Milton Friedman - Greed

[rhonda15]

Milton Friedman is awesome. He quietly smacks down Phil Donahue (former talk show host) in this video.

Individual liberty and private property is the only way to wealth. Government is greed.

If someone works hard, a free system should reward that person. There should never be a one-to-one coorespondence between a wealthy person and greed. Government that takes what does not belong to them are "the greedy."

[ame=http://www.youtube.com/watch?v=RWsx1X8PV_A&eurl=]YouTube - Milton Friedman - Greed[/ame]

Note: Friedman is not a Keynesian, but a monetarist, so he still does not support the supply-side theory of austrian economics. However, this video is a great defense of Capitalism.

(Of course I also believe in adequate social welfare safety nets)

[20000miles]

Wow that was mega pwnage. Too bad he was a monetarist, empiricist and a hardcore positivist.

The excellent point he raises is the arbitrariness of the definition of "greed".

[Defeated Romanticist]

Wow that was mega pwnage. Too bad he was a monetarist, empiricist and a hardcore positivist.

The excellent point he raises is the arbitrariness of the definition of "greed".

I love Milton as much as the next man, but I have a terrible feeling that his ideas as to how the Central banks of the world helped create the debt bubble.

There's a great interview of him with Charlie Rose. Seems like a nice man.

[Magror14]

Sorry, that clip has not converted me to a neo-liberal. The theory of the market is great, in theory. In practice, government still has a role in mitigating the dislocations created by the market (including apparently nationalization of sectors which should be quintessentially market driven). The perfect theory of the market is fine assuming a stable rule of law and fiscal background. No doubt Friedman would have pooh poohed calls for bank regulation at the outer limits of the bubble. He cannot simply minimize what is going on now as a simple market correction. We will be lucky to get though this without another World War happening first.

[cyberianpan]

In Ireland we've a worrying habit of equating "risk taking" with greed

If you take a punt on something innovative - something that will cause improvement - and by doing so expose yourself to a risk of loss ... then you are entitled to any gain !

cYp

[rhonda15]

honk if you love Milton friedman!

[Pauli]

I think you lot need to get a room. And stay there.

[Retrolives]

Honk!

Although his lack of understanding with regards Austrian Business Cycle Theory was disturbing considering he was able to explain other aspects of the capitalist system so well.

[20000miles]

Perhaps you could put up the John Stossel "Greed" documentary, Retro?