Tuesday, February 02, 2016

Uncle Milton

Uncle Miltie

In 1979, a young Phil Donahue challenged legendary economist Milton Friedman on the principles of capitalism. And specifically he went after the concept of greed.
But Friedman eloquently articulated what capitalism was really about. And how it was behind so much good and wealth that was created in history….
“But it seems to reward not virtue as much as it does the ability to manipulate the system,” said Donahue.
“And what does reward virtue?” asked Friedman rhetorically. “Does a communist commisary reward virtue? You think a Hitler rewards virture?”….

Thanks Skoonger;  I  minored in ECON during a time when academia was enthralled with Keynes.  It was only later, by watching Milton Friedman's series on PBS that I had me noggin banged.  There really is no voice given to what I call an academic common sense economics today.  Too bad.  Because today's  young Michael Moores, like here, have nobody to turn to.


Anonymous said...

Milton Friedman: the man that brought you payroll deductions for taxes, so the worker wouldn't realize how badly he's being fleeced.

Anonymous said...

However Friedman didn’t regret withholding as a wartime measure, but he spent the rest of his life lamenting its longevity in peacetime.
Col. Whiskey

Anonymous said...

Beardsly Ruml originally proposed withholding.

Kim du Toit said...

Wherever John Maynard Keynes is right now, I hope the temperature is set to "BROIL"...

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