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Milton Friedman Speaks: Money and Inflation (B1230) - Full Video

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Milton Friedman Speaks: Money and Inflation (B1230) - Full Video

Inflation is blamed on many things. But it has only one cause: It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often, it does so to enable the government to pay its bills without raising taxes. There's only one real cure for inflation. It is a cure that's easy to describe but difficult to apply: The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation. Recorded at University of San Diego & San Diego Chamber of Commerce ©1978 / 1:26:03.

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Milton Friedman - Money and Inflation (Q&A)

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Milton Friedman Speaks: The Energy Crisis: A Humane Solution (B1233) - Full Video

It's pointless to try to predict the availability of adequate sources of energy. What we need is an adjustable mechanism to enable us to adapt to whatever happens. We already have such a mechanism: The market helps us make transitions to the future--just as it has done in the past--if it is allowed to operate freely. Our present energy crisis exists because this crucial mechanism has not been allowed to function freely. Our prospects will be much improved if we can devise means to abolish--or at least work around--the government controls that interfere with the production, distribution, and use of energy. Recorded at Bank of America, San Francisco, CA ©1978 / 1:26:43.

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Milton Friedman Speaks: Myths That Conceal Reality (B1226) - Full Video

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. 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. Actually, the public has had to be sold “hard” for politicians to enact every major social program. (4) The “free lunch” myth. No matter how the government raises money—by taxing individuals, by taxing businesses, or by printing more money—it is the individual who pays. (5) The myth that government, like Robin Hood, transfers wealth from the rich to the poor. 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. Delivered at Utah State University, Logan, Utah. Recorded at Utah State © 1978 Lecture 53 min/Q&A 29 min.

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Milton Friedman Speaks: Equality and Freedom in the Free Enterprise System (B1238) - Full Video

If the government has the power and responsibility to promote equality of income, then how do we define the concept of equality? Jefferson, in his Declaration of Independence, meant equality before the law, a concept necessary precisely because people are not equal in tastes, values, or capacities. Later, equality came to mean equality of opportunity - the chance to run a fair race. Within a free market system, both definitions are consistent with other values: Efficiency, justice, and liberty. More recently, equality has come to mean equality of outcome. Equality of outcome cannot be mandated, cannot be insured. Any serious attempt to achieve it would destroy freedom. Recorded at NASA at the College of William and Mary, Newport News Campus ©1978 / 1:25:54.

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Milton Friedman Speaks: Free Trade: Producer vs Consumer (B1232) - Full Video

If free trade is so good, why is protectionism so popular? Part of the answer lies in a simple political principle - interests that are concentrated (those of the producer) are more politically effective than interests that are diffuse (those of the consumer). Protection does not create jobs or move goods; rather, it forces us to expend greater effort to get the goods we produce, since they cost more to produce at home than abroad. The balance of payments can take care of itself, provided we do not manipulate foreign exchange markets to put an artificial value on the dollar. The right solution is to dismantle systematically our own trade barriers and set an example for the rest of the world. Recorded at Alfred M. Landon Lecture at Kansas State University ©1978 / 1:18:54.

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Milton Friedman Speaks: Is Capitalism Humane? (B1227) - Full Video

The question is irrelevant. Capitalism per se is not humane or inhumane; nor is socialism. If we compare the two in terms of results, it is clear that only capitalism fosters equality and works toward social justice. The one is based on the principle of voluntary cooperation and free exchange, the other on force of position and power. In a free economy, it is hard to do good—you either have to use your own hard-earned money to do it or work hard to persuade others to your course. But by the same token, it is difficult to do harm because by preventing a concentration of power, capitalism prevents people from committing sustained, serious harm. Is capitalism humane or inhumane? It is neither. But it tends to give free rein to the human values of human beings. Delivered at Cornell University, Ithaca, New York. Recorded at Cornell University © 1978 Lecture 45 min/Q&A 24 min.

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Milton Friedman Speaks: Putting Learning Back in the Classroom (B1235) - Full Video

The quality of public education in America today in many places is deplorable. Dr. Friedman identifies (1) the increasing centralization and bureaucratization of the educational establishment, which inhibits educators from seeing and responding to the needs of their consumers (parents and students); (2) our altered view of the relationship between the individual and society--the shift from seeing the individual as responsible for oneself to seeing the individual as someone controlled by social forces. An obvious solution is to give power back to the parents. The voucher system is an especially effective means of exercising that power; it can foster competition among public and private institutions and incite them to offer us a better quality educational product. Recorded at Harlem Parents for Vouchers, New York City ©1978 / 1:14:04.

