Milton Friedman - The Folly of Price Controls

[@trublgrl]

It is kind of a curse to have found Professor Friedman in my teens and then lived decades in a world that rejects his simple, sound, wisdom.

[@richarddow8967]

Friedman also said it isn't the Govts fault they violate these principles; he said the fault lies with the people who vote them in.

[@trublgrl]

@@richarddow8967 He's not wrong, considering the impact it has on our lives, we owe it to ourselves to become informed, but when we allow the state to educate us, it takes a certain amount of reprogramming to undo the limiting beliefs that have been taught us from youth. We shouldn't have to re-educate ourselves to have a basic understanding of logic and reality.

[@douglasjacobs882]

Those that don't learn from history, repeat it. Those that do learn from history, are forced to watch other people repeat it. When Harris says we need to be unburdened by the past, she is referring to not learning from history.

[@trublgrl]

@@douglasjacobs882 AGREED! ♥

[@richarddow8967]

@@trublgrl I didn't suggest he was wrong, he is right, but he also said more.... the mind is lazy, each generation loves making its own mistakes- rather remaking old mistakes.

[@Focusembedded]

The funny part is that in the late 1970's, as a junior high school student, I had a history teacher explain the genius of Diocletian and how he saved Rome with price controls. My father worked as an economist, and I got economics presented to me at the dinner table since I was old enough to be out of a high chair. So I told my history teacher she had it backwards. And I learned pretty quickly what the NEA was doing to indoctrinate young minds and destroy education in the US.

[@valentino3191]

People believe what they want to believe…And someone like your teacher wanted to believe Diocletian understood how to fix the problem? 😂

[@heavyd777]

I had a college economics professor threaten to fail me because I proved how the government causes inflation by too much spending I literally showed him the math. The next Econ professor was much more reasonable and was not insane.

[@Focusembedded]

@@heavyd777 I had an economics teacher in college who was also reasonable and not insane. He didn't get tenure.

[@Riley_Mundt]

My professor for Dual Credit Macroeconomics (taking a sophomore level course and receiving high school and college credit simultaneously) got real uppity when she stated that "the United States has always had a national debt" and I pointed out that she was wrong. Despite knowing how to operate a search engine, she would not admit that I was correct until I came to class the next day with a print-out of the U.S. Treasury Department website. It stated clear as day that when President Jackson allowed the Second National Bank charter to expire, he liquidated all of it's assets and used the resulting surplus to pay off the national debt for the only time in American history. She could have easily done this herself, but her pride and her Keynesian ideology prevented her from admitting that she was wrong.

[@Kiwicookies101]

@@Riley_Mundt that's wild. jackson is most known for that and pushing back the founding of the federal reserve/ the federal reserve bank. sorry its been a few years since I have studied the topic. There is no reason your teacher or any other teacher should have that kind of outlook, opinion, or just be that wrong. It is history. How do college professors not know that or threaten to fail you when faced with fact versus they "opinion."

[@CountryBoyShane]

Simply one of the most brilliant men to walk the earth. We need men like him today!

[@libertylady1952]

Always good to hear Milton Freidman. Thanks for the clip. I will never forget the clip of him on the Phil Donahue show asking where he was going to find the Saints to run socialism properly.

[@lm3049]

Someone just reposted that clip today on LinkedIn. Wonderful

[@jerrywhitt7609]

Powerfully stated,So true and profound 😑🫡😊

[@KT72273]

No! No! We are going to do it right! -Gen Z and Millennials

[@jeremykraenzlein5975]

"Learn from the mistakes of others, for you cannot possibly live long enough to make them all yourself". If only we could get our government leaders to follow this advice...

[@348Tobico]

Milton Friedman was AND REMAINS a treasure to this country and by extension the world. Thank you for being such a fine teacher, Mr. Friedman.

[@G_xx_]

Milton Friedman the top G 😎

[@gankfrombush]

How do the democrats just eat up the price control nonsense? High prices don't cause inflation. Inflation causes high prices.

[@briansherrill6733]

Because most democrats are not very smart.

[@garyjackson3531]

Low IQ combined with zero impulse control is a hell of a thing!

[@PInk77W1]

Govt causes inflation

[@Ez4u2bnvs]

Because most people don't mind being lied to so long as the lie fits comfortably in thier world view. Which explains people who continue to watch CNN.

[@cdevidal]

Lack of education. Those who don't know history are destined to repeat it.

