Capitalism and Freedom, Conservative, Milton Friedman

Friedman Calls Himself a Liberal

Milton Friedman is considered one of the nation’s foremost Conservative economist. But Mr. Friedman says this, “I never consider myself as a conservative economist…”

“Conservative means conservative, keeping thinks as they are. I don’t want to keep things as they are. The true conservatives today are the people who are in favor of ever bigger government. The people who call themselves liberals today, ‘the New Dealers’, they are the true conservatives because they want to keep going on the same path we are going on.”

Milton Friedman Calls Himself a Liberal
He says, “I call myself a liberal in the true sense liberal. In the sense of which means and of and pertaining to freedom.”

Milton wants to evoke change, change is liberalism. Change from Big Governement spending, one which allows people to spend their own money. Milton Friedman Explains Spending. He argues that people are the best stewards of their own money and government is the worst spender of money.

Milton Friedman would be proud of the change that the miss-named Conservative movement is making today. If he were alive, I am sure he would be at the Chicago Tea Party. I am sure he is smiling today.

Milton Friedman

Milton Friedman on Labor Unions

From an episode of The Open Mind interview, Milton Friedman makes the case that labor unions are no longer on the side of angels. Milton says, and I paraphrase: It used to be that if you said ‘trade union’ you said ‘good’. That’s changed, and desirably it’s changed. Why, because the harm Trade Unions have done have become obvious and patent that even the most innocent and naive, well meaning people, no longer equate labor unions with labor.

It’s interesting that the handwriting on the wall for the demise of labor unions in the United States was so obvious in America in the 1960’s. Yet the UAW didn’t start to self destruct until 1979 when it peaked at 1.5 million members. Today the UAW has a million members less. Source: The Failed UAW Monopoly.

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Conservative, Milton Friedman

Friedman Explains Spending

Sorry about the poor condition of this video but source is not very good. Still Friedman makes the point about spending money.

According to Milton Friedman, there are only 4 ways to spend money.

1. You spend your own money on yourself. You care the most about how much you spend and what you buy.
2. You spend your own money on someone else. You care about what you spend but you don’t care as much about what you buy.
3. You spend someone else’s money on yourself. You don’t care as much about the money as you do to make sure you buy something nice for yourself.
4. You spend someone else’s money on someone else. You care the least about how much you spend and what you buy.

The forth way to spend money is the least responsible way. You care the least because you don’t have a vested interest in either what you get or what it costs. The fourth method of spending is government entitlement spending. Controlled by people who care really don’t have much of an interest in making sure the moneys is spent wisely.

The first way is the best for everyone. The first way has you actually spending your own money. Milton is trying to say, get more money in people’s hands because they will spend it the wisest.