bullshit coldwar rhetorics

Yep, and because they are half lies even harder to downplay. Friedman was a smart SOB. I am just hoping someone out there comes with a better idea then capitalism soon.

>> ^rbar:
Yep, and because they are half lies even harder to downplay. Friedman was a smart SOB. I am just hoping someone out there comes with a better idea then capitalism soon.


Even if someone did, there's no guarantee that it would be implemented. The current status quo would put up a helluva fight, and considering they control the money (and hence the guns), I wouldn't want to bet on the newcomer.

The problem I've always had with economics is that traditional capitalist economic theories tend to have at their core the assumption that consumers act rationally and in doing so maximize not only their own benefits but the benefits of the market as a whole. It allows economists to neatly sidestep issues such as greed. Clearly if you remove that one assumption (and I personally think it should be removed) a lot of theory gets thrown out the window and a bit of the ugliness behind the genteel mask of "utility" gets revealed.

Of course the market needs to be corrected for market failure such as negative externalities and firm collusion and under provision of socially desirable goods, but on the whole I agree entirely with what he's saying. No doubt he's aware and entirely acknowledging of these imperfections and is simply dumbing it down for a TV audience.

economics has failed to make use of the advance of research and panolpy of assessment instruments made available by the social sciences, such as sociology, psychology, and anthropology and has, instead, opted to nullify regulation in the service of the "free" (read: manipulated) markets.

He didn't answer the question, he just tried to shame Dohahue by suggesting he was pro-communism.

Not everyone pursues their own self interests! Look at jonas salk-
From wikipedia - While being interviewed by Edward R. Murrow on See It Now in 1955, Salk was asked: "Who owns the patent on this vaccine?" Surprised by the question's assumption of the requirement of a profit motive for his creation, he responded: "There is no patent. Could you patent the sun?"

His self interest was in saving lives! He was even fought on releasing the vaccine by the scientific community, and snubbed by them for doing it anyway!

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I think he is right, Redsky is also correct -- he was answering a very narrow question about capitalism. The thing that he didn't address -- and that Phil didn't address -- was the role of government in creating laws to curtail the worst excesses of greed. Greed was Phil's word, by the way -- Friedman used "self interest." Capitalism empowers self-interest while government imposes group-interest through laws (environmental, anti-trust etc).

Nothing is perfect. It is our struggle towards perfection that gets us closer to it.

He's the Andy Rooney of economics. Nice way to completely dodge the question.

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Great Sift.

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Sure, people's lives are all improved in terms of standard of living because of the innovation from competition. Friedman is right, history shows how people got fucked in other economic systems. What he 'forgot' to say was that these peoples lives were fucked because they were controlled by totalitarian monarchies and empires. History shows that we have been controlled by the elite since the creation of the state. Friedman didn't say that its because of our freedom from the state (which is still minimal), he just says its because we follow our greed goals.


Bullshit...well, half-bullshit

"Of course, none of us are greedy, it's only the other fellow who's greedy."

Donahue had a lot to think about as he rode in his limo back to his mansion.