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Myths That Conceal Reality 

Lecture by Dr. Milton Friedman

Do you agree with Dr. Friedman? Why or why not? Please watch the video even if economics is painfully boring. This will eventually effect you directly.

(It’s eerie that he could be speaking today and would only have to change a word or two out of the whole speech):


"….because it seems to me so urgent that we need to deflate these myths, recognize what the reality is, in order to be able to provide a basis for a change in our philosophy; a reversal in the direction of our thought. In my opinion, if we do not do so.. — if we continue on the road we’ve been going, if we continue to rely more and more on government, and less and less on the individual — we are condemned to a future of tyranny and misery, and therefore it is to me essential for this country to recognize these myths for what they are, and adjust our thinking to correct perception of our present and our past." — Dr. Milton Friedman, speaking at Utah State University

5 Myths covered in this speaking engagement:

1) Robber Barron Myth — “the myth that somehow or another in the 19th century, there was an era of unrestrained, rugged individualism in which heartless, monopoly capitalists exploited the poor unmercifully and ground them beneath their heels.”

2) Great Depression Myth — “the myth that the Great Depression from 1929 to the late 30’s was produced by the failure of private enterprise.” 

3) The Demand for Government Service Myth — “the myth that governments had to step in because of the failure of the private market, and the widespread demand for government services.”

4) It’s a Free Lunch Myth — “the myth that there is such a thing as a free lunch”

5) The Robin Hood Myth: — “the myth that somehow or another that government operates by taking money from the rich and giving it to the poor.” 


There are so many zingers in this video that I can’t fit them all here. It’s a mind-blowing and eye-opening video. He is brilliant.

Jul 5

"The Economics of Medical Care" by Milton Friedman at the Mayo Clinic in 1978.

From Dr. Perry’s blog: “The genius of Milton Friedman is that his economic insights are as powerful as they are timeless. Despite the fact that these comments were made more than thirty years ago in 1978 at the Mayo Clinic, they ring as true today as they did then.”