some people's brilliance and rational is lost on this nation; Friedman is one of those people; Thomas Sowell is another. someday in the future, when another flag flies over this country, some of the population will view these types of videos and weep.
Also, in British coal mining town swansea , we can observe that as the employment reduced due to depletion of means of production i.e. Coal mines, the reduction in salaries lead to drug probelm...? Isnt that contradictory to Dr at 28.30
What is not discussed in economics is "opportunity". Most of the over 20 non-union machine shops I have worked for have an owner who was an employee for one or more companies before they started their own business, (I did the same). But a union "worker" rarely quits their job to discover the excitement of owning their own business. Where is the extended opportunity there, and the experience of discovering "freedom" with your own business while expanding the economy with a new business?
Basically starts with the business you work for care about its employees because you work for them. Government contacts the businesses and says I will take care of them. By doing so it takes the responsibility off of the should of the employers. While Government does tremendous amount of efforts to protest the rights of the employee, it does not do better job than the employer. We have to see what is in the interest of the both parties. It is only in the interest of your employer to make its employees happy, once they are hired.
I argue that unions pad wages, and in my line of work, (manufacturing), keep their members stupid. In every non-union machine shop I have ever worked at, (more than 20 of them), when ever a union machinist came to us for a job, demanding more money than what non-union paid, they had no skill to get the job done. When you talk about "offshoring", (I assume you mean outsourcing), the correct mentality he should have had is our free market is part of individual liberty, (free people made the free market), and to do business with communist nations, who do not recognize individual liberty at all, is simply "not compatible", but turns into international redistribution from the more free nation to the communist nation.
It is interesting how pessimistic Milton Friedman was regarding Israel's ability to turn away from their march toward socialism and how optimistic he was about our ability to preserve, if not liberalize, our capitalist economy. Well, Israelis did abandon the socialist direction (probably in no small degree thanks to the immigrants from the socialist countries) and we are marching towards a fascist economy full speed. He is probably spinning in his grave.
I have an interesting question with respect to nationalized industries in India... Here labour unions raise their size or demand for more employment or in proxy sense demand for nationalized employment of more and more workers with the relevant skills, to dump more and more at the cost of taxpayers. Coz there is ample supply of cash from top i.e. government. The factor of production i.e. human labour in present scenario is not scarce it's surplus in some industries. But even then unions wants to amplify the surplus to gain political strength. So the question arises who bears the costs and why...? Also how these unions are so strong despite of not creating the skill scarcity ..? This may contradicts the fact that Dr elaborated ?
What Milton Friedman says about young employment is the same in muy country, Peru. Here exist a huge informality in bussiness and workers, they are beyond the law, they dont pay the minimun salary, they dont pay taxes and still they create workers but precarity workes. And most important is that informality economy is huge 70% of all and there is no growth, my country is poor. So this is no solution. Liberals tend to say that we have to fight against informality but according to the father of liberty and bussiness informality is ok. It blows my mind.
Cecil 3c Rule of law is very important. Milton Friedman doesn't support a minimum wage and I'm inclined to agree. Milton always supported lower tax rates as well. If the government cannot even compell the businesses to comply with wage laws or tax laws, the issue is that the government is effectively powerless in that area because the citizenry has not mutually accepted the idea behind the minimum wage or taxation. Without rule of law, capitalism is a terrible but still best system.
For starters America has a system and it is pretty systematic. Many small and medium sized companies and its owners have issues with the Governments and following the Government laws and regulations. Whether it is some kind of deficiency, this is something that certainly needs an attention. Big corporations on the contrary, like Fried Food companies, beer companies, older companies became part of the Government. It seems like too many employees pay for the employer's mistakes, which is unfair both to the corporations and the voting rights of the employees. In any case, being organized matter, one kind of aesthetics. Second Welfare is welfare for a reason. A person with fungus belongs to a Welfare.
