10/10 FULL "Free to Choose" - Volume 10 How to Stay Free - Milton Friedman (1980)

"Free To Choose Volume 10 - How to Stay Free"

Democracies have only recently been considered desirable. Historically, it was feared that democracies always self destruct when citizens, forgetting that you cannot remove want and misery through legislation, insist on government actions that physically and morally bankrupt their nation. Friedman explains why the United States has so far avoided this outcome and how we can continue to do so. This program includes an interview of Dr. Friedman by Lawrence E. Spivak.

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Milton Friedman (July 31, 1912 -- November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century...possibly of all of it."


"The most important single central fact about a free market is that no exchange takes place unless both parties benefit."

"Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property."

"Governments never learn. Only people learn."

"So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not"

"The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom."

"Most economic fallacies derive - from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another."

"Underlying most arguments against the free market is a lack of belief in freedom itself."

"What kind of society isn't structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of a system"

"History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition."

"The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both."