Wow, I've watched a ton of these videos and Milton Friedman still blows my mind - so you've made more money than you're worth and now you want people who make less than you to guarantee your wage? Bloody brilliant
That's because what he thought should be done was largely "nothing". The "solution" was to let the market find the optimal response, and the brains required are to see that you can't avoid pain simply by manipulating the economy in just the right way. Like the laws of physics, the laws of economics cannot be cheated.
Unemployment is man created problem. No one wants to be unemployed. Every one is capable of doing something valuable to society except a small or negligible population due to medical conditions. No one need to be given any government dole. If we are able to reach Moon & Mars through current technology , we have technological capabilities to solve our local problems on the earth. If we use the technology wisely, we can match and put every one in the right fitting job which takes away pain of practically every job seeker and employer. Today's technology can also facilitates for designing creative economic, trade, political, social and public policies for making use of all available national manpower assets wisely and avoid wastage of human capital . If work & productivity gain due to technology is shared , it will provide proper work and life balance for all as well as can result in mega shift in employment market and bring a positive changes in society. It has potentiality to rewrite some of the economic theories while creating gradually crime free , peaceful, healthy, prosperous and productive society in the emerging digital technological world . Every citizen is an asset to it's country. Any society which keeps its productive citizen idle due to it's outdated systems without adopting to changing world is actually committing blunder . A system failure resulting into unemployment of any citizen is a not only a painful to individual but also to the society in bigger way. First of all it is costly, morally, logically not right thing to ignore it. Therefore it is necessary as well possible to achieve a peaceful, healthy and vibrant society through collective efforts of both private and public working together in national interest areas. Pete Tapaskar
"Better" is a relative term. "Better" for some is "worse" for others. There are no comprehensively complete economic "solutions." Minimum wage, entitlements, infrastructure expenditures, GOVT-RUN HEALTH CARE, all benefit one group at the expense of another. What Friedman advocates is a hands-off approach from government... minimum taxes to do what is necessary for society to run itself, and that's it. Everything else is an intrusion on personal right of self-direction. He was right.
That's why I said, "imagine." We have Obamacare, but not universal healthcare. Obamacare is increasing the demand of healthcare rather than the supply and thinking that will improve the quality. (Health insurance is not healthcare) In otherwords, increases the supply of health insurance increases the means of paying for healthcare, but does not necessarily increase the amount of healthcare providers. (doctors, nurses, pharmacist, etc)
Detroit's too busy killing each other like Chicago. Local government has failed them. It's Detroit's problem to be better. If Detroit fails, another city will have the chance to takeover their spot. It's sad but getting caught up in feelings is the worst thing anybody can do.
taxation to supplement one industry isnt an investment. its a redistribution. not only does it take from some to give to ohters in a weaker market, subsidies provide false demand which drives up costs which in turn deminishes the purchasing power, thus more unemployment. its the classic tale of "whats seen and whats unseen" that people cant grasp when they think subsidies are the answer to curing unemployment. only the FREE market provides the sollution.
Milton Friedman explains it in such a way where no logical person could refute him. David Brooks is not logical, or he was simply trying haplessly to prove to himself his ideas were correct in some way. I think going into it, he believed he had the moral high ground, but Milton Friedman convinces otherwise.
Oh I know... come up with bad solutions, implement them, stick with them, expand them, make the problem worse... wow, much better than doing nothing. Once the government implements a bad plan, it takes decades to stop, and that's assuming it'll ever stop. Look at social security, can't afford it for now and future generations wont have it, but we still do it.
That's like a guy repeatedly ramming into a brick wall being told "Stop!" and answering "Unless you have a better solution for me to get to my destination, then you're just shooting down my solution to the problem, you ideologue!" Also, plenty of Friedman's ideas were more practical "How I'd fix this" discussion.
There are typically no net returns in government investment numbers, because taking the money from people who invest, for the government to then invest, is a zero sum game. But its worse, because the government doesn't use prices to determine the most effective way to invest. In fact, once you get politicians involved, it turns into a big mess. They think, how will this Bill effect my political career, rather than, is this Bill the best Bill to pass for the country.
If you use the same arguments today by Friedman in 2019, the CEO would rather build robots that don't need health insurance, never complain about work, and have far better productivity than any human. Now we are back at the same West Virginia problem except folks are working for Amazon Flex and Uber. The moment robots can work for Flex and Uber, most driving jobs will disappear forever. You have to be pretty desperate to work if you do Flex and Uber and pay for unreimbursed vehicle expenses. Folks are not lazy. They're taking the last jobs left before robots take them over. We are near the point when older workers are literally worth zero and younger workers will have to hustle with STEM degrees to be worth more than zero.
Wow, I've watched a ton of these videos and Milton Friedman still blows my mind - so you've made more money than you're worth and now you want people who make less than you to guarantee your wage? Bloody brilliant
he deserves some credit for hearing the other side unlike many people today
Friedman is the MAN!
That's because what he thought should be done was largely "nothing". The "solution" was to let the market find the optimal response, and the brains required are to see that you can't avoid pain simply by manipulating the economy in just the right way. Like the laws of physics, the laws of economics cannot be cheated.
Late to the party but this is bang on. Artificial manipulation has consequences which only delay the inevitable.
Unemployment is man created problem. No one wants to be unemployed. Every one is capable of doing something valuable to society except a small or negligible population due to medical conditions. No one need to be given any government dole.
