Posts Tagged Milton Friedman
The books I read in 2012 are listed below. Favorites included David Brooks’ The Social Animal, Charles Murray’s Coming Apart, Whittaker Chambers’ Witness, and, to no surprise, Fyodor Dostoevsky’s The Brothers Karamazov.
What did you read? What were some of your favorites?
The books I read in 2011 are listed below (alphabetically by author).
I didn’t read as much as I would’ve liked in 2011, and I also didn’t write about what I read as much as I would’ve liked. I hope to provide more reviews and “nuggets” from these books in the upcoming year, as many were impactful in the development of ideas discussed on this blog.
Here were some of my favorites:
- The Victory of Reason – Rodney Stark
- For God So Loved, He Gave – Kelly Kapic & Justin Borger
- The White Man’s Burden – William Easterly
- Living in God’s Two Kingdoms – David VanDrunen (enjoyment does not equal agreement!)
- Money, Greed, and God – Jay Richards
- The Holy Spirit in Mission – Gary Tyra
What did you read? What were your favorites?
First, here’s my quick re-cap of Clinton’s view, which is not particularly unique in the scope of human history:
Clinton’s main argument is that we need a society which meets all the needs of all its children (“Just imagine, bro!”). For Clinton, however, such ends are not to be reached by encouraging freedom, instilling dignity, or teaching the importance of self-government and charity. Instead, children are only to reach their ultimate state of nirvana if the State becomes the family itself. After all, much like those other pesky private institutions — churches, schools, businesses…that kind of thing — the private family simply cannot be trusted (fascism alert).
To illuminate the errors within such a view, I lean on economist Milton Friedman, whose widely circulated exchange on the distribution of income vs. wealth provides some good insights.
Here’s Friedman in his own words:
The thing that is amazing that people don’t really recognize is the extent to which the market system has in fact encouraged people and enabled people to work hard and sacrifice — in what I must confess I often regard as an irrational way — for the benefit of their children. One of the most curious things to me in observation is that almost all people value the utility their children will get from consumption higher than their own.
As for where I stand, I take a view quite similar to that I made in my recent post on WALL-E vs. the Jetsons:
When the material needs are met by utilizing the proper socio-political framework, we can then more easily progress as a society toward a proper spiritual orientation. If we take a different path, and attempt to Read the rest of this entry »
Thomas Thwaites recently gave a marvelous talk at TED about his quest to build an electric toaster entirely from scratch.
The idea was sparked by an instance in The Hitchhiker’s Guide to the Galaxy in which the protagonist comes to a new planet only to realize that his knowledge and technological prowess are useless without the advanced civilization to back it. As Thwaites summarizes: “He realizes that without the rest of human society he can barely make a sandwich, let alone a toaster.”
Thwaites’ response: “But he didn’t have Wikipedia.”
The basic message of the talk, as interpreted by economist Donald Boudreaux, is that “through trade, millions tap into the talents and knowledge of others.”
It is a simple message, and you’ve most likely heard it before (my personal favorite is Milton Friedman’s pencil example). Such a message is only worth repeating because so many people still fail to see the fundamental value in free trade and globalization.
The only thing I want to add is Read the rest of this entry »
In today’s post at Common Sense Concept I provide a list of book recommendations for those who are doing any last-minute Christmas shopping or list-building. As far as the focus of the list, I offer five titles that proved influential in shaping my views on faith and free enterprise.
The five books are as follows:
- A Conflict of Visions: Ideological Origins of Political Struggles by Thomas Sowell
- The Virtue of Selfishness by Ayn Rand and Nathaniel Branden
- Who Really Cares: The Surprising Truth About Compassionate Conservatism by Arthur Brooks
- From Poverty to Prosperity: Intangible Assets, Hidden Liabilities, and the Lasting Triumph over Scarcity by Nick Schulz and Arnold Kling
- Free to Choose: A Personal Statement by Milton and Rose Friedman
As I note in the post, these titles are not (necessarily) religious: “Rather, [they] were extraordinarily valuable in steering my raw, Bible-based upbringing in the right direction when it came to economics.”
This classic Milton Friedman interview has now been seen by many on the Web, but since it deals with topics commonly discussed on this blog I thought I’d post it for your weekend enjoyment.
Watch the video here:
Donahue’s first question is this:
Did you ever have a moment of doubt about capitalism, and whether greed is a good idea to run on?
Friedman responds with this:
Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? …The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus.
Friedman goes on to point out a few of these achievements (e.g. Einstein’s theory of relativity, Henry Ford’s automobile), and emphasizes that Read the rest of this entry »
Mark J. Perry recently posted a classic video of Milton Friedman on our responsibility to the poor. The video somewhat ties into yesterday’s discussion on using forced taxation and wealth redistribution as a means to accomplish widespread “charity” and “economic justice.”
The student in the video begins by asking this question: If we are a government of the people and by the people, why shouldn’t we, as a people, take action through government to help those in need?
Friedman’s answer is spot on:
The government doesn’t have any responsibility. People have responsibility. This building doesn’t have responsibility. You and I have responsibility. People have responsibility.
Friedman’s argument is simply that government is a tool of the people. Although people may choose to use that tool as a means to eradicate poverty, it is we as individuals who are actually responsible, and pretending that the government Read the rest of this entry »