Milton Friedman Speaks: Myths That Conceal Reality

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Published 2012-07-31

Five myths cloud our perception of both the past and the present. (1) The "robber baron" myth, which holds that in late nineteenth-century America there were powerful men who became rich at the expense of the poor. The reality is that they became wealthy by being productive, and that there is no other period in history which saw such a rapid and widespread improvement in the well-being of the average individual; (2) The myth that the Great Depression was caused by a failure of business, when it was, in fact, produced by a failure of government and specifically by the Federal Reserve System; (3) The myth that government in the economy has expanded in response to public demand, when, actually, the public has had to be sold "hard" for politicians to enact every major social program; (4) The "free lunch" myth, which forces the individual to pay more, no matter how the government raises money - by taxing individuals, by taxing businesses, or by printing more money; and (5) The myth that government, like Robin Hood, transfers wealth from the rich to the poor, when the reality is that the government usually transfers wealth and income from both the very rich and the very poor to those in the middle.

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All Comments (21)

@TheSpoonyluvin 4 years ago

I have a business degree, and I didn't hear about Milton Friedman until well after graduated. They didn't teach me about him at the University of the Super Duper Free People's Republic of Illinois. This should be required study for anyone that graduates high school. The reason they don't is obvious. They want power/control over their flock of sheeple.
@extremespartan117 4 years ago

This guy blew my mind consistently for 52 minutes. These principles are timeless and is mind boggling how the myths continue to be pervasive in today's climate.
@saintsundere 4 years ago

It’s 2019. I can’t imagine Milton Friedman safely entering a university without being called a white supremacist or racist in this day and age. 😣
@madisonolinger7515 10 years ago

"the hardest thing for anyone in the world to admit is that they have made a mistake" amen 100X over
@Ozipeter 7 years ago

Play this video in 100 years and it will still be relevant....
@CrazyBear65 5 years ago

"Give me control of a nation's currency, and I care not who makes its laws." ~ Mayer Amschel Rothschild
@JohnSmith-wp2yu 3 years ago

I love the truth. I seek the truth. That's why I never tire of hearing this man speak.
@shmuelburrito4635 5 years ago

As a Brit this is unnerving....we pay taxes on earnings, to local government for ‘services’, national ‘insurance’ contributions, pension contributions...I could go on...Monopoly money I will never see again
@jean-claudelol563 3 years ago

We need people like this today speaking and teaching at all our universities.
@JohnSmith-dq4dx 5 years ago

When this video ended, I couldn't do anything and was utterly speechless. I just allowed the video to automatically play the next video.. not because I wanted to see the next video, but because I was shocked by this video. Thank you VERY much for posting.
@jamesgibson6504 4 years ago

Milton Friedman spitting straight facts. Timeless, just as relevant today as then.
@peteosco 4 years ago

At 74 yrs of age, I will never get too much of Milton Friedman, nor will you.
@tombumk7443 9 years ago

Now THIS should be taught in schools. I was in my thirties before I found this man, I truly believe that was a crime.
@mattmccluskey4242 3 years ago

As a classical liberal, I have come to realize the fundamental flaw of libertarian free-market capitalism: It is theoretical perfection. However, it requires one crucial ingredient: a population fundamentally dedicated to the pursuit of success through self-reliance. Once any significant percentage of a populace either willingly, or coercively becomes auto-reliant on the confiscation of wealth from others to support them, the perfect free-market system inevitably collapses. This is exacerbated by government officials, hungry for power, who construct a support system that does not require individual effort. Many in government become truly wealthy through the industry of others. Not one fraction of 1% of those locked in the support system become wealthy unless they escape this trap. Yet, they keep voting for it. I would call it brilliant if it weren't so nefarious.
@jeffersonianideal 8 years ago

Since Dr. Friedman's pertinent lecture was recorded, Government has increased significantly in size and scope. Government always grows.
@aWomanFreed 4 years ago

Boy was he right about government run healthcare. Isn't it amazing how politicians wanting more power and more money create the push for all of these social policies, then when these policies inevitably produce more hardship they blame businesses and say they need even more power and control.
@beerdrinker2001 4 years ago

We need Milton Friedman today more than ever. I did not even know about this guy until after he was dead, but God I miss him.
@JM-co6rf 7 years ago

Blows my mind that other people can't see the wisdom in this line of thought.
@BarbaraJoanneBJ 9 years ago

Lord how this man is to be missed.
@lemuelseale1640 7 years ago

He sounds like the kinda guy that would be fun to talk to at a bar....