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Page 1: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 2: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Milton Friedman

“A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Page 3: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 4: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 5: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 6: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

CREATIVE DESTRUCTION

Page 7: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Creative destruction• Vinyl > tape > CD > iTunes > Spotify• Horses > bicycles > cars• Want ads > Craigslist• Newspapers > internet > twitter• Desktop > laptops > iPads/phones• College education > MOOCs?

Page 8: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

MOOCs• Massive Open Online Courses

Page 9: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 10: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

MOOCs• Massive Open Online Courses• Khan Academy reaches 10 million students a month;

delivered 300 million lessons

Page 11: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

MOOCs• Massive Open Online Courses• Khan Academy reaches 10 million students a month;

delivered 300 million lessons• Supported by Bill Gates (MSFT), Google and Carlos Slim

(richest dude in Mexico)

Page 12: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

MOOCs• Massive Open Online Courses• Khan Academy reaches 10 million students a month;

delivered 300 million lessons• Supported by Bill Gates (MSFT), Google and Carlos Slim

(richest dude in Mexico)• MIT (Massachusetts Institute of Technology)

OpenCourseWare: all of its educational resources on web for free (or nearly)

Page 13: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 14: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 15: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 16: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 17: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 18: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Freedom in the states• Examines

Page 19: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 20: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 21: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 22: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 23: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

GOVERNMENT FUNCTIONS

Page 24: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 25: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

1787

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

Page 26: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is Dr. S. saying in this chapter?

Page 27: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is Dr. S. saying in this chapter?• Most basic function is to provide law and order

Page 28: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is Dr. S. saying in this chapter?• Most basic function is to provide law and order• Enforce contracts, ensure property rights, set standards,

provide safety, national defense

Page 29: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is Dr. S. saying in this chapter?• Most basic function is to provide law and order• Enforce contracts, ensure property rights, set standards,

provide safety, national defense• How does law and order accommodate economic activity?

Page 30: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is Dr. S. saying in this chapter?• Most basic function is to provide law and order• Enforce contracts, ensure property rights, set standards,

provide safety, national defense• How does law and order accommodate economic activity?• Reliable network of laws can translate into economic

prosperity… and the opposite is also true

Page 31: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Sowellian thought:

“...where government restricts its economic role to that of an enforcer of laws and contracts, some people say that such a policy amounts to ‘doing nothing’ as far as the economy is concerned. However what is called nothing has often taken centuries to achieve – namely a reliable framework of laws within which economic activity can flourish...”

Page 32: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

President Obama thought

“...the Supreme Court never ventured into the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society…”

Page 33: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

President Obama thought“It didn’t break free from the essential constraints that were placed by the founding fathers in the Constitution, at least as it’s been interpreted and Warren Court interpreted in the same way, that generally the Constitution is a charter of negative liberties. Says what the states can’t do to you. Says what the Federal government can’t do to you, but doesn’t say what the Federal government or State government must do on your behalf...”

Page 34: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

When Law and Order goes wrong…..

Page 35: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

When Law and Order goes wrong…..• High levels of corruption are associated with lower growth

and lower per-capita income

Page 36: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is corruption?

Page 37: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is corruption?• “Corruption is the abuse of entrusted power for

private gain. It hurts everyone whose life, livelihood or happiness depends on the integrity of people in a position of authority.”

source: Transparency International

Page 38: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

What is corruption?• Bribes• Nepotism• Crony capitalism• “Pay for play” political donations

Page 39: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Such as…• 80% of Obama administration’s $20 billion in ‘loans’ for

“green” energy went to Obama donors• Solyndra went toes up, costing taxpayers $535 million and

counting. Major investor: Obama supporter George Kaiser

• Fisker went room temp with $529 million in taxpayer “loans.” Major investor: Leo DiCaprio, FOB

Page 40: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 41: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 42: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 43: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Most corrupt nations?

Page 44: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Most corrupt nations• Somalia

Page 45: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 46: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 47: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 48: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Most corrupt nations• Somalia• North Korea, Afghanistan, Sudan, Myanmar, Uzbekistan,

Turkmenistan, Iraq, Venezuela, Haiti, Chad, Burundi

Page 49: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Least corrupt nations

Page 50: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Least corrupt nations• Denmark, Finland and New Zealand tied for first

Page 51: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Least corrupt nations• Denmark, Finland and New Zealand tied for first• Sweden, Singapore, Switzerland, Australia, Norway,

Netherlands, Canada

Page 52: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Least corrupt nations• Denmark, Finland and New Zealand tied for first• Sweden, Singapore, Switzerland, Australia, Norway,

Netherlands, Canada• U.S. was 19th

Page 53: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

When Law and Order goes wrong…..• High levels of corruption are associated with lower growth

and lower per-capita income• Russia, 154th most corrupt nation, with its huge natural

resources, is a shell of what it could be

Page 54: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Why does corruption lead to poverty?