[@isaacj6212]

Isn't this the very thing Kamala Harris is threatening to do when she's elected?

[@TheMarc52]

Yes.

[@ScottCleve33]

Not only that but also wage increases which in part lead to inflation.

[@todddavis5433]

​@@ScottCleve33wage increases end up creating more unemployment and loss of smaller companies. More people that will need assistance equals more control..it's all part of the plan

[@jimreimers4213]

Yes, price controls ALWAYS cause shortages by their very nature. It's simly what they do.

[@SimonASNG]

Its almost like current events are why this 40 year old clip is circulating again. ;)

[@freesk8]

Milton Friedman was wonderful! Where Ayn Rand defended free markets using moral arguments, Milton Friedman uses practical arguments. Free markets are both moral and efficacious. Both strategies are needed.

[@Meton2526]

Meh, Ayn Rand is overrated. She did not bring anything new to the table that wasn't already stated by Aristotle, John Locke and Adam Smith.

[@SimonASNG]

@@Meton2526 Ayn Rand was a bit too harsh with her version. She left no room for charity. I agreed with not putting the government in charge of charity, but individuals in a well functioning society should be happy to help each other voluntarily.

[@m444ss]

@@SimonASNG I'm no expert on Ayn rand but would be surprised to find she said anything pro or con about individual charity. what did she say about it?

[@TheChadPad]

@@SimonASNGno no, she left no room for forced charity, which is not charity at all. It is theft

[@TheChadPad]

@@m444ssjust watch her Mike Wallace interview. That person is lying

[@controlclerk]

This man should be more known.

[@jimmoses6617]

He won the Nobel Prize in Economics in 1976.

[@jaycee30865]

We’ve moved on to great philosophers like Cardi B and Taylor Swift now.

[@Diponty]

@@jaycee30865 And Kamala, "The significance of the passage of time, right? The significance of the passage of time. So when you think about it, there is great significance to the passage of time...there is such great significance to the passage of time."

[@seanm3226]

@@Diponty And school buses are yellow.

[@roughhabit9085]

He and Thomas Sowell would never have been known if Buckley hadn’t have promoted them.

[@SuperSneakySteve]

These re-uploads are very timely. Kamala just announced her price control measures to fight price gouging, whatever that is.

[@paulbrown2422]

Meanwhile, my mom texted me yesterday and said that the government has raised the price of a stamp to 73 cents per stamp (one first class letter). Why not price control tha? Freaking government idiots...

[@edb3877]

That's the reaction to when the regime currently in power floods the economy with excessive liquidity. This is a form of 'blame everyone but yourself for your mistakes'.

[@Triple_J.1]

The regime currently in power did not create all of the inflation. The first half of it came about because of the Trump-era policies with Covid, and Tariffs. If you tax materials everything is made from, prices go up. If you ban the people from engaging in the economy, less is produced. If you hand out $1,800 to everyone to help pay one month of rent from the mandated 6 months out of work, you devalue the dollar. When 1/2 of all small businesses go bankrupt and close the door. You reduce GDP permanently. With lower GDP and Hogher amounts of currency in circulation, inflation runs rampant until the two are in balance again. All of these acts and outcomes took place before January 6th riots.

[@daletaliaferro6386]

He is so good. He makes it simple to understand and very clear.

[@andys3035]

The fact that Kamala Harris is putting out this idea as an economic plan and people are cheering it on is frightening.

[@paulbrown2422]

Exactly!

[@remsee1608]

I looked at a livestream and they had a poll where it said “which does you want price controls on first? Housing or Food” and I’m like no no you cannot be serious

[@edb3877]

Genius is limited but ignorance and incompetence are not.

[@jryecart8017]

ppl tha lost their lives due to anti- American democrats: LAKEN RILEY, RACHEL MORIN, JOCELYN NUNGARAY

[@danielstykitus4393]

It seems that no generation of people have a monopoly on foolishness and ignorance.

[@michaelgomez3044]

Every liberal in America should listen to this

[@michaelmurphy6869]

Liberals listening to reason, it would be easier to walk across the Sahara desert barefoot in the heat of summer or swim entirely across Pacific Ocean during typhoon season.

[@m444ss]

for the most part, they might hear it but wouldn't listen.

[@DennisDavisEdu]

Don't give up on liberals. They can be reasoned with. It's the leftists that seem hopelessly lost.