If we are able to reach Moon & Mars through current technology , we have technological capabilities to solve our local problems on the earth. If we use the technology wisely, we can match and put every one in the right fitting job which takes away pain of practically every job seeker and employer. Today's technology can also facilitates for designing creative economic, trade, political, social and public policies for making use of all available national manpower assets wisely and avoid wastage of human capital . If work & productivity gain due to technology is shared , it will provide proper work and life balance for all as well as can result in mega shift in employment market and bring a positive changes in society. It has potentiality to rewrite some of the economic theories while creating gradually crime free , peaceful, healthy, prosperous and productive society in the emerging digital technological world . Every citizen is an asset to it's country. Any society which keeps its productive citizen idle due to it's outdated systems without adopting to changing world is actually committing blunder . A system failure resulting into unemployment of any citizen is a not only a painful to individual but also to the society in bigger way. First of all it is costly, morally, logically not right thing to ignore it. Therefore it is necessary as well possible to achieve a peaceful, healthy and vibrant society through collective efforts of both private and public working together in national interest areas.
Pete Tapaskar
"You can drag a horse to water but you cannot force this horse to drink the water"
If it is the better option, then it is the solution. As it turns out, it's usually the best solution.
His solution is to allow people the freedom to come up with solutions.
"Better" is a relative term. "Better" for some is "worse" for others. There are no comprehensively complete economic "solutions." Minimum wage, entitlements, infrastructure expenditures, GOVT-RUN HEALTH CARE, all benefit one group at the expense of another. What Friedman advocates is a hands-off approach from government... minimum taxes to do what is necessary for society to run itself, and that's it. Everything else is an intrusion on personal right of self-direction. He was right.
That's why I said, "imagine." We have Obamacare, but not universal healthcare. Obamacare is increasing the demand of healthcare rather than the supply and thinking that will improve the quality. (Health insurance is not healthcare) In otherwords, increases the supply of health insurance increases the means of paying for healthcare, but does not necessarily increase the amount of healthcare providers. (doctors, nurses, pharmacist, etc)
at the end of it... BOOOM!!! what a fucking great point
See how well it worked for Detroit
Detroit's too busy killing each other like Chicago. Local government has failed them. It's Detroit's problem to be better. If Detroit fails, another city will have the chance to takeover their spot. It's sad but getting caught up in feelings is the worst thing anybody can do.
taxation to supplement one industry isnt an investment. its a redistribution. not only does it take from some to give to ohters in a weaker market, subsidies provide false demand which drives up costs which in turn deminishes the purchasing power, thus more unemployment. its the classic tale of "whats seen and whats unseen" that people cant grasp when they think subsidies are the answer to curing unemployment. only the FREE market provides the sollution.
Milton Friedman explains it in such a way where no logical person could refute him. David Brooks is not logical, or he was simply trying haplessly to prove to himself his ideas were correct in some way. I think going into it, he believed he had the moral high ground, but Milton Friedman convinces otherwise.
Mr. "free market/free enterprise Conservative" Ronald Reagan raising taxes on the middle class in 1983.
That's david brooks lmao
Oh I know... come up with bad solutions, implement them, stick with them, expand them, make the problem worse... wow, much better than doing nothing. Once the government implements a bad plan, it takes decades to stop, and that's assuming it'll ever stop. Look at social security, can't afford it for now and future generations wont have it, but we still do it.
That's like a guy repeatedly ramming into a brick wall being told "Stop!" and answering "Unless you have a better solution for me to get to my destination, then you're just shooting down my solution to the problem, you ideologue!" Also, plenty of Friedman's ideas were more practical "How I'd fix this" discussion.
Is this David Brooks here who seems so economically illiterate the same David Brooks currently a columnist for the New York Times?
I can only imagine how the US would have been if Friedman had taken the presidential seat.
There are typically no net returns in government investment numbers, because taking the money from people who invest, for the government to then invest, is a zero sum game. But its worse, because the government doesn't use prices to determine the most effective way to invest. In fact, once you get politicians involved, it turns into a big mess. They think, how will this Bill effect my political career, rather than, is this Bill the best Bill to pass for the country.
David Brooks, goofy as ever. The real question is: what did he think of the crease in Milton's pants? (Inside joke)
Lol, once again Friedman clowns brooks. Some of the faces Friedman makes at the statements of Brooks are hilarious. Great video!
Of course! It'd just be fun to imagine a President who's smarter than his smartest economists.
That'd make for some pretty wonkish State of the Union speeches.
At least he'd know what he was talking about, instead of wishful thinking and empty promises.
Um...
No, stop stalking random people.
10:01 EUROPE'S PROBLEM TODAY!
If you use the same arguments today by Friedman in 2019, the CEO would rather build robots that don't need health insurance, never complain about work, and have far better productivity than any human. Now we are back at the same West Virginia problem except folks are working for Amazon Flex and Uber. The moment robots can work for Flex and Uber, most driving jobs will disappear forever. You have to be pretty desperate to work if you do Flex and Uber and pay for unreimbursed vehicle expenses. Folks are not lazy. They're taking the last jobs left before robots take them over. We are near the point when older workers are literally worth zero and younger workers will have to hustle with STEM degrees to be worth more than zero.
That, my friend is a fallacy