Milton Friedman on Self-Interest and the Profit Motive 1of2
This clip is from the 15-part lecture series, "Milton Friedman Speaks" www.ideachannel.com Transcript available via FreedomChannel: freedomchannel.blogspot.com Summary: A student poses a series of question on based on Friedman's notion that people should pursue their own self-interest. The student points out that he'd read that Friedman had previously come out against disaster aid for victims of a flood in Pennsylvania. Friedman corrected the questioner and noted that he did not come out against private aid for flood victims but instead was against the Federal Government providing discounted flood insurance in advance to home purchasers which motivated people to build houses in areas where they otherwise would not have been able to obtain insurance privately. If not for the discounted insurance, it's likely many of the flooded houses would never have been built in the first place as it wouldn't have been in peoples self-interest. The student went on to note that it was recently reported that an old man in Ohio died when the electric company turned off his power when he'd failed to pay his electric bill. Was it moral for the company to act in it's own self-interest to do so? Friedman responded by asking what if the electric company never turned off the power for anyone? Who would pay the cost--the people who own or work at the electric company? It would be unjust to impose that responsibility on individuals who are running an honest business of providing electricity ...
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July 25th, 2010 - 08:22
OÃ ¹ can I obtain complete film of this clip?
July 25th, 2010 - 08:37
A world of cooperation for our common needs and well being is possibility moneyless,classless,stateless communities of humanity, where human creative genius is not limited to minority private gain. We can achieve together a social reality of harmony within and without and evolve a true civilisation We can transcend the ruling class ideological hold and emotional manipulation, The rulers have colonised our mind for commercial use in a Market system of alienation dominated by state/corporations
July 25th, 2010 - 09:17
Typical ignorant college student. God bless Milton for embarrassing this punk!
July 25th, 2010 - 09:23
Whatever became of that young man in the video as the years have gone by and he became wiser about his socialist views? It would be nice to know what he who he turned out as an adult.
July 25th, 2010 - 09:47
The evolution of recent human history has been dominated by minority control over the majority, the rulers have come up with nessesary illusion for compliance and servitude of the many, Science and technology has created a world of plenty, but the market mechanism is about artificial scarcity to perpetuate poverty and exploitation in a modality of war,enviornmental destructions,animal cruelty and so on . The new paradigm is sharing the Earth for our collective needs and wellbeing
July 25th, 2010 - 10:33
The evolution of recent human history has been dominated by minority control over the majority, the rulers have come up with nessesary illusion for compliance and servitude of the many, Science and technology has created a world of plenty, but the market mechanism is about artificial scarcity to perpetuate poverty and exploitation in a modality of war,enviornmental destructions,animal cruelty and so on . The new paradigm is sharing the Earth for our collective needs and wellbeing.
July 25th, 2010 - 11:15
Check out: capandfree. blogspot. com/
July 25th, 2010 - 11:56
@arzoyan That’s your argument? Open your heart? Arguments begin to fall apart when emotions are used. I think the thousands of years of oppressive government and oppressive government today is pain that I don’t ever want to feel. I fear oppressive the government that you achingly want. We are humans and we don’t deserve to be controlled by the government. It’s easy to talk shit about capitalism, but you still haven’t presented a better alternative. I think this debate is over.
July 25th, 2010 - 12:51
@Bar You are recycling all the lies and distortions and supporting a destructive dehumanising devaluing minority imposition over immense humanity. open your heart to begin with, feel the pain and suffering of all living species, your best is destroying all that is beautifull all that is naturall all that is innocent and pristine. Come out of your fear of insecurity and servitude, we are not born to be slave. We are HUMANS we can creat and do much much better . This is hell sold to you as freedom
July 25th, 2010 - 13:26
@ Arzoyan is rarely watch TV, I never watch the news, but I love watching documentaries, downloaded from the internet. Of course, I do not disdain. Who the hell wants to live in a communist country? How many times do other forms of government fail before you begin to understand? If you can come up with another form of government that meets your ideal system, I’m all ears. Capitalism is the best form of government. Period.
July 25th, 2010 - 14:15
@ Ba j' put a case for a penny, without classes, the communautés stateless people of l' humanité o
July 25th, 2010 - 14:58
@arzoyan
I’m assuming that you don’t have a job.
