to be part of your collectivist society and give up my selfish pursuits for the better of society? Which would only bring me misery, poverty and bad health. Why is maximizing rights of everyone to do with their lives what they want to is bad?

[@intihumala9087]

@Jeff Whitman You didn't actually say why Milton Friedman was a "conman" you just went on this childish rant about how capitalism makes your butthole sore, then you started talking about Chomsky, the same guy who said Hugo Chavez and Nicholas Maduro were great people which blew up in his face speaking of conmen. Do you have any sort of valid argument here besides crying and pretending to be "woke"?

[@uknasa007]

@@intihumala9087 good point

[@PathfinderHistoryTravel]

A hero!

[@davepowell7168]

🤣

[@PathfinderHistoryTravel]

@@davepowell7168 Free enterprise has resulted in 8 Billion people. Humans are thriving. You have your life and standard of living to be thankful for.

[@buckfan1969]

I was an Econ major 50 years ago. In those days Friedman was treated as a pariah by the professors at my school. They all worshipped Keynes, Galbraith, and Samuelson back then. The past 50 years have proven Friedman to have been right all along.

[@jeansenn2831]

Milton Friedman is the reason I became a Libertarian.

[@buckfan1969]

@Jeff Whitman Nope; doesn't make any sense at all. You seem to think economic progress is a zero-sum game; for one to thrive another has to take a hit. Not how it works at all. Yes there are people struggling; there always will be people who have made poor choices in life. The trick is to help them through a tough time without subsidizing poor behavior. Capitalism didn't cause the pandemic, but it brought us a vaccine in about one-tenth the time it normally takes, didn't it?

[@loftintyson]

@Jeff Whitman your commenting on everything lol, if you don't like his ideology then leave. You don't have to comment on everyone's post with an different opinion.

[@nealthompson8794]

I wish more people that claimed to identify with the teachings of this dude would read what he wrote. Capitalism and Freedom is a wonderful book that I recommend to all.

[@xxczerxx]

If Friedman were up and coming today, isn't it likely he wouldn't have had a platform to teach? There's no way what he taught would get published in academic journals today, nor would he be allowed to teach at the ivy league universities.

[@xxczerxx]

@Jeff Whitman Oh god...anyone who thinks we can go back to anything resembling a free market -- or else yet, thinks that we HAVE one, is beyond delusional.

[@VictorMartinez-zf6dt]

@Jeff Whitman You do realize that all of the problems that we faced during the pandemic were a direct result of government intervention and policy, right? The free market would’ve been fine. And you are also taking an extreme situation that required some extreme measures to circumvent doesn’t mean that we always need those extreme measures and controls, we do not.

[@seankemsley3893]

Ummm, you do realize that there's a distinction between his purely scientific research advancing economic theory and empirics and his public political views, right? It's not as though the papers he published that won him the Nobel Prize were nothing but the words "markets are awesome!" over and over again. He produced theories that have been validated again and again by modern papers. People still write and publish papers about his "permanent income hypothesis" that played a dramatic role in shaping the way we think about spending patterns of consumers. Even Nobel Laureate (2008) Paul Krugman, who vehemently opposed Friedman's stances on politics, recognized that his work as a scientist constituted top-notch quality research. Of course, Milton Friedman's experience as a social scientist helped inform his opinions as a public figure, but the two roles represent distinct sections of Friedman's career. One cannot scientifically prove that a broad philosophical idea like libertarianism is the best set of ideals for our nation to adopt. The decision to pursue freedom in the way Milton Friedman promoted is partially based on value judgments that lie outside the scope of the scientific method. That's not to say that there isn't an intersection between economics as a science and economics in the context of political philosophy - there certainly is and that's why Friedman's experience as an economist gave him so much insight to help him contribute to public discourse. However, it's important not to confuse intersection with identity and think that all of Milton Friedman's major scientific contributions or all of his teaching were made up of the same content that he draws from during public debate.