[@KM-co5mx]

Every American should see this 👍

[@kittymedusa3618]

Money is the measurement of wealth. Price controls are just pretending the number is something else. But it makes people feel good to hear it. Even though it has no real chance of passing congress. What we need to do is break up the food monopolies.

[@alexandershephard7263]

I wish Milton was taught in every school across the world.

[@raul0ca]

There is a reason he is not.

[@jaaksavat7916]

Neoliberalism, capitalism on steroids where more is never enough and sustainability a dirty word, privatisation of all public services and assets, deregulation, self-regulation, commodification of labor and ever lower taxes for big corporate and billionaires to create the trickle down effect, but created unprecedented inequality and homelessness

[@davidmdyer838]

Paradise Lost

[@kerryguzman8263]

Milton Berle aka Uncle Miltie,yes that would be a laughter😅

[@CptMark]

So, request it.

[@jerryemt2001]

IT is one thing to be brilliant; it is another to explain your brilliance in an understandable and logical manner.

[@Martin_Priesthood]

😮👌👍 well said.

[@BroCactus]

he didn't explain why they were bad, just that they are

[@roughhabit9085]

@BroCactus Because the market makes the most efficient allocations of prices based on demand. No bureaucrat can replicate this efficiency.

[@Martin_Priesthood]

@@roughhabit9085 true 💯. . organic efficiency

[@steveh1460]

Wisdom for the ages!❤

[@deancitroni4447]

Becoming our master and not the servant! Pretty much sums it up. It's great when someone can put precise words to how you perceive and think

[@SmartFirstPrincipleThinking]

We need these great minds more than ever today!!!!!

[@erichaskell]

Amen, brother.

[@JustTayo]

What a blessing Milton was.

[@benjaminjeffery6873]

A very timely upload indeed. A certain political candidate should just air this clip as an ad. And another certain candidate should just watch this clip and every other clip on this channel a thousand times over until it defuses into their hollow brain.

[@jamaaldaynitelong8367]

They didn't listen then, they won't listen now😔

[@C_R_O_M________]

You don't understand politics and policies, policies are implemented to CREATE problems which are then the object of political management. In other words, politicians are in the business of managing problems they created.

[@snowyrox3331]

they're conditioned not to

[@mr.mayhem7402]

They did listen. Reagan and Thatcher embraced monetarism, with cuts in public spending and laying off workers (weathering a massive public backlash), and sure enough, the economies boomed again when money was worth something again. Those important lessons were forgotten by all the politicians who followed them.

[@boslyporshy6553]

​​@@mr.mayhem7402Was there a reason they were forgotten?

[@oldegrunt]

@@mr.mayhem7402 Reagan sadly did little cutting in reality, like many Repubs they only get part of the equation on how to solve inflation and economic downturns that is taxes. They always seem incapable of actually cutting spending to any real degree.

[@caironiancanuck482]

This was beautiful to watch. Thank you LibertyPen.

[@vivarc2]

I just heard a lecture explaining that the reason why capitalism isn’t as popular today as it should is because no one made it very sexy. To me, Milton Friedman was so on point with economics that it would be impossible not to draw more interest from intellectuals. How do we make Milton Friedmans ideas and rational appealing today?

[@roughhabit9085]

The free market has no press agents whereas the g’ment has many was something Friedman used to say.

[@Milton_Friedmanite]

I would harp one a few things 1) capitalism uplifting the most out of poverty 2) the hockey stick of growth miracle 3) government control = more deadweight loss 4) historical trends CONSTANTLY show Friedman/Laffer are right

[@Jimraynor45]

I guess you just need charisma and a deep understanding of free markets.

[@agb1953]

Friedman should have been President.

[@jaaksavat7916]

Trumpsollini is second to none for capitalism on steroids, where more is never enough.....for the mega, no-tax paying, rich.

[@C_R_O_M________]

Policies are implemented to CREATE problems which are then the object of political management. In other words, politicians are in the business of managing problems they created.

[@heavyd777]

Oh snap!!!

[@ScottCleve33]

I really really believe that democrats are trying hard to push this country off the economic cliff to the point that we're desperate enough to reach out to the only hand offering to help them, even if that hand is the very hand that pushed them off the cliff. The government.

[@bryanwheeler7236]

Yes! For some reason, we always turn to the arsonists to "put out the fires" which it is against their natures to do.