Page 55: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Why does corruption lead to poverty?• “The law’s delay...”

Page 56: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Why does corruption lead to poverty?• “The law’s delay...”• Bureaucrat ability to delay often means an opportunity for

bribes

Page 57: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Why does corruption lead to poverty?• “The law’s delay...”• Bureaucrat ability to delay often means an opportunity for

bribes• The lost opportunity for SRTHAU in businesses not

started, investment not made, jobs not created

Page 58: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Why does corruption lead to poverty?• “The law’s delay...”• Bureaucrat ability to delay often means an opportunity for

bribes• The lost opportunity for SRTHAU in businesses not

started, investment not made, jobs not created• Which means fewer goods and services... and less

prosperity

Page 59: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Opportunity cost• Wants are many, but scarcity is everywhere• Scarcity forces choices• Opportunity cost is what we pass up when we make a

choice• We have $100. We can spend it on dinner with friends.

Or we can buy stock. • You have two hours to spare. You can study for next

week’s test or veg out on TV.

Page 60: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Framework of Laws• Laws must be reliable, not changing depending on who’s

in power, or subject to loose interpretation

Page 61: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Framework of Laws• Laws must be reliable, not changing depending on who’s

in power, or subject to loose interpretation• Britain roared in 1800s because of the dependability of its

laws… didn’t fear their earning would be confiscated or dissipated in bribes

Page 62: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Framework of Laws• We see impact today when high-crime neighborhoods are

less prosperous than safer ones

Page 63: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Property Rights

Page 64: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Property Rights• Dr. S contends that property rights need to be assessed in

terms of their economic effects on the population as a whole, not just property owners

Page 65: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Property Rights• Dr. S contends that property rights need to be assessed in

terms of their economic effects on the population as a whole, not just property owners

• All of society benefits from strong property rights, even those with little property

Page 66: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Property Rights• Dr. S contends that property rights need to be assessed in

terms of their economic effects on the population as a whole, not just property owners

• All of society benefits from strong property rights, even those with little property

• Property rights create ‘self-monitoring, which is more effective and less costly than third-party monitoring

Page 67: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Property Rights, take II• “The only animals threatened with extinction are animals

not owned by anybody”

Page 68: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order

Page 69: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• The honesty, reliability and cooperativeness of a society’s

people are key to promoting prosperity

Page 70: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• The honesty, reliability and cooperativeness of a society’s

people are key to promoting prosperity• How does the U.S. stack up?

Page 71: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• The honesty, reliability and cooperativeness of a society’s

people are key to promoting prosperity• How does the U.S. stack up?• ‘Radius of trust’ varies greatly

Page 72: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• The honesty, reliability and cooperativeness of a society’s

people are key to promoting prosperity• How does the U.S. stack up?• ‘Radius of trust’ varies greatly• Honesty is more than a moral principle, it’s a major

economic factor

Page 73: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• Rent control encourages people to cheat

Page 74: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• Rent control encourages people to cheat• When government rules promote dishonesty, it

discourages business and wealth creation

Page 75: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Importance of social order• Rent control encourages people to cheat• When government rules promote dishonesty, it

discourages business and wealth creation• Leads to “off the books” activity

Page 76: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

External Costs & Benefits• There are certain costs and benefits that fall outside the

parties to a transaction. Examples?

Page 77: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

External Costs & Benefits• There are certain costs and benefits that fall outside the

parties to a transaction. Examples?• Clean air laws, military defense, police, etc.

Page 78: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Ext. Costs & Bennies, cont• “…there are things that government can do more

efficiently than individuals because external costs or external benefits make individual decisions, based on individual interests, a less effective way of weighing costs and benefits to the whole society.”

Page 79: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Which bring us to…

Politics

Page 80: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Round up the usual suspects…..

Page 81: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Politics and economics• Inseparable in a democracy

Page 82: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Politics and economics• Inseparable in a democracy• Remember: government is comprised of people who act

in their own self interest

Page 83: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Politics and economics• Inseparable in a democracy• Remember: government is comprised of people who act

in their own self interest• Urge to “do something” or government by crisis… a plane

crashes, pass a law

Page 84: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”
Page 85: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Politics and economics• Inseparable in a democracy• Remember: government is comprised of people who act

in their own self interest• Urge to “do something” or government by crises… a plane

crashes, pass a law• Nothing forces politicians to take into account long-term

consequences of their actions

Page 86: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Scare-C.T.

Page 87: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Assignment 4/8• Read chapter 18: Government finance

Page 88: Milton Friedman “A society that puts equality – in the sense of equality of outcome – ahead of freedom will end up with neither equality nor freedom.”

Assignment 4/8• Read chapter 18: Government finance• We will have a section test on chapters 15, 16, 17, 18


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