[@SurfbyShootin]

He was a very inspiring Jewish intellectual. 📈❤️

[@verusnemeth6517]

Thank you for the great video! I also read the book! It help a lot to understand Friedman's theories. :) I do not know how important it is, actually on a scientific side it is not, but his parents lived in Beregszasz, which was a part of Hungary until the end of WWI. Now Beregszasz is part of Ukraine.

[@ghirardellichocolate201]

Peet's Coffee, makes it available worldwide. I am dual citizen who started drinking coffee from the age of 15 to stay up and actually finish my books, so this was a WOW for me. Highly Recommended. I wish I had it earlier. Anyways, the energizer. The rest was Phillips 45 something bucks toothbrush. I don't think they ever saved on this. #Growing Tall

[@isaacgraham4867]

Just finished Capitalism and Freedom, great book.

[@Maximilian-Robespierre]

The two opposites

[@Maximilian-Robespierre]

@This is my Username You would like that since you are a fascist :)

[@Maximilian-Robespierre]

@This is my Username Idiots will always think that. Let them

[@Maximilian-Robespierre]

@This is my Username If you say so. What is my ideology btw?

[@Diego-carp]

@Anonymous User #5463 Damn you just killed someone

[@mrmeerkat1096]

He was part of the inspiration for the satire of the corporate world in Robocop.

[@kartikthefriend]

Peter Schiff, Ron Paul, lenette zang, George gammon, Robert kiyosaki and last but not the least, Mike Maloney thank you.

[@uknasa007]

for what?

[@timmapping4099]

In Poland we have Polish milton friedman, but he gets in ,, democracy " from 2-4%, but to get into the parlament you must have 5%. 2019 in parlament election he must to coalition with non-Libertarian party. But in success he get 6.81% and 5 parlament Members. He's name Janusz Korwin Mikke. You can listen him in English beacuse he was in EU Parlament

[@joemahony4198]

Friedman helped end the draft, he tried to live his ideas.

[@Brian-ey7qs]

Get rid of the draft to keep the rich kids safe, what a hero.

[@heishephaestion4178]

Wow. Hopefully you mature mentally and not just physically as you get older.

[@austinbyrd4164]

Yeah, cause not thinking the government should forcefully push people into a war they have no say in as a sacrificial lamb is so immoral. Evil milton

[@adina2419]

This is what happens when you raise an Eastern European child in a free country.

[@MiserableOldFart]

His fifteen minutes were up a while ago, thank God.

[@hockley91]

@Jonathan Renaud Right? His former student Thomas Sowell is still alive, kicking, writing books, and is rock star!

[@zsomborsteiner7066]

Remélem a következő generációs magyarokra ragad valami az ő tudásából

[@LS-eh4rx]

Jews are brilliant people.

[@uhlijohn]

I have a very soft spot in my heart for Milton but his views, as often pointed out by David Stockman, were often flawed. He had no use for a gold standard paving the way for unlimited money printing being run by a "wise" central bank. That did not happen. It has been a total failure.

[@barryweiss9977]

uhlijohn wrong

[@hockley91]

I would love to see the implementation of his negative income tax. Something has to be done for people NOT to be dependent on the government. The current income tax process is an nightmare, bloated, complex, and needs to be simplified and overhauled.

[@markmccormack1796]

It appears Texas followed these ideas for their utilities.

[@VictorMartinez-zf6dt]

There is no real free market competition in Texas energy, all that was done is deregulation of the market, but no real efforts to foster any real competition in production.

[@guzmanayalagerardoamauri9109]

So nothing about his support to Pinochet´s military dictatorship in Chile? Hmmm interesting.

[@rickybosephus2036]

Getting rid of the draft was a huge mistake. Male humans need initiation and the draft filled that void. Now, what do we have ? The vast majority of crimes are committed by young males who needed the draft and military initiation and service. Other than that, Friedman popularized Adam Smiths work very well.

[@douglasallen7639]

Joe Biden brag about this man i see

[@Sultansekte]

This fool didn't even understand how money creation work.