[@TheChadPad]

Same thing is happening with pharmaceutical companies treating the side effects of their own drugs

[@C_R_O_M________]

@@TheChadPad In some cases yes. There are other cases though (like the drug that CURED a form of hepatitis) that actually damaged the very same company that produced it since it was them who had a chronic treatment for sufferers of that type of hepatitis. They cured those patients and lost a lot of revenue from the other treatment. Professional politics is never that beneficial. Just try to find one intervention that actually solved anything (assuming that the problem was a genuine one and not one they created themselves).

[@TheRealBrook1968]

The real Uncle Milty.

[@italianmiltyfriedman6264]

yessur

[@NicholasWingComposer]

Milton Friedman yet bears the torch of liberty in his immortal words of wisdom that price controls could jeopardize economic liberty here in the United States of America. I warned years ago that price cap amendments coupled with actuarial risk decision-interfering mandates, which can tyrannically change on a whim, will put thriving insurance companies out of business via the Unaffordable Care Act. My health insurance has never been more expensive, thus severely limiting my individual economic freedom. Good luck.

[@gabe5946]

Milton Friedman 👍🌟 I gotta start reading more!!

[@jimreimers4213]

If you haven't already, check out his 2 day interview on the Phil Donahue show. There they cover the basics of most l every topic

[@gabe5946]

@@jimreimers4213 I will do that thanks

[@tmac9938]

thanks for posting this just as they are talking about price controls AGAIN in the US

[@uturniaphobic]

Minimum wage is an artificial control too.

The minimum wage is zero.

[@uturniaphobic]

yeah but who will work for zero? Gov sets a mandatory minimum wage even each state has one.

[@stevenkurinec4194]

@@uturniaphobic The minimum wage laws are just price controls on labor. They have the same detrimental effects. The true minimum wage is a wage that a person will accept. Nobody understands that person's life better than them, he or she will accept or reject a wage based on their needs.

[@uturniaphobic]

@@stevenkurinec4194 Exactly and minimum wage distorts that. Agreed 100%

[@TheSmark666]

@@stevenkurinec4194 Exactly. There shouldn't be a minimum wage. Let the people who refuse to pay decent wages go out-of-business because nobody wants to work for them. Walmart would've filed for bankruptcy decades ago if it wasn't for minimum wage and them using state and federal regulations to push out their competition.

[@marklasky3555]

Brilliant & simple as usual

[@John-thinks]

Timely!!!!

[@cx3268]

How to make thinks worse? Let government control it.

[@ProfessorToadstool]

thinks?

[@grondhero]

While I believe you meant _"things"_ instead of _"thinks,"_ in today's society the government _does_ try to control how one thinks. 😉

[@theadchefer]

actually things started getting worse in govt when corporations lobbied for larger tax cuts.. and people get surprised when the government can’t afford to fix roads or any infrastructure. shocking.

[@grondhero]

@@theadchefer Tax cuts don't ruin the government. Government spending and government-induced inflation ruin the country. It isn't that government can't _afford_ to fix the roads, it's that they're spending so much money, the _choose not to_ fix the roads. Crony capitalism gets in the way, too: unions or "friend of a politician" whose company gets chosen to fix something at a price inflated above market value. Have you ever noticed toll roads are quality roads vs public roads not being? That's because the toll roads are semi-autonomous and if they don't keep their roads fixed, they lose money and go out of business; not so the government.

[@johnnotrealname8168]

Back to your roots. The sad part is that the U.S. needs it.

[@FoundingFathersUSA]

It's scary to realize the answer was given a long time ago. But we listen to the those who hide that answer in order to convince us of the wrong answer.

[@ExpatriatePaul]

The brilliant Mr. Friedman was right when he said "government is too big" over 40 years ago, sadly it's grown dramatically since then and the eventual result will be catastrophic. But you won't hear any elected officials taking responsibility for such things, instead they will only insist they can fix the problem with even more government. Big government is the problem, laissez-faire is the solution.

[@williamhepfer8956]

"Government is not the solution to the problem government is the problem."

[@ExpatriatePaul]

@@williamhepfer8956 1000%

[@anthonyrinaldo1133]

Thank God for Milton.

[@YourBestFriendforToday]

Great clip

[@rogerhart1835]

Kind of reminds me of what I think Reagan said. The words you never want to hear, "I'm from the government and I've come to help."

