Various government agencies have been created on the claim that they will protect the consumer. These agencies restrict freedom, stifle beneficial innovation, and become agents for the industries or groups they are intended to regulate. Friedman explains how the apparent chaos of the market place, the competition of many suppliers for business, is the best protection of consumer interests.
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All Comments
I guess your children did not know his price? The price of the economist? #bees. Li Quant Yu was an example that if you want something to be done, do it yourself! Organization is everything and this is all that Constitution is. And again look at other countries. What do you think is missing there?
This Robert Crandal (Bookings Institute) talks like a lobbyst (which he really is!), how is he expecting someone to believe him? Some other people in the panel though not agreeing with Friedman seem really to believe in their cause, while Crandal thinks and acts like a politician. Very untrustworthy fellow.
Seriously, those women, and now we have the 3rd new feminist wave that are obsess with regulation, safety and governmental over-reach for other people's business because they think they are "right" and "have the right".
Ngl, I feel like both of the ladies were extremely rude and irritating. While Friedman had the patience to go over each point.
The amount of regulations is astronmincal in todays world. No more free choice. One dumb example is requiring a mixing valve on all water heaters. ( a pet peeve for me.) Milton would get a heart attsck everyday in todays world.
If Friedman could look at France today… he would laugh a lot.
man i cannot believe how he keeps his cool with 9 people barking at him
I agree with milton but take airbags in cars for example, what about taxis and family members? Shouldnt the government, as the only entity that has the data – can make a benefit-loss analysis , regard to the other passengers lives that are being taken because lack of airbags?
38:50 Lady, Mercedes Benz was way ahead of the curve in safety, innovation and technology and set the bar for implementing those engineering standards in today’s vehicles, all without government mandates in a free market. American cars at that time couldn’t hold a candle to their German counterparts.
You do realize that all of the people calling the Consumer Product Safety Board are calling that agency AFTER a product on the market has performed in a less than safe way, right? Is it reasonable to think that these products would be safer WITHOUT standards set forth by the government? And what would be the course of redress otherwise? For every consumer to hire an attorney and seek relief under tort law? Ridiculous! Friedman says these regulations make bicycles more expensive and narrow selection. How much MORE expensive? A nickel? A dollar? Is it not worth a reasonable added cost to purchase a product that has had to meet some pre-determined safety standards? Would you feel safe putting your kid on such a bike? Would you rather have your kid on a safe bike or take your chances knowing you could always sue an unsafe manufacturer?
Friedman also says these safety regulations prevent more manufacturers from entering the market. Doesn’t that suggest that those prevented from entering the market would be companies that CAN’T/WON’T manufacture their products to prescribed safety standards? How is that a bad thing?
Friedman was a better economic scientist than Keynes. To think I grew up a Keynesian smh 🤦♂️.
If Friedman were alive today, he'd have one of the most popular YT channels.
I wish these videos were more popular
This episode has been my favorite… If only Milton could see how far the rabbit hole we have gone.