Friedman Fundamentals: What Drives Economic Progress

Civilization’s greatest achievements have not come from government bureaus, but from the ability of individuals to pursue their own interests. Free markets and free trade not only increase people’s productive activities but also improve economic conditions. Thus, free markets have the ability to harness self-interest in ways that benefit everyone.
Additional resources:
Listen as Russ Roberts talks to Milton Friedman about the radical ideas he put forward almost 50 years ago in Capitalism and Freedom. Available here: bit.ly/2OQG5CI
Read “The Case for Free Trade” by Milton Friedman, Rose D. Friedman, available here: hvr.co/2S8iRJ2
Watch “Trade and Immigration” by John Cochrane, available here: bit.ly/2UiW9mS
Watch Trade, Technology, And Jobs: How to Think About Free Trade, available here: bit.ly/2QFzizL
Read the Policy Insight on free trade, available here: bit.ly/2G4H1kh
Read “Friedman, Galbraith, and Wright on American Capitalism” by David Henderson, available here: bit.ly/2K9vBjd
Listen as Milton Friedman explains "greed," markets, and politics, available here: bit.ly/2UHKMUN

Пікірлер: 66

  • @exocet8834
    @exocet88344 жыл бұрын

    Indiviudal freedom should stand above everything.

  • @1mol831

    @1mol831

    3 жыл бұрын

    I believe that government should not exist and everyone for himself.

  • @yitzhakmalul

    @yitzhakmalul

    3 жыл бұрын

    @@1mol831 that's anarchy. government should provide safety and help only those who can't help themselves because of a mental/health condition. nothing more.

  • @deadchannel2811

    @deadchannel2811

    3 жыл бұрын

    1 Mol yea that can kinda cause a problem

  • @davonfryar-frazier435

    @davonfryar-frazier435

    3 жыл бұрын

    @@yitzhakmalul That’s what nonprofits are for.

  • @ihateintroductions5808
    @ihateintroductions58084 жыл бұрын

    This is so innovative! Great way to teach people about Friedman without overloading them. Great work!

  • @evancampbell7138
    @evancampbell71384 жыл бұрын

    Lovely little video - very cute! Thank you for posting this, and keep up the great work!

  • @wendylady69
    @wendylady694 жыл бұрын

    Greed is NOT good! Understanding our symbiotic existence & respecting our place in it, is how humanity has survived so long! That R.Sole has a lot to answer for!

  • @ccmkoho

    @ccmkoho

    4 жыл бұрын

    Wendy Lady , what’s your definition of greed? Better yet, name your utopian society that exists without greed. I could argue humanity, in general, is “not good”.

  • @anubis1416

    @anubis1416

    4 жыл бұрын

    "its always the other guy who is greedy". You are greedy every day Wendy, but since you are the one doing it, you rationalize it as a moral thing while the other guy becomes the greedy one in your eyes. "greed" is human nature, and cannot be eliminated

  • @stevenviola4317
    @stevenviola43175 жыл бұрын

    Would love to see more of these Friedman Fundamentals! Well done.

  • @deadchannel2811
    @deadchannel28114 жыл бұрын

    He actually roasted that radio person

  • @ArmyRangerSJ
    @ArmyRangerSJ5 жыл бұрын

    Such good quality videos the world can learn from. How come you don't have AT LEAST a quarter million subs already?

  • @dannyq8167
    @dannyq81675 жыл бұрын

    I love these so much!

  • @yitzhakmalul

    @yitzhakmalul

    3 жыл бұрын

    me too (:

  • @flamefusion8963
    @flamefusion89635 жыл бұрын

    Milton Friedman and his son are treasures.

  • @jasonpiel7401
    @jasonpiel74015 жыл бұрын

    i absolutely love these

  • @TheJake452
    @TheJake4525 жыл бұрын

    That was nice!

  • @bleh8118
    @bleh81185 жыл бұрын

    Talking about Einstein, you should read "Why Socialism" by Albert Einstein. I think you'd like it

  • @bonbon-yt2rg

    @bonbon-yt2rg

    5 жыл бұрын

    Why is it that?

  • @feat.cicero4638

    @feat.cicero4638

    4 жыл бұрын

    Einstein's socialism is very different from what we call "socialism".

  • @danpolyukhovich5291

    @danpolyukhovich5291

    4 жыл бұрын

    A man can be a genius in his own narrow field but that doesn't necessarily translate to other fields. Einstein's ideas of economics are no more valid than Friedman's ideas of physics. Plus there's the various examples of failed socialist societies many of which collapsed after Einstein's death. So far no society have implemented socialism without leading to a disaster.

  • @oryoruk
    @oryoruk5 жыл бұрын

    I love this series! Brilliant idea..

  • @frankiecal3186
    @frankiecal31865 жыл бұрын

    No mention of usury.

  • @SouthCentralTN

    @SouthCentralTN

    4 жыл бұрын

    Did the person that signed on for the high interest rate not understand what they were signing? Were there no viable, lower interest alternatives? Why would free market capitalism not help in this arena as well?