[@roughhabit9085]

Yeah that’s kind of a plagiarism of Friedman’s favourite Thoreau quote; “If I knew for a certainty that someone was coming to my house with the conscious design of doing me good, I should run for my life “

[@Shaun1440]

Inflation = to many dollars, chasing few goods. Deflation = too many goods, chase fewer dollars.

[@MarekDohojda]

but don't worry THIS time it will be different, Kamala promised, and since true Socialism has never been tried before, THIS time she will do it right and THIS time it will work.

[@charleshairston4853]

😂😂😂😂 yeah right

[@liamwatson6789]

People will still vote for her

[@genestone4951]

It absolutely does not matter if it "works" or not. The Ukraine war didn't work. Iraq didn't work. Afghanistan didn't work, Libya didn't work...a little thing like not working will never stop the Evil Empire.

[@MrYAMAHA32177]

I need 4 more years, so I can fix what we have totally destroyed in our last 4 years. She promises to build millions of houses, but her claim to build thousands of e.v. charging stations over the last 4 years has resulted in only 6 built in the last 4 years.

[@MarekDohojda]

@@MrYAMAHA32177 I love the notion of "she promises...". As if she is spending her money, or doing with her hands. She knows about as much about economy as I do about building space rockets.

[@driverjeff1498]

The moment the government calls me and tells me what I can charge is the last day I produce a thing.

[@marblox9300]

The problem is government does not employ intelligent people like Mr. Friedman. It employs self serving bureaucrats that crave more power.

[@fmagarik]

This is exactly the same show we saw in Argentina. Politicians cause the problem, then blame the private sector and later impose draconian regulations or bans, something that has never worked in millenia of economic history

[@CapitalistSpy]

Oh god thanks ! Great timing

[@jceepf]

I was in Athens and a piece of stone used to build a church in the middle ages was from a marble tablet of Diocletian edict. At least in old days, they managed to recycle the folly.

[@RDesai_indiancapitalist]

Why dont we have more economist like him today . All academic proffessors to Govt economic advisers are Keynesians, and that sucks

[@roughhabit9085]

“Profiteering is the result of inflation and not the cause “ ~ Keynes I think you’re being harsh on Keynes. I see no link .

[@RDesai_indiancapitalist]

@@roughhabit9085 inflation is just taxation without legislation, caused due to stimulation by state- Milton Friedman. And that stimulation thing was idea of Keynes. Deficit budgets as he suggests is best way politicians justify their failures and make economy addict to it

[@robmangeri777]

When all the crooks get together to tell honest people what they need to fix we have a problem.

[@nordattack]

It's amazing how obvious this is yet they still want to do it.

[@arthurp68]

How horrified would be to see what this government has grown into??

[@briansherrill6733]

He knew it was coming. He tried to warn the public, but they didn’t listen.

[@ScottCleve33]

In Captain America Civil War they explain how Hydra wanted to take people freedom by force but they resisted and fought back. They had to adapt their strategy to make people give up their freedoms willingly. Convince me that's not what democrats are doing.

[@common12]

The purpose of history is to look back and not repeat the mistakes of the past!

[@ShakespeareCafe]

Nixon's replacement Jerry Ford tried to tackle inflation with a slogan on a pin WIN Whip Inflation Now. I found one in the attic and proudly wear it on my lapel.

[@thenewmayorofcrazytown7392]

Wow haven't seem Freidmam in a while

[@williamhepfer8956]

Possibly because he's dead.

[@thenewmayorofcrazytown7392]

@@williamhepfer8956 what a heartless way to talk of the man’s passing. This is how I find out?

[@ss00731]

Javier Milei did listen

[@frankstrawnation]

Milei is not a follower of the Chicago School, he's a follower of the Austrian School. And this is good news for the argentinians.

[@aliendroneservices6621]

​@@frankstrawnation "The cloned dogs that Javier Milei refers to as his “four-legged children” all bear the names of his economist heroes: *_Milton Friedman,_* Murray Rothbard, Robert Lucas Jr."

[@javimiami92]

Milei didn't even need to listen. He had his neighbors, the Chileans, show him how it's done. They were literally dubbed "The Chicago Boys".

[@roughhabit9085]

So Friedman and Hayek disagreed about the gold standard, so what else did they disagree on? So , not very much.