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Milton Friedman on Money / Monetary Policy (Federal Reserve) Part 1

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Milton Friedman Speaks: The Role of Government in a Free Society (B1228) - Full Video

John Stuart Mill said, in effect, that self-protection is the only legitimate reason for people to interfere with the freedom of others. If we are to define the role of government in a free society, we must first specify what we mean by self-protection. Defense from foreign enemies and protection of property, including the enforcement of private contracts, are clearly legitimate functions of government. But when we come to two other functions of government--providing a substitute for voluntary cooperation when it appears impossible to achieve, and providing for irresponsible individuals--the justification is much less clear-cut, because in a free society people should be able to take risks but should not be able to force others to pay the consequences. If the proper limitations of government action were observed, the government would not do many things it now does. We should not resort to government regulations until we have adequately explored the possibilities for coordinating our activities through voluntary means. If we understood the implications of our own values, we would not allow ourselves to be front men for values we oppose, merely because we are confused about the meaning of freedom and the legitimate role of government in a free society. Recorded at Stanford University ©1978 / 1:26:09.

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Milton Friedman Speaks: What is America? (B1225) - Full Video

Is America still the land of opportunity, or is it a land worn thin, showing much bureaucracy and less freedom? Dr. Friedman’s view of America’s present situation is not sanguine. He identifies the chief problem and its corollary solution: We must restore the prestige and influence of the single mechanism most responsible for America’s greatness—the free market. Our greatest defense against becoming over-governed is the free market. Delivered at the University of Chicago, Chicago, Illinois. Recorded at University of Chicago ©1978 / 1:11:56.

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Milton Friedman Speaks: The Future of Our Free Society (B1239) - Full Video

We live under a form of slavery--government domination of the market economy. We have come a long way from a truly free economy. Consider the number of markets to which new firms do not have free access; consider the erosion of expression for businesspeople; consider the plethora of government regulations American business must contend with. Can these trends be reversed? It is harder to repeal laws than pass them. Private business is unfortunately shortsighted when it turns to politics. But count among the favorable signs the very inefficiency of government - and the American public's growing recognition of this fact. Business can do relatively little to reverse this trend (though it can at least become more sophisticated and farsighted in political planning), but businesspeople as individuals, as citizens, must seek to persuade the public that we are already on the road to a collectivist state, and that if we continue on it, we will lose prosperity and liberty. Recorded at National Association of Manufacturers/National Industrial Council, Congress of American Industry, Washington DC ©1978 / 45:36.

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Milton Friedman Speaks - Is Capitalism Humane?

Dr. Friedman speaks on the morality of capitalism.

The question is irrelevant. Capitalism per se is not humane or inhumane; neither is socialism. If we compare the two in terms of results, it is clear that only capitalism fosters equality and works toward social justice. The one is based on the principle of voluntary cooperation and free exchange, the other on force of position and power. In a free economy, it is hard to do good; you either have to use your own hard-earned money to do it or work hard to persuade others to your course. But by the same token, it is difficult to do harm because by preventing a concentration of power, capitalism prevents people from committing sustained, serious harm. Is capitalism humane or inhumane? It is neither. But it tends to give free rein to the human values of human beings.

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Milton Friedman - Money and Inflation

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Milton Friedman - Understanding Inflation

Professor Friedman explains the origins of money and how inflation both comes about and is cured.
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Milton Friedman on Inflation and Money Supply

This clip was taken from the How to Cure Inflation episode of the original Free To Choose TV series.

Inflation results when the amount of money printed or coined increases faster than the creation of new goods and services. Money is a token of the wealth of a nation. If more tokens are created than new wealth, it takes more tokens to buy the same goods. Friedman explains why politicians like inflation, and why wage and price controls are not solutions to the problem. Friedman visits Japan, U.S. and Britain.

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Milton Friedman - The Nature Of Inflation

Professor Friedman looks at the cause and effects of inflation.

Source: Milton Friedman Speaks
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Essential Milton Friedman: The Theory of Money and Prices

One of Milton Friedman's keen interests as an economist was how inflation—increases in the overall price level of goods and services—affected the economy. At the heart of his theory about the cause of inflation is the relationship between money and the availability of goods and services. Watch this video to learn how Friedman's research revolutionized the way most economists think about money and inflation.

Milton friedman on inflation

Essential Milton Friedman: Inflation: Expected VS. Unexpected

Milton Friedman was keenly interested in how price changes—or inflation—affected the economy. One of his key insights, which defied conventional economic theory at the time, was that using inflation to control unemployment was not sustainable. This finding revolutionized central bank policy around the world. Watch this video to learn more.

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