Posts in "Milton Friedman"

By Preston Mui at 8:11AM

May 22, 2010

What to Make of Rand Paul and Throwing the Bums Out?

A lot of my friends in the liberty movement have celebrated Rand Paul's recent landslide victory in the Republican Kentucky Senate primary. But I can't help but remember what Milton Friedman said over thirty years ago:

I'm sure everyone knows this, but remember that Rand Paul is running for office, and he will, I'm sorry to say, have to become more and more of a politician as he moves into the general election. And this might mean compromising on principle if that's what he has to do to be elected. I'm not saying he's like the opportunists that make up the rest of the Senate, but he's gotta play the game.

It may not happen. But he's still a politician.

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By Aaron Lieberman at 6:06AM

Apr 28, 2010

Cato's Handbook: "The Limits of Monetary Policy"

Milton Friedman I hope you all get a chance to read the Cato Institute's stance on monetary policy. In general, my understanding is that if they believe the Federal Reserve should continue to exist, at least it should end the dual mandate of not only keeping stable prices but also being responsible for high employment levels, which, as they state in their policy handbook, is outside the realm of what is really achievable. Instead, the Fed's only policy should be a stable prices, with a long term goal of 0% inflation.

This is possibly the most important debate when it comes to our economic freedoms, because if inflation is not foreseen, that is, monetary policy is subjectively manipulated by central bankers, then it is inevitably becomes a hidden tax on all of us.

Milton Friedman always talked about a set increase in the amount of money each year. In this way, the economy would be allowed to expand and at the same time inflation was anticipated. Otherwise END THE FED.

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By Seth Mann at 12:39PM

Apr 15, 2010

Milton Friedman Teaches Phil Donahue

From LewRockwell.com/blog:

Here’s a classic smash from Milton Friedman on the Phil Donahue show. Donahue is left speechless by Friedman’s response to his questions about the free market system. Yes, Friedman, in many aspects, went wrong in his career, but this clip shows Friedman as the brilliant and tough teacher as he takes Donahue to the woodshed. Particularly striking is his comment to Donahue’s question about “greed”: “Is it really true that political self-interest is nobler somehow than economic self-interest?”

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By Matt Ciepielowski at 2:41PM

Apr 9, 2010

Milton Friedman on America's Future

In this video, the late Milton Friedman gives his opinion on what path America will take and predicts that a movement may form to combat big government. Perhaps he foresaw the rise of the Tea Parties?

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By Matt Cockerill at 7:11AM

Feb 16, 2010

A Rothbardian Youth Movement? Guilty as Charged.

As a CPAC weekend filled with pro-liberty events approaches, one has to be amazed at what we are about to witness. A libertarian youth movement has emerged, which while still vastly outnumbered by the statists, is far more powerful than its growing numbers. For we are true believers in a cohesive, unifying philosophy.

Our philosophy is, without a doubt, Rothbardian libertarianism. The consequentialist Friedmanite view that was popular over in the last two decades -- and remains so with beltway-based, "cosmo libertarian" respectables -- has been overwhelmed by natural-rights Rothbardians. We favor a platform of peace and liberty not because of cost-benefit analyses, but unshakable moral principles.

The beltway libertarians have long disdained the Rothbardian approach as impractical and divisive. William F. Buckley of National Review, who was sympathetic to certain libertarian ideas and thinkers, despised Rothbard's movement. He denounced his old friend in a scathing obituary in National Review, saying MNR's movement had "about as many disciples as David Koresh had in his little redoubt in Waco."

Good for Milton Friedman

"Reagan's economist" wasn't the perfect libertarian, but he deserves props for wanting to end the Fed (1:29).

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By Preston Mui at 6:57AM

Jan 14, 2010

Real School Reform Needs Freedom

The state of Texas is arguing over what to teach their kids:

The State Board of Education begins hearing testimony, before a tentative vote this week on new social studies curriculum standards that will serve as the framework in Texas classrooms. But, as usual in votes before the conservative-led board, the wide-reaching guidelines are full of potential ideological flashpoints.

Points of contention include the religious or non-religious beliefs of the founders and how to portray figures like Cesar Chavez. I remember studying U.S. History in a public high school; the paragraphs on Chavez were nauseauting.

The liberty-based response to this shouldn't be a backlash against "leftist education." Progressivism is pervasive in our educational system, but we as students should really fight for educational freedom, not a revision of the curriculum. The answer to ideological disagreements in education is school choice and local control, not a one-size-fits-all approach. Families would be free to choose what their children should learn.

If you want to learn more about school choice, I'd suggest Milton Friedman's "Free to Choose" videos on the subject.

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By Tony Petersen at 5:38PM

Aug 16, 2009

Milton Friedman Unraveled

During the economic crisis, the establishment media has blamed all that has happened thus far on the "free market" and the view of it represented by the thought and writings of Milton Friedman. Having read Capitalism and Freedom and Free to Choose, I find him a very good economist -- but everyone familiar with Friedman should know that he is no free-market economist in the mold of the Austrians. Here's Murray Rothbard's commentary on Friedman and the damage some of his ideas and actions have had.

(Hat-tip to LRC)

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