July 25th, 2010 - 15:20
@ Arzoyan J' like the façon of which you made attacks, but do not do anything to justify it. Qu' to look at the télévision nothing à to make with capitalism? If anything, of left has you lavé the brain of médias à to accept the socialist programs. D' a share, you known as that you êtes for capitalism, of l' other to condemn it to you. Show me the shape of government which is better than capitalism. L' money is best the méthode to obtain the liberté while making it possible to the individuals to choose. I suppose that in your société idéale that you want controls it. ration of your toilet paper.
July 25th, 2010 - 15:43
@ Ipetratz Your mind is settled for mind control mass for private companies.
July 25th, 2010 - 16:26
@ ArzoyanCombien videos did you copy + paste on?
July 25th, 2010 - 17:17
Capitalism is the historical evolution of the relationship of private property, the alienation, exploitation and suffering of humanity as a form of wage slavery of mankind for the production of vast minority commmodity gain Monetary Policy in a political manipulation, the global market tyranny. To share the Earth together for our common needs and well-being must transcend the false and destructive model of the current impasse. Money is the tool of cultivations oppression and exclusion.
July 25th, 2010 - 18:10
@Ba You must have lived your childhood in front of TV . By criticising Capitalism of so called free market doesnt mean I am supporting or condoning with the other expressions of Capitalism say in China where its State Capitalist Leadership are pimping their workers for extreme exploitation. World capitalism has had an un even developement . your Colonized brain is on functional mode of wage-slavery as you readily accepted. Free yourself from lies of the rulers whover they pertain to be.
July 25th, 2010 - 18:28
@ Arzoyan If capitalism is a dictatorship, then what is socialism or communism? More than dictatorship? I think I prefer our “dictatorship” with a small portion of your poor communist society where everyone is poor.
July 25th, 2010 - 18:28
The middle class must fall when Mercantile elites control the law, when teleological libertarianism a la Friedman induces us to allow the government increasing powers for whatever irrational system, and when the taxpayers and savers in currency are caught in that pincer as much as they are pinched by the pincer of the welfare state recruiting an army of moochers to select government taxation of working (producing) rather than merely theft from transactions. Tax and Spend has losers-and winners.
July 25th, 2010 - 18:37
@rumbia12 Capitalism, Corporate dominated or State dictated is the dictatorship of Capital, you havent understood the essense of Capitalism. as for the illusion of free market its just a fantasy, a Lie , cerebral myopia.
July 25th, 2010 - 19:14
@arzoyan I think you wrong, but like I said everyone have right to his opinion. Free market not exist almost in every country NOWADAYS. It is dictationship of corporactions and goverments what’s ultimatly prevail, but I believe we might have chance to see free market system yet.
July 25th, 2010 - 19:46
Rum @ the Free Market is an ideology, a fantasy, a Disneyland roller coaster policy to keep most fun in the illusions of freedom and democracy for their servitude and compliance. Capitalism is the dictatorship of capital over labor power, it does not really matter who controls the capital, the state or corporations. Capitalism is legalized theft of the working class.
July 25th, 2010 - 20:27
@arzoyan I don’t know what happen when this system fall, but I know one for sure. It not gonna be better. If you look on history of mankind you will see, that in moments of revolution most stupid ideas winning. I don’t know one revolution after witch better system would be introduced. For me best possible system (not perfect ofcourse) is one presented by prof. Milton Friedman. But please note that in present world almost nowhere this system (free market) is introduced . . .
July 25th, 2010 - 20:43
@rumbia12 I just said you bore me, and recycle the lies and distortions that both leaders of Western Capitalism and Eastern State Capitalism have been spreading for nearly a century. You admit to “signs of inevitable fall of system” well for once you tell me after the inevitable fall of the system what is on your political thinking?
July 25th, 2010 - 21:42
@arzoyan LOL man. Typical. Just where you miss argument, you start argue not abouth subject but abouth ignorance of debater. With this “good” atitude I surely see your system works. You see, me and you differ in principle. For me, everyone have right to pursue his own vision of world, as long it’s not trouble other peoples. You on other hand are from those who thinks they are right and other wrong and if someone thinks different he : “recycle failed, distorted ideological manipulations”.