[@jamesrickel3814]

Price controls are the fist step on the road to serfdom

[@KM-co5mx]

I learned about this Legend from watching the Commanding Heights documentary series… 🗽

[@argar9]

I'm from Brazil. Only people who never lived under government controlled prices think this is a good idea. This happened here during the 80's. The government imposed price control on food. What happens is that producers and sellers, in order to not go bankrupt and out of business, establish off-market prices and sell things illegally in the black market. The government then blames the "evil capitalists" and people start denouncing each other, fighting each other, things get ugly between fellow citizens and neighbors. Food disappears from the market, people spend the whole day in queues to buy food, society becomes unproductive. I don't understand how people in the USA don't understand what made their country better than others.

[@warrenwhitmore7472]

Doing it right now with medications in the USA.

[@billstapleton1084]

As someone who has lived through price controls, Gas prices in the 70's I know they do not work. You have to ask yourself why are prices high? It is not one industry that is gouging. No, prices are high overall. Rent, food, gas, utilities, insurance, all have gone up So, price control will not work. What caused the high prices? Inflation. What caused the inflation. Excessive government spending. What party did the spending? Democrats from 2021 and 2022. They spend $4.2 trillion dollars over the budget. That is why in 2022 we saw 9% inflation rate.

[@duckpwnd]

If price controls actually worked then they wouldn't be needed. If it was economically feasible for a product to be offered to customers at or below a particular price, then someone would do it on their own.

[@TheLibertarianCapitalistUSA]

“The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.” Milton Friedman

[@atlanteum]

Anyone who says economists don't make great comedians aren't paying attention to Milton Friedman and Thomas Sowell -

[@GroveEndRoad]

The biggest problem is, to the average person, it sounds good. History has proven that it is no good. Harris just tells people what they want to hear. she's been told my other members of the party what to say to get people to vote for you. There's a belief in politics that people have very short memories when it comes to the history that they lived.

[@MrCrabguy]

And now Kamala wants to introduce “a ban on price gouging”… 😞 Will we ever learn?

[@Ian-nl9yd]

Well, considering many US cities *without* price controls nonetheless have a housing shortage, and many countries *with* price controls, in fact, still have housing, food etc, I think we're justified in questioning Mr. Friedman's reasoning.

[@roughhabit9085]

Of course there’s a housing shortage. The currency keeps getting debauched and there’s a million and one regulations.

[@brainkill7034]

Amen

[@m____w____6981]

So if I understand correctly, government control is a major problem.

[@tonybochiano]

Vote Donald Trump

[@heliumcalcium396]

If you want price controls, you can have them at your own will, you don't need government to impose them. If you want gasoline capped at $1/gallon, just don't buy it at any higher price than that. You have your wish! You can't force anyone to sell it to you at that price, but you can prevent anyone from selling it to you at a higher price. That's exactly what governmental price controls do, and this way you don't drag other people into it against their will.

[@rafaelgonzalez4175]

Even the smart ones lie. That is the saddest part about people. We lie. I on the other hand only lie about me. When it comes to knowledge and information, I am absolute. My knowledge and information is correct and accurate. It was, before I learned it.

[@BlindBison]

I wish he went into more detail about why eventually the prices exploded again. To do that wouldn’t they have to lift the price controls? Would they do that because offering services in the controlled fields became not worthwhile? I would love to know more about the mechanical “why” as I’m not really well versed in this stuff and I can guarantee anyone I know who favors policies like price controls will ask of me this same question.

[@mastershredder2002]

I need Kamala to put price controls in on Porsche 911 GT3s. The dealers are marking them up over 100k!

[@keitha.9788]

Large groups of people make decisions by Emotions rather than Common Sense...

[@roughhabit9085]

Loose writing is a sign of loose thinking.

[@PInk77W1]

If any politician has a way to help Prices, let them start a company and show us how it’s done. They never do

[@terrykrall]

The federal government is the largest employer in the US. And everyone knows the benefits are better than most of us will ever get. Maybe... just maybe.... the government is too large?

[@geolehman]

Whenever price and wage controls are proposed, it is purely to secure votes from people who do not know history or understand the consequences of. This also applies to minimum wage laws. They drive inflation and/or drive unemployment.

[@shyama5612]

Is it possible the politicians know that price control is not the solution but it helps politically? after all population loves to hear that their leader 'strongly put their foot down' and controlled the prices! Same with minimum wages - perhaps useful politically.

[@econhelp583]

Milton Friedman won a Nobel prize. He was smart and had a lot of good ideas. He was not a mathematician like so many modern economists. The economics profession has gone downhill because modern economic thinking has become too abstract and mathematical.

