Milton Friedman Appreciation Society

#1
alexmanu

alexmanu

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Dec 11, 2012
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#1
Hey folks.

So recently I have had an epiphany in terms of my thoughts on economics. I recently re-read some of Friedman's works along with other contemporaries of his such as Thomas Sowell and Alan Greenspan (even gave the old Wealth of Nations by Adam Smith another read) and I have come to the conclusion that I am a free market capitalist and we need to get back to the economics of Thatcher and Reagan in the West.

The general idea that we all have selfish desires and attempt to fulfill these within the market but that this personal fulfillment generally leads to positive effects for society and the economy as a whole (the old Invisible Hand theory) has begun to hold sway with me. Government is getting to big, it's job is not to create jobs, it's job is to stay out of private business and provide the security upon which private entities can function.

Obama keeps talking about "creating jobs", well public sector jobs are not worthwhile to the economy. We need a true free market candidate to step forward that is not a total nutjob on social issues.

Anyone agree!?
 
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#2
#2
alexmanu said:
Hey folks.

So recently I have had an epiphany in terms of my thoughts on economics. I recently re-read some of Friedman's works along with other contemporaries of his such as Thomas Sowell and Alan Greenspan (even gave the old Wealth of Nations by Adam Smith another read) and I have come to the conclusion that I am a free market capitalist and we need to get back to the economics of Thatcher and Reagan in the West.

The general idea that we all have selfish desires and attempt to fulfill these within the market but that this personal fulfillment generally leads to positive effects for society and the economy as a whole (the old Invisible Hand theory) has begun to hold sway with me. Government is getting to big, it's job is not to create jobs, it's job is to stay out of private business and provide the security upon which private entities can function.

Obama keeps talking about "creating jobs", well public sector jobs are not worthwhile to the economy. We need a true free market candidate to step forward that is not a total nutjob on social issues.

Anyone agree!?
Click to expand...

*****?
 
#4
#4
alexmanu said:
Hey folks.

So recently I have had an epiphany in terms of my thoughts on economics. I recently re-read some of Friedman's works along with other contemporaries of his such as Thomas Sowell and Alan Greenspan (even gave the old Wealth of Nations by Adam Smith another read) and I have come to the conclusion that I am a free market capitalist and we need to get back to the economics of Thatcher and Reagan in the West.

The general idea that we all have selfish desires and attempt to fulfill these within the market but that this personal fulfillment generally leads to positive effects for society and the economy as a whole (the old Invisible Hand theory) has begun to hold sway with me. Government is getting to big, it's job is not to create jobs, it's job is to stay out of private business and provide the security upon which private entities can function.

Obama keeps talking about "creating jobs", well public sector jobs are not worthwhile to the economy. We need a true free market candidate to step forward that is not a total nutjob on social issues.

Anyone agree!?
Click to expand...
Yes..creating public sector jobs (even though I am one of those) is not how to sustain and/or improve the economy. The government should provide basic services and encourage private industry growth.

Now don't go calling me a hippy but the private industry growth needs to be encouraged in a responsible way..like not destroying the environment, employee safety, etc. Should a 1000 jobs not be created because some tri-nut albino mink sqwuarrel made its home in a rotted out log? Of course not..
 
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#5
#5
alexmanu said:
Hey folks.

So recently I have had an epiphany in terms of my thoughts on economics. I recently re-read some of Friedman's works along with other contemporaries of his such as Thomas Sowell and Alan Greenspan (even gave the old Wealth of Nations by Adam Smith another read) and I have come to the conclusion that I am a free market capitalist and we need to get back to the economics of Thatcher and Reagan in the West.

The general idea that we all have selfish desires and attempt to fulfill these within the market but that this personal fulfillment generally leads to positive effects for society and the economy as a whole (the old Invisible Hand theory) has begun to hold sway with me. Government is getting to big, it's job is not to create jobs, it's job is to stay out of private business and provide the security upon which private entities can function.

Obama keeps talking about "creating jobs", well public sector jobs are not worthwhile to the economy. We need a true free market candidate to step forward that is not a total nutjob on social issues.

