He forgot to mention that there is no such thing as a free market, and never can be. Markets under capitalism are exploitative by nature and work to maximize the benefits on one side while minimizing the benefits on the other.
Friedman was an idiotic fool.
It’s true but void of context.
Even if we assume perfect rationality and complete symmetry of information, the statement is rendered meaningless by highway men and slavers.
He has a delusionally optimistic view of human nature.
Friedmans free market only happened by killing all opposition.
if you have diabetes you have no choice when it comes to what novo nordic or eli lilly charges for a treatment that was supposed
to be free
It’s complicated because if one side benefits more and then takes that extra money to Lobby lawmakers to do things that the person who bought their goods and thought they were benefiting wouldn’t like then it kind of falls apart.
This is always the problem with economic theory. It assumes that everybody has perfect information and makes perfect decisions based on that information. Milton Friedman statement only works if there is never deception in the marketplace
Free markets quickly become about deception and coercion. Friedman was a propagandist of the highest order.
Ummmmm let’s look at the price of groceries right now
Naive to the point of childishness.
Wasn’t he the one that made his bones making fools out of college kids? Basically Matt Walsh of the 60s? Or am I confusing him with a different neo-liberal economist with bad ideas? They all kind of of blend together at a certain point…
There is no such thing as a free market. That’s like a universe without friction or entropy.
as many others astutely pointed out only idiots believe what he said.
This economy will change when election is over !
All the economists and they do not have a clue
when anything will change !
Insert the word “perceive” and I’m closer to agreeing.
Reality has a way of intruding on supply-side
It’s fine as long as people acknowledge that the “free market” is a government program.
For example, property law, contract law, corporate law, securities law, commercial law, and so on create the economic system that then goes on to create something libertarians sort of hilariously imagine as “government-free” income.
It’s 100% true. Do people find it confusing?
Sometimes there is a third party downwind of the factory getting cancer. I guess when they pay for their treatment they benefit too!
In theory, he is correct. In practice, things can get a little lopsided on occasion when seller holds certain advantages over buyer. But, keep in mind – he’s not describing a ‘fair’ market, just a free one.
He kinda ignored a free market for Chile, and set up a right wing market.
Totally destroyed a social democratic country, that was using computers and cybernetics to accelerate the country.
22 comments
Yeah, right.
He forgot to mention that there is no such thing as a free market, and never can be. Markets under capitalism are exploitative by nature and work to maximize the benefits on one side while minimizing the benefits on the other.
Friedman was an idiotic fool.
It’s true but void of context.
Even if we assume perfect rationality and complete symmetry of information, the statement is rendered meaningless by highway men and slavers.
He has a delusionally optimistic view of human nature.
Friedmans free market only happened by killing all opposition.
if you have diabetes you have no choice when it comes to what novo nordic or eli lilly charges for a treatment that was supposed
to be free
It’s complicated because if one side benefits more and then takes that extra money to Lobby lawmakers to do things that the person who bought their goods and thought they were benefiting wouldn’t like then it kind of falls apart.
This is always the problem with economic theory. It assumes that everybody has perfect information and makes perfect decisions based on that information. Milton Friedman statement only works if there is never deception in the marketplace
Free markets quickly become about deception and coercion. Friedman was a propagandist of the highest order.
Ummmmm let’s look at the price of groceries right now
Naive to the point of childishness.
Wasn’t he the one that made his bones making fools out of college kids? Basically Matt Walsh of the 60s? Or am I confusing him with a different neo-liberal economist with bad ideas? They all kind of of blend together at a certain point…
There is no such thing as a free market. That’s like a universe without friction or entropy.
as many others astutely pointed out only idiots believe what he said.
This economy will change when election is over !
All the economists and they do not have a clue
when anything will change !
Insert the word “perceive” and I’m closer to agreeing.
Reality has a way of intruding on supply-side
It’s fine as long as people acknowledge that the “free market” is a government program.
For example, property law, contract law, corporate law, securities law, commercial law, and so on create the economic system that then goes on to create something libertarians sort of hilariously imagine as “government-free” income.
It’s 100% true. Do people find it confusing?
Sometimes there is a third party downwind of the factory getting cancer. I guess when they pay for their treatment they benefit too!
In theory, he is correct. In practice, things can get a little lopsided on occasion when seller holds certain advantages over buyer. But, keep in mind – he’s not describing a ‘fair’ market, just a free one.
He kinda ignored a free market for Chile, and set up a right wing market.
Totally destroyed a social democratic country, that was using computers and cybernetics to accelerate the country.
https://en.m.wikipedia.org/wiki/Project_Cybersyn
I have only water, and you have only food. If I trade half my water for half your food, we both can live a couple more hours.