Remembering Friedman

Dave Killion — July 28, 2011

This weekend is the 99th anniversary of the birth of Milton Friedman, whose work has brought so many people to see the wisdom and virtue of respecting individual freedom. Like Thomas Sowell and Don Boudreaux, Friedman possessed a remarkable ability to detect flaws in the arguments of others, and his responses were not only clear and concise but also courteous and respectful. This interview from The American Prospect is a good example. From the article –

“RK: What about the practical problem of a middle class family being able to supplement the value of the voucher with their own means and the poor family not being able to.

MF: Tell me, would the poor people have benefited when television sets were first being developed if government, to assure that television was affordable, had set a maximum price that could be charged?

RK: I’m not sure I agree with the analogy&.

MF: My analogy is very straightforward. Parents should be able to spend extra money on their children, if they can and want to. That’s is the way we get the funds for experiments. Rich people do play a role. Income inequality in some sense plays a very positive role in the dynamic of a society. They provide the funds for innovation.”

For more of Friedman’s insight, let me recommend to you his 10 hour series, “Free To Choose”, the first hour of which I offer here, and the rest of which you can find on Youtube.

 

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