This man is a genious on logical and big picture analysis, he destroys almost completely the left wing criteria, but sadly, in my very opinion, he leaves out certain facts, hee talks about that is better to have underpaid young unskilled workers rather than having them unemployed, wich is prima facie true, but he miss that the wage is not the only thing on the relationship between the worker and the employer, there's another universe in this matter, at least in the 3rd world countries. I live in one.
And? Are those workers your see as abused being held in the position by force or do they seek the employment themselves? Are you saying you now better than them what it is worth then enduring? Do answer the man's question. Are they better off with you supporting taking away the option they choose? You don't even know what their alternatives after an you are making choices for them? It seems you've never actually worked such a job... I sense a privileged class
I don't understand your statement. It is unskilled people that are unemployable, unless the job to be done is very easy requiring no sill or education. If the job requires skill/education, you would not hire unskilled people. (I don't like the term, "workers" because me as a former employee had better plans, and eventually started my own business). It is the responsibility of the individual prospective employee to gain a marketable skill so they can become employed.
The reason the bosses don't like unions is they cost them in profits. This is why he leaves out the big industrial unions like the autoworkers and coal miners. Of course Freedman belongs to the American Association of University Professors. If the number of industrial workers goes up with pay the gain at the cost of the bosses profits and then the production of things workers need goes up. So it shifts how production is done. The bosses themselves at the Universities teach that unions cost them profits. The bosses also waste plenty on war production. 4 trillion wasted on Iraq and Afghanistan. They've been keeping all the increases in productivity.
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](/img/n.gif)
50 years after his lectures, no one has implemented his solutions in life, so we have what we have
It's almost 4 am....i should be sleeping but this is fascinating.
The brilliance of this man will never be taken advantage of.
this is the best video ive ever seen in my life
I agree. Solution to high medical costs = laminate to the back of every driver's license a license to practice medicine
The dime analogy is one of the most perfect and simple arguments against communism and "taxing the rich to feed the poor"
If you were alive today Mr Friedman , I wonder what you woukd think & say .RIP
This video is straight fire
some people's brilliance and rational is lost on this nation; Friedman is one of those people; Thomas Sowell is another.
someday in the future, when another flag flies over this country, some of the population will view these types of videos and weep.
Also, in British coal mining town swansea , we can observe that as the employment reduced due to depletion of means of production i.e. Coal mines, the reduction in salaries lead to drug probelm...? Isnt that contradictory to Dr at 28.30
The worker should help himself
What is not discussed in economics is "opportunity". Most of the over 20 non-union machine shops I have worked for have an owner who was an employee for one or more companies before they started their own business, (I did the same). But a union "worker" rarely quits their job to discover the excitement of owning their own business. Where is the extended opportunity there, and the experience of discovering "freedom" with your own business while expanding the economy with a new business?
He actually quoted Wall Street Journal. I imagine he won't today 😂
Basically starts with the business you work for care about its employees because you work for them. Government contacts the businesses and says I will take care of them. By doing so it takes the responsibility off of the should of the employers. While Government does tremendous amount of efforts to protest the rights of the employee, it does not do better job than the employer. We have to see what is in the interest of the both parties. It is only in the interest of your employer to make its employees happy, once they are hired.
Spot on 👏
Milton is arguing that unions increase wages. It would be interesting to see his take on offshoring.
I argue that unions pad wages, and in my line of work, (manufacturing), keep their members stupid. In every non-union machine shop I have ever worked at, (more than 20 of them), when ever a union machinist came to us for a job, demanding more money than what non-union paid, they had no skill to get the job done. When you talk about "offshoring", (I assume you mean outsourcing), the correct mentality he should have had is our free market is part of individual liberty, (free people made the free market), and to do business with communist nations, who do not recognize individual liberty at all, is simply "not compatible", but turns into international redistribution from the more free nation to the communist nation.
