Milton Friedman - The Free Lunch Myth

Milton Friedman explodes the myth that government can provide goods and services at no one's expense. Full video available for purchase at www.ideachannel.com http://www.LibertyPen.com Source: Milton Friedman Speaks Buy it: http://www.freetochoose.net/store/product_info.php?products_id=152

Comments

1. Satan is always finding other paths to the same results. creating two schools of thought that ultimately leads to the same results. good have us the world and we lived for ever this removing the need for time keeping which removed the value one can attribute to it time.(this is why we don't pay for air)! If you knew u were going to die at 11:59 how much would you pay for 12:00? time as value is an subjective reality. Death makes time objective reality. If I live a 100 days and someone lives a 100 years, my does my 25days have the same value as their 25 years? don't tell me about opportunity cost, don't give a potential million dollars. there absolutely is a free lunch it's called existence.
2. Even Fortune magazine, Bloomberg and the HBR have acknowledged just how wrong MF was on just about everything
3. The laws of common sense! Love Milton! RIP
4. Please wake up Milton! We need you more than ever!
5. Where is Friedman, there is Hope. Where is Socialism, there is Fascism. Where is Communism, there is Death.
6. What!?! No Santa Claus or Tooth Fairy? Next, you'll be telling me that there is no Easter Bunny.
   
   All taxes on businesses not paid by the employees are paid by the customers.
7. Government provides lots of free lunch to the corporate sector. All day , every day.
8. This is just common sense and is so obvious... or is it? If you gain a little understanding and have experience in how money works in society it is (yawn) so obvious, but the scary reality is that this very, very basic truth (that there is no such thing as a free lunch) is not 'common' knowledge/sense at all. Most liberals, for some unfathomable reason, are not able to comprehend it... they are not able to link cause and effect when it comes to enforcing the free lunch in the social laws they implement. Their false belief that this world can become some kind of utopia through implementing wealth transfer laws is so self-defeating in the long run... Sad.
9. I think the concept is that the richest can afford to pay more. that's the bottom line. the people making the biggest profit, the people stacking the cash can afford to put more back into the economy, and the government is the one who should enforce this.
10. I started thinking about this today.. this idea that everyone is talking about of free Healthcare and free College and realized that it's just a myth, free doesn't exist. it takes resources and energy and someone pays for it.
11. New "taxing ideas" are often focusing on decoupling the link to e.g. worker's wages of taxes. Two "strategies" I see forming are either a wealth tax or a general income tax. Both have the same principle of no longer distinguishing between the different modes of wealth acquirement, but rather looking at the total income/wealth. The challenges have shifted from cost coupling to the flight of capital across geographical borders.
    
    An equally big challenge is the loss of jobs through automation, which several studies show are no longer compensated at the same (or higher) rate by the creation of new jobs. We will have structurally less work for more people, forcing us to think in altogether new ways of how to organize our economy. Do we lower working hours each year so we maintain levels of employment, or do we shift towards things like basic income in order to secure that enough people can not only keep themselves alive, but can partake in the economy. If no one has money, nothing is sold either.
    
    The biggest challenge we face is rebuilding democracy through increasing transparency and citizen involvement. We have a lot of human capital that's not being used.
12. Part time service jobs really shouldn't be counted. Its a two for one deal and yet that's what this so called recovery is built from. That's what I am talking about. The governments own dismal numbers, that's what I am talking about.
13. 1:31 is that you can create money at no cost that if you turn the printing press if 1:35 you produce those greenbacks
    
    and euro's.
14. I hope history will remember him as one of the worst economist ever, because that is what he was. His experiments have failed pretty much everywhere and in my opinion he should have been accountable for playing with people's lives.
    
    And to those who are tempted to tell me that I am a "Marxist", there is no such thing as "Marxism". There is a Marxian analysis of capitalism, but Marx said himself he was not a "Marxist". He was not an ideologist.
    
    And to those who amalgamate the USSR and communism, I say that Leninism and Stalinism were not communism. They were state capitalism. Take what Friedman says in this video, replace "corporation" by "state" and you have Stalinism. Communism is something else entirely.
    
    And finally, criticising Friedman doesn't make you a communist. This is just plain intellectual laziness to think that it does.
15. Somebody show this to Bernie Sanders!
16. Somebody show this to Bernie Sanders!
17. government=the people
    so yes people have to pay so the government can spend money on infrastructure and other things the people need. And people should vote for someone they think is the right one to decide what the people need.
    This, I believe, only becomes a problem when the government makes common laws for a people too big and with a too diverse political orientation. At least that's my thoughts on the subject.
    I'm happy to say that I live in a tiny country of socialism, and I think my income tax of 42% and the value-added tax of 20% is well spent :)
18. I don't study economics but I do study electrical & computer engineering.
    In today's modern society, the idea of "free lunch" is already technically possible. This is how we get "free lunch".
    Everything in the universe is energy. Everything in our modern society today was possible because of energy, mainly from oil.
    Agriculture, production, distribution & cooking food all requires energy.
    If we had unlimited or abundant energy ultimately translates into "free lunch" for everyone.
    We already have the technology to harvest alternative renewable energies such as solar, wind and geothermal which can supply humanity unlimited energy forever.
    The only thing getting in our way is politics, corporations, outdated economics systems such as as capitalism/socialism,
    as well as a massive uneducated population in the field of STEM (Science, Technology, Engineering, & Math), many of whom still reject science.
    The question should not be "do we have the money to build this energy infrastructure?", but rather "do we have the resources and human ingenuity to build it?".
    The answer is YES WE DO. How about we stop wasting our resources to build war planes, tanks, missiles, bombs, and other military crap,
    and start putting our resources in new energy technologies that will bring a new golden age in humanity.
19. History teaches Milton a thing or two, if the pompous git was still alive. He was at the vanguard of the new corporatist right wing.
20. thumbs up if you're watching this from marist econ class