[@michealmartin7728]

If you think Friedman was a good dude you should read a book Called Shock Doctrine. His economic policies destroyed economies in Chile, Argentina, and Guatemala and they still haven’t recovered to this day. He advised the Chinese Communist government on policies that were a central focal point of the Tiananmen Square protests. He’s like a hands-off version of Hitler really. The only reason he received such high praise is because he perfected a system in which a third world country can be gutted, robbed of all resources, and burdened with a debt they can never repay. The modern day colonial system.

[@Ti4g00liveira]

You make a bunch of generalized assertions without proper arguments. Gives a couple examples of those so called policies he advised or supported.

[@lonestarasshole584]

Destroyed Economies? Chile is the best country in South America when it comes to HDI, Quality of Services, general welfare and Wellbeing.

[@michealmartin7728]

I sighted my source. Shock Doctrine by Naomi Klein. Confessions of an Economic Hitman by John Perkins is another good one to check out. The unbridled version of capitalism that Friedman preached is no better then the unbridled version of socialism the USSR practiced. Friedman seems to have a cult following and I’m just saying maybe don’t drink the cool-aid.

[@dimeuno]

@@michealmartin7728 Fairly long article, takes the page about 20 seconds to load completely from what I've experience. You'll know it's done when you can click "Show Comments" near the bottom: reason.com/2008/09/26/defaming-milton-friedman/ Btw, I've had the same exact impression about Naomi Klein, when it comes to her having what appears to be a cult following, mostly due to how they express their beliefs, and their claims.

[@jackielone1035]

@@michealmartin7728 Not many are aware of the atrocities friedman and his Chicago boys carried out globally. The beat deceit of the friedman cult is they convinced all that neoliberalism is the only version of capitalism. Notice that when you raise any argument against friedman and people react with North Korean example. It shows how successful the deceit of thatcherism and regan has been with the shock doctrine to wipe out memories and replace them with a new reality.

[@davepowell7168]

Capitalism is not all. What a twonk

[@barryweiss9977]

Best Jew ever!

[@rodbust3420]

His neoliberal system is destroying the world.

[@burro500]

fuck you

[@rodbust3420]

@@burro500 lmao

[@funny.gon-12]

Commie

[@rodbust3420]

@@funny.gon-12adoctrinated ignorant

[@funny.gon-12]

Bro how do expect to live in a system that solely exists on penalizing the rich I'm not even in the top 1% percent and I see that you cant just continually tax them because then they will become poor and guess who they will tax next the working class . Edit bad grammar.

[@continental_drift]

A stain on humanity.

[@Aaron.T2005]

No, just a stain to your socialist shit hole system.

[@Maximilian-Robespierre]

A charlatan mainly

[@Maximilian-Robespierre]

@This is my Username Award winning by whom? Multinational corporations? The guy is a joke, not a serious economist. Where Keynes and Marx shitted, Friedman grew up.

[@Maximilian-Robespierre]

@This is my Username The study of economics has nothing to do with the propaganda of his videos, that simply insult my intelligence. I see what you are talking about, but I insist, that if his political views where not convenient for ruling class, no one would ever know him, for he is nothing compared to great economists. Additionally he speaks with such arrogance saying things that are either not true or irrational. He is a fanatic without critical thinking, something one can easily understand, since he simply refuses that opposite views have any rational at all.

[@Maximilian-Robespierre]

@This is my Username The fact that you said that corporations are against Friedmans points is a joke. I guess Thatcher was a revolutionary against corporations then as well. No comment here, its a joke. Arrogance is not self awarness. Apart from what he is saying can be debunked easily most of the times, he is so convinced that he is right. He is not debating anything, he is not listening to anyone, he is simply lecturing. Anyone like him, no matter what they support, is a narrow minded fanatic, thats why his arguements are lame. One should primarily be able to debate with himself. "Libertarians" are simply neofascists and with Friedman it was the first time their fascism had some sort of ideological background. I would ask you to think before you speak as well, but your kind is not capable of thinking.

[@Maximilian-Robespierre]

@This is my Username Bored. You have no arguements

[@Maximilian-Robespierre]

@Jonathan Renaud No regulations means that they are in charge. What is so hard to understand.