It is interesting how pessimistic Milton Friedman was regarding Israel's ability to turn away from their march toward socialism and how optimistic he was about our ability to preserve, if not liberalize, our capitalist economy. Well, Israelis did abandon the socialist direction (probably in no small degree thanks to the immigrants from the socialist countries) and we are marching towards a fascist economy full speed. He is probably spinning in his grave.
1:09:45 100% keynesianism
I have an interesting question with respect to nationalized industries in India...
Here labour unions raise their size or demand for more employment or in proxy sense demand for nationalized employment of more and more workers with the relevant skills, to dump more and more at the cost of taxpayers. Coz there is ample supply of cash from top i.e. government. The factor of production i.e. human labour in present scenario is not scarce it's surplus in some industries. But even then unions wants to amplify the surplus to gain political strength. So the question arises who bears the costs and why...?
Also how these unions are so strong despite of not creating the skill scarcity ..?
This may contradicts the fact that Dr elaborated ?
I agree. Solution to high medical costs = laminate to the back of every driver's license a license to practice medicine
REPLY
What Milton Friedman says about young employment is the same in muy country, Peru. Here exist a huge informality in bussiness and workers, they are beyond the law, they dont pay the minimun salary, they dont pay taxes and still they create workers but precarity workes. And most important is that informality economy is huge 70% of all and there is no growth, my country is poor. So this is no solution. Liberals tend to say that we have to fight against informality but according to the father of liberty and bussiness informality is ok. It blows my mind.
Cecil 3c Rule of law is very important. Milton Friedman doesn't support a minimum wage and I'm inclined to agree. Milton always supported lower tax rates as well. If the government cannot even compell the businesses to comply with wage laws or tax laws, the issue is that the government is effectively powerless in that area because the citizenry has not mutually accepted the idea behind the minimum wage or taxation. Without rule of law, capitalism is a terrible but still best system.
The answer : no one,.
competition and himself protects the worker.
So it’s not the top 1% squeezing the other 99%, but it is the upper and middle middle class suspressing the lower middle & lower class.
For starters America has a system and it is pretty systematic. Many small and medium sized companies and its owners have issues with the Governments and following the Government laws and regulations. Whether it is some kind of deficiency, this is something that certainly needs an attention. Big corporations on the contrary, like Fried Food companies, beer companies, older companies became part of the Government. It seems like too many employees pay for the employer's mistakes, which is unfair both to the corporations and the voting rights of the employees. In any case, being organized matter, one kind of aesthetics. Second Welfare is welfare for a reason. A person with fungus belongs to a Welfare.
This man is a genious on logical and big picture analysis, he destroys almost completely the left wing criteria, but sadly, in my very opinion, he leaves out certain facts, hee talks about that is better to have underpaid young unskilled workers rather than having them unemployed, wich is prima facie true, but he miss that the wage is not the only thing on the relationship between the worker and the employer, there's another universe in this matter, at least in the 3rd world countries. I live in one.
And?
Are those workers your see as abused being held in the position by force or do they seek the employment themselves?
Are you saying you now better than them what it is worth then enduring?
Do answer the man's question. Are they better off with you supporting taking away the option they choose? You don't even know what their alternatives after an you are making choices for them?
It seems you've never actually worked such a job... I sense a privileged class
I don't understand your statement. It is unskilled people that are unemployable, unless the job to be done is very easy requiring no sill or education. If the job requires skill/education, you would not hire unskilled people. (I don't like the term, "workers" because me as a former employee had better plans, and eventually started my own business). It is the responsibility of the individual prospective employee to gain a marketable skill so they can become employed.
The reason the bosses don't like unions is they cost them in profits. This is why he leaves out the big industrial unions like the autoworkers and coal miners. Of course Freedman belongs to the American Association of University Professors. If the number of industrial workers goes up with pay the gain at the cost of the bosses profits and then the production of things workers need goes up. So it shifts how production is done. The bosses themselves at the Universities teach that unions cost them profits. The bosses also waste plenty on war production. 4 trillion wasted on Iraq and Afghanistan. They've been keeping all the increases in productivity.