[@roughhabit9085]

There’s the economics of the real world and then there’s the economics that says government is required to steer the ship . Abundance versus scarcity in other words.

[@charleswood3705]

To much Government.

[@rogerdonoho4924]

We can feel and see the problems already. Raising the minimum wage to the point it is now has shut down businesses and reduced jobs. The mandatory benefits a small business is forced to provide was already an extreme burden. Replacement by machines is happening.

[@AlanField-q5b]

In a rational world this clip and all of the comments should be required reading for high schoolers.

[@nonyabiz9340]

To think government can manipulate prices or wages is to totally ignore supply and demand, which is denying basic reality.

[@brandonnotsowise2640]

This idea is none the more prescient in the US.

[@rogueyun9613]

Smells like history is trying to repeat itself. This kettle is going to explode.

[@uluwatu3118]

Inflation has an added bonus Seigniorage is the difference between the face value of money, such as a $10 bill or a quarter coin, and the cost to produce it. If the seigniorage is positive, the government will make a profit

[@John-thinks]

Someone tell Kamala

[@jamaaldaynitelong8367]

They all know it, no one wants to be the one to hit the hard reset button because they'll be hated in the short-term.

[@onwilson2]

Tell Trump, everyone in the executive branch, every congressman, every senator, every state governor, every local representative. More importantly, tell every citizen in the USA and the world.

[@foodboy179]

This is a Kamala idea not Trumps

[@conjandysecurity]

​@@onwilson2do you know why this video was posted 4 hours ago? It's because Kamala's, very small platform, included price control to stop inflation.

[@onwilson2]

@@foodboy179 Yes Foodie, but its been tried on all sides (left, center, & right). It's twin evil is excessive government borrowing and its other twin is restrictions on free trade. Though Kamala has proposed it in this election cycle, it is a simplistic reflexive political reaction that makes them appear strong. Trump's ideas to curve inflation are not brilliant either and will also do little to tame it.

[@drdirk2]

On another note rent control, I like whst Swedish economist Assar Lindbeck said, “rent control appears to be the most efficient technique presently known to destroy a city-except for bombing.”

[@gepal7914]

The Government Friedman refers to, is composed of the politicians elected by the voters. It is the voters, who consistently want more benefits, that push politicians to make impossible promises. It is called Socialism, and it is the fatal flaw in our economies.

[@theOlLineRebel]

Yes, indeed, people vote themselves into tyranny via “kindly” promises.

[@inelhuayocan_aci]

Milton Freedman said: (1) “There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits.” (2) “A society that puts equality… ahead of freedom will end up with neither equality nor freedom…a society that puts freedom first will, as a happy by product, end up with both greater freedom and greater equality.” John Deere turned a massive profit of about $7B and decided to layoff its employees as a reward thereby shipping their jobs to Mexican maquiladoras (i.e., sweatshops). The Democrats, Biden administration and Harris alike are doing nothing to stop it despite the fact that John Deere receives government grants. Based on past phenomena of the kind, one could cogently induce that this will cause (1) Financial ruin on the part of the laid off workers and their families, (2) Destroy the communities whose economies relied on these jobs, (3) Cause more illegal immigration (just as NAFTA has), and (4) Further advnace the notion that the federal gov't is in the pockets of an oligarchy who play by no rules except their own which constricts the freedom of the people. Please explain how Freedman and Chicago school economics maximize freedom. From where I stand, his ideas were psychopathic or idiotic.

[@roughhabit9085]

This is inscrutable. Maybe you think a Nationalised Tractor industry should be set up? Friedman said the free markets create abundance and governments create scarcity. Nothing about your little anecdote refutes this.

[@wolfman6252]

Pundits and people that should know better act as if these ideas are out of date. They are more relevant than ever before and we should listen.

[@shanechostetler9997]

Kamala and the whole democrat establishment needs to watch this.

[@wwilcox2726]

👍👍

[@Doctor_Bong]

They're repeating it, because it works. If you're rich with assets it works wonderfully. Rich with assets decides who is in power.

[@beng3345]

Oh so relevant

[@gregorysagegreene]

"We have got to react against it and cut it down to size."

[@martinmclean5985]

There is no problem so bad that the government can't make it worse!

[@mlpdunaway]

Apparently Harris doesn't know anything about economics! Trump 2024!🇺🇸

[@miscellaneous714]

Didn’t Trump printed more money than any other president in the history of US?