Milton Friedman Speaks: Myths That Conceal Reality (B1226) - Full Video

Five myths cloud our perception of both the past and the present: (1) The “robber baron” myth which holds that in late nineteenth-century America there were powerful men who became rich at the expense of the poor. The reality is that they became wealthy by being productive, and that there is no other period in history which saw such a rapid and widespread improvement in the well-being of the average individual. (2) The myth that the Great Depression was caused by a failure of business. It was, in fact, produced by a failure of government and specifically by the Federal Reserve System. (3) The myth that government in the economy has expanded in response to public demand. Actually, the public has had to be sold “hard” for politicians to enact every major social program. (4) The “free lunch” myth. No matter how the government raises money-by taxing individuals, by taxing businesses, or by printing more money-it is the individual who pays. (5) The myth that government, like Robin Hood, transfers wealth from the rich to the poor. The reality is that the government usually transfers wealth and income from both the very rich and the very poor to those in the middle. Delivered at Utah State University, Logan, Utah. Recorded at Utah State © 1978 Lecture 53 min/Q&A 29 min.
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[@stevenfeketejr.7361]

I am running for Congress. His teachings are helping shape and mold my core principles so I can explain it to others.

[@melainenyuyfoninsaikila5812]

Prophetic... "We will not solve our problems by electing the right people. We will solve our problems by making the wrong people do the right thing"

[@generaltech512]

This message is still relevant today.

[@lapamful]

When Friedman talked about the 'robber barons' building the railway systems, it brought back Obama's speech in which he said to successful entrepreneurs "you didn't build that." What occurred to me is that, in actual fact, we've been living off the economic successes and benefits the "robber barons" of the 19th century built.
It's time big gov and big gov advocates got out of the people's way and allow them to get on with the business of making things better.

[@noeticheretic3201]

Imagine the world we would have if brilliant men like Milton were listened to. Not a utopia of course, utopias never have and never will exist in this universe, but 63 views for this video says it all. Even as the Western world crumbles around us, the same mistakes are made over and over, people fall ever farther from wisdom and liberty towards ignorance and subjugation. Great civilisations seem doomed to repeat the same cycle of rise and fall; incapable and unwilling to learn the lessons of the past.

[@anniebnannie9945]

great post

[@lapamful]

There are two things I've learned from history. First is history always repeats itself. Second is, nobody ever learns from history.

[@RobertFKleinberg]

Every thinking American including university students should learn from these lectures.

[@souvikkundu]

Excellent!

[@bukcot]

A true giant.

[@lawrenceallen8096]

There is one more dimension regarding strategic materials monopolization via dumping: impaired defense capabilities. If a foreign nation succeeds in targeting strategic industries: computer chip manufacturing, hi-grade steel (metals) used in military equipment, rare earth mineral mining, etc. there is a defense priority that needs to be considered. A war begins many years before the shooting starts: crippling strategic manufacturing capabilities is fair game. President Trump, for example, is supporting extra-market-mechanism incentives to gear up our rare earth mineral mining and processing in the USA, so the Chinese won't have us by the balls one day by cutting off supply.

[@LovingPrinceTamayuki]

I agree with printing money being essentially the only way to create inflation. But I wonder what he would say about the possibility that federal minimum wage is another way of creating a type of inflation. In the sense that it raises not the value of a dollar but the cost of a labor dollar. It makes it that much harder for someone to hire another person. I wonder what he would have said about that idea.

[@emanuelefaraoni4674]

4:08 the beginning of th big short

[@robertprawendowski2850]

⭐

[@grothendieck]

His is certainly qualified to profess on this topic given the isolation of his work from reality despite all the hype

[@WayneHammerstadt]

Isolation from your "reality"?