Milton Friedman Speaks: Who Protects the Consumer? (B1236) - Full Video

Consumer legislation doesn't in the end protect the consumer; rather, it benefits the consumer advocates, including reformers, special interest groups, and regulatory agencies. What does protect the consumer? Alternative sources of supply at variable prices are the inevitable result of international competition--free trade. Recorded at Pfizer Corporation, New York City ©1978 / 1:25:58.
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[@LabelsAreMeaningless]

This video really doesn't have near enough views. Everyone should watch this at least once

[@fps6612]

Milton Friedman for president of Mexico

[@WJack97224]

Patents and Copyrights are protectionist. but they don't protect the consumer from low prices.

[@billmelater6470]

I've been trying to find info on that topic. If you come up with an idea, develop and produce it, why should it not be your property?

[@zroth3734]

Not necessarily.. That's based on the assumption that no one else would make a better product.

[@jameserenberger3425]

Copyright, and patents only extend to the country in which the law originated. In s Free Market there would eventually be competition for patents by reverse engineering. I personally think that copyright law should only extend to the life of the individual who created it.

[@chesshooligan1282]

@@jameserenberger3425 Copyright for life of the creator would kill the incentive for old people to produce stuff of value and discriminate against a person's right to property based on their health, age, or luck. Copyright should be an inheritable good like any other. Why should the kids of a successful writer, for example, not be able to benefit from their dad's achievement only because their dad died of a heart attack a couple of days after his masterpiece was published? I would go for a fixed time limit -- 50 years perhaps?

[@Vitamin_jp]

James Erenberger should be a lot shorter than that imo

[@macioluko9484]

@27:00 Correct!

[@jean-pierredevent970]

If I think about seatbelts, the asbestos and tobacco industries, I see that it might be more in the interest of the producer to first start long law suits and only then if there is no longer a way out, protect the health of the consumer. The consumer has no way of knowing if his wine or olive oil are pure. He might go blind if there is methanol in the brandy but it's too late if the market has to correct only then. Friedman sounds naive here.

[@zrexx4832]

Who protects the consumer? The government, through regulation of course

[@ludwigbeethoven3119]

lol "I care more about your life than you care about your life?"-Government Protector slowly killing you with regulations. Read Mary Ruwart's 2018 book "Death by Regulation" about the FDA...

[@supermario929]

Modern economics has proven this guy wrong. He makes mostly normative claims he cant prove, but this was the Cold War era when propaganda permeated physics, let alone economics.