hugo Posted June 8, 2008 Posted June 8, 2008 Milton Friedman Answers Phil Donahue's Charges Economics on the Web By TRAVIS PANTIN, Special to the Sun November 12, 2007 MILTON FRIEDMAN SPEAKS … As the one-year anniversary of economist Milton Friedman's death approaches, Tom Armstrong at the Armchair Economist (blog.financeandeconomicscenter.com) points us toward a short video from 1979 wherein Friedman delivers a sound thumping to talk show host Phil Donahue. In the video, Mr. Friedman meditates on greed and virtue. Donahue asks: "When you see around the globe the mal-distribution of wealth, the desperate plight of millions of people in undeveloped countries … when you see the greed and the concentration of power, did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on?" Friedman responds, "What is greed? Of course none of us are greedy; it's only the other fellow who's greedy. The world runs on individuals pursuing their separate interests. … In the only cases in which the masses have escaped from the kind of grinding poverty you're talking about … they have had capitalism and largely free trade. … So that the record of history is absolutely crystal clear: that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system." Later, when asked by Mr. Donahue whether capitalism rewards virtue, Friedman says, "Is it really true that political self-interest is nobler somehow than economic self-interest? … Just tell me where in the world you're going to find these angels who are going to organize society for us? I don't even trust you to do that!" The video is even better: http://www.openmarket.org/2007/11/12/milton-friedman-on-greed/ I miss Milton. For years he was one of the few proponents of the free market. One of the 20th Century's greatest men. Quote The power to do good is also the power to do harm. - Milton Friedman "I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents." - James Madison
wez Posted June 29, 2008 Posted June 29, 2008 Smart man.. But obviously not smart enough to see that 7 billion capitalists might not be such a good thing.. Problem is, worlds never seen a real "free market".. Free markets don't bail out theives or practice and encourage fiscal irresponsibility. Matter of fact, they don't even bail out good, honest people who make a bad investment.. Seems ours, however, does. What's up with that? Quote
ImWithStupid Posted June 29, 2008 Posted June 29, 2008 Problem is, worlds never seen a real "free market".. Free markets don't bail out theives or practice and encourage fiscal irresponsibility. Matter of fact, they don't even bail out good, honest people who make a bad investment.. Seems ours, however, does. What's up with that? You're right capitalists and "free markets" don't do these things. Socialists, Marxists and communists do. remind you of anyone... Comrade Obama [attach=full]1982[/attach] if you research, you will see it. Quote
wez Posted June 29, 2008 Posted June 29, 2008 Prolly have a point.. Seems it's been going on well before his birth though.. Like I said, Jesse's getting my vote regardless... Free markets of the day also make those with nothing to sell but labor near obsolete.. Tough to compete with slaves.. Slaves win. If ya can't beat em, join em ~ some moron Quote
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