Anyone agree!?
Click to expand...

More than anything, I am impressed that you have been convinced to pull a 180 on something you had taken a firm stand on in the past. And this is not just an issue, this is a philosophical change. You are one of the few open enough for this kind of transformation. There aren't many people like that.
 
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#10
#10
n_huffhines said:
More than anything, I am impressed that you have been convinced to pull a 180 on something you had taken a firm stand on in the past. And this is not just an issue, this is a philosophical change. You are one of the few open enough for this kind of transformation. There aren't many people like that.
Click to expand...

Agree - was surprised to see this thread
 
#11
#11
My old man, like Friedman, has dedicated a lot of his life to promoting school choice and general economic freedom.

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#12
#12
alexmanu said:
Hey folks.

So recently I have had an epiphany in terms of my thoughts on economics. I recently re-read some of Friedman's works along with other contemporaries of his such as Thomas Sowell and Alan Greenspan (even gave the old Wealth of Nations by Adam Smith another read) and I have come to the conclusion that I am a free market capitalist and we need to get back to the economics of Thatcher and Reagan in the West.

The general idea that we all have selfish desires and attempt to fulfill these within the market but that this personal fulfillment generally leads to positive effects for society and the economy as a whole (the old Invisible Hand theory) has begun to hold sway with me. Government is getting to big, it's job is not to create jobs, it's job is to stay out of private business and provide the security upon which private entities can function.

Obama keeps talking about "creating jobs", well public sector jobs are not worthwhile to the economy. We need a true free market candidate to step forward that is not a total nutjob on social issues.

Anyone agree!?
Click to expand...

I love Friedman's writings. Also, on youtube there are tons of great lectures of his from his time as treasurer. He wasn't perfect though. Around the time of WWII, as a treasurer employee, he proposed to the IRS the idea of withholding income tax (some free market thinkers might consider this theft) in order to raise funds for the war. Our beloved small government free market economist stabbed a tiny dagger right into our backs and bucked his philosophy for a quick fix to a temporary problem.
 
#13
#13
n_huffhines said:
More than anything, I am impressed that you have been convinced to pull a 180 on something you had taken a firm stand on in the past. And this is not just an issue, this is a philosophical change. You are one of the few open enough for this kind of transformation. There aren't many people like that.
Click to expand...

This. I like that he isn't just blindly adhering to whatever rhetoric gets tossed out by the mainstream media and that he's doing his own homework and using his own brain to reach his own conclusions.
 
#15
#15
I've read so much about economics and I just can't bring myself to read Adam Smith. I get it. He's a genius and way ahead of his time, but I feel like the only reason I'd need to read Wealth of Nations is just to say I have. I feel like everything important is covered in more detail and in modern English by others that came after.
 
#17
#17
n_huffhines said:
I've read so much about economics and I just can't bring myself to read Adam Smith. I get it. He's a genius and way ahead of his time, but I feel like the only reason I'd need to read Wealth of Nations is just to say I have. I feel like everything important is covered in more detail and in modern English by others that came after.
Click to expand...

It was the first thing I read when I began studying economics and I think a lot of fundamental principles from his work have carried over even until the present day. Theory of Moral Sentiments is also very good.
 
#18
#18
I wish Milton was around today. I've watched almost every youtube video of him there is. There's even one where he puts a young Micheal Moore in his place. He gets a lot of flak today because people blame him for the rich getting richer. I know he was a big proponent of free markets, but the free trade agreements we have now are anything but free markets.

I've watched everything I could find by Sowell as well. The libertypen youtube channel has some really good interviews with him.

Greenspan on the other hand, I don't see how anyone could have contributed more to the financial crisis than him. He oversaw the deregulation of the banks, failed to reign in subprime lending, and suppressed interest rates for wayyy too long. I'd like to hear Friedman's thoughts on how suppressing interest rates affect the economy long term.

Here's a good video I watched just the other night.

[youtube]https://www.youtube.com/watch?v=qDMkgmL-G24[/youtube]
 
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