  • @andybird3956
    @andybird39565 жыл бұрын

    milton friedman is totally bae

  • @gustavalbericchidurocher9764
    @gustavalbericchidurocher97644 жыл бұрын

    Santos Dummond invented the airplane. not only that: he did it way before the something brothers.

  • @duelvector9192
    @duelvector91925 жыл бұрын

    Friedman does make a point,however, there are areas where the state does have a hand in the creation of technology and economic progress. One example of this would be the creation of the internet. Without the money and investment of the government there would be internet how we have it today. Also research grants that the government gives out have a role in the creation of new technology. This is not to denigrate the role that the market plays in the implementation of new technologies and the incentive to innovate. It is just to say that the state does have the interest in the technological progression of the economy.

  • @coolwhiteboy2084

    @coolwhiteboy2084

    5 жыл бұрын

    Makes sense... when the state then uses said technology for statist purposes. There's no reason investments can't come from banks or capitalists. They have the money. Government has no money. It gets money only from taking it away from the taxpayers. And then gives it to other taxpayers? While no doubt skimming a bit off the top? Banks and capitalists have a profit motive while government has a power motive. Ever growing and expanding taking 1$ from your right pocket and putting 50 cents in your left. Funding things you like and dislike. It's a total mess really.

  • @AshFarlow
    @AshFarlow5 жыл бұрын

    So, in other words, morality doesn't mean anything because money is good? As a christian, I am disgusted by that. Being rich is not good or bad. But to say greed is good, that's wrong.

  • @mrsniffles3311

    @mrsniffles3311

    5 жыл бұрын

    do you think Russia doesn't run on greed mkay do you think china doesn't run on greed mkay.

  • @heyitsnick8246

    @heyitsnick8246

    4 жыл бұрын

    Ash Farlow he’s saying that there is no system that is not ran by greed, and that it’s better for individuals to act on greed than a huge bureau made up of equally greedy people to make decisions for others

  • @bcshu2

    @bcshu2

    4 жыл бұрын

    Did Friedman actually say greed is good? I think if you listen careful and consider more of his material upon the matter you would realize he understands that people proceed according to their self interest. Not necessarily the same thing as greed. Its the oxygen mask theory on an airplane. You are travelling on an airplane with your child and the cabin loses pressure, resulting in oxygen masks falling in order to supply you with the life giving gas we all require. You of course, take care of yourself first so that you are in a position to be able to take care of others, including your child. This is in your self interest which allows you to assist and help others. For the rationale actor, lying, cheating, stealing is ultimately not in their self interest. Can there be a momentary benefit, sure ... these are effectively crimes of opportunity. But as a long term strategy are they successful, hardly not. And most people recognize this. Hell, the animal kingdom recognizes this as study after study demonstrates that altruism, the act of helping others, not being deceitful, ensures you are well received and not shunned, whereas engaging in those other behaviours, effectively being greedy, ensures in a social group you will suffer negative consequences. Being self interested is perfectly fine, we should encourage it. The ideal of sacrificing yourself for others, a central doctrine of many religions, is absolutely immoral. It goes against the individual, it demands that the true value or worth of an individual resides in their ability to surrender themselves onto others with nothing in return. It destroys the notion of individual liberty and freedom and supplants the group above the individual. Its immoral and downright dangerous. Charity, fine, as long as its voluntary. Assistance, fine, as long as it voluntary. Helping out, as long as it voluntary. The moment you introduce force of punishment for not doing those things, you've morally corrupted the whole endeavour and diminished the value of freedom and liberty. And lets be honest here, it is in our individual self interest to participate and engage in those noble and respectable actions ... provided its voluntary, not forced.

  • @mohanvvip
    @mohanvvip4 жыл бұрын

    Eh! Really? Some people get away with BS, and even have a fan following!

  • @brownisrunderratedbeautifu9460

    @brownisrunderratedbeautifu9460

    4 жыл бұрын

    Maruti M you the only be around here - the man has an amazing way of thinking

  • @keysersoze8222
    @keysersoze82224 жыл бұрын

    We Don t need to follow production and progress. We live well without that

  • @gianni206
    @gianni2065 жыл бұрын

    When even dead people can tell you better answers.

  • @spaceshipcoyote9457
    @spaceshipcoyote94573 жыл бұрын

    So Greed=penchat for innovation....oh okay.

  • @TheLittleColumbus
    @TheLittleColumbus4 жыл бұрын

    He didn't really answer the question

  • @Munchosticks

    @Munchosticks

    4 жыл бұрын

    kzread.info/dash/bejne/hIun2pORaLO8j6Q.html

  • @Munchosticks

    @Munchosticks

    4 жыл бұрын

    This is where it comes from. He's basically saying that the notion that capitalism is somehow greed and other systems are not is false

  • @nekogaming1715

    @nekogaming1715

    3 жыл бұрын

    @@Munchosticks In both system, human's are greedy anyway. But in socialism, government officials are the greediest.

  • @ccmkoho
    @ccmkoho4 жыл бұрын

    He ripped off Gordon Grecko