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[VIDEO] Milton Friedman on the True Cause of the Great Depression 

Milton Friedman corrects the record on the cause of the Great Depression. Debunking the myth that is what from high speculation on wall street. Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences.

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16 Nov 1930, Chicago, Illinois, USA --- Notorious gangster Al Capone attempts to help unemployed men with his soup kitchen "Big Al's Kitchen for the Needy."  The kitchen provides three meals a day consisting of soup with meat, bread, coffee, and doughnuts, feeding about 3500 people daily at a cost of $300 per day. --- Image by © Bettmann/CORBIS

16 Nov 1930, Chicago, Illinois, USA — Notorious gangster Al Capone attempts to help unemployed men with his soup kitchen “Big Al’s Kitchen for the Needy.” The kitchen provides three meals a day consisting of soup with meat, bread, coffee, and doughnuts, feeding about 3500 people daily at a cost of $300 per day. — Image by © Bettmann/CORBIS

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[VIDEO] REWIND: Milton Friedman on the Immorality of Socialism

Milton Friedman is no fan of socialism. And he walks us through his reasoning. Socialism is force he says. Lenin, Stalin, Mao, and Hitler he reminds us only instituted socialism with the oppression and force agains many people who were disadvantaged. Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences.

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Happy 86th Birthday to Economist Thomas Sowell, One of the Greatest Living Economists

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 writes: Two of my all-time most favorite economists — Thomas Sowell and Frederic Bastiat – share the same birthday — they were both born on June 30. To recognize Bastiat’s birthday today I posted some of his quotes on CD yesterday, and I’ll now do the same for Thomas Sowell, who turned 86 today. Here is Thomas Sowell’s webpageand here is his Wikipedia entry. Milton Friedman once said, “The word ‘genius’ is thrown around so much that it’s becoming meaningless, but nevertheless I think Tom Sowell is close to being one.”

In my opinion, there is no economist alive today who has done more to eloquently, articulately, and persuasively advance the principles of economic freedom, limited government, individual liberty, and a free society than Thomas Sowell. In terms of both his quantity of work (at least 40 books and several thousand newspaper columns) and the consistently excellent and crystal-clear quality of his writing, I don’t think any living free-market economist even comes close to matching Sowell’s prolific record of writing about economics. Even at 86 years old, Thomas Sowell is still active and writes two syndicated newspaper columns almost every week (one column in some weeks) and recently released his 40th book last fall Wealth, Poverty and Politics: An International Perspective — which amazingly was his 13th book in the last decade! To honor Thomas Sowell’s 86 birthday today, I present here 15 of my favorite quotations from Dr. Thomas Sowell and a bonus video:

1. Knowledge. The cavemen had the same natural resources at their disposal as we have today, and the difference between their standard of living and ours is a difference between the knowledge they could bring to bear on those resources and the knowledge used today.

2. Obamacare. If we cannot afford to pay for doctors, hospitals and pharmaceutical drugs now, how can we afford to pay for doctors, hospitals and pharmaceutical drugs, in addition to a new federal bureaucracy to administer a government-run medical system?

[Read the full story here, at Carpe Diem Blog » AEIdeas]

3. Economics vs. Politics I. Economics and politics confront the same fundamental problem: What everyone wants adds up to more than there is. Market economies deal with this problem by confronting individuals with the costs of producing what they want, and letting those individuals make their own trade-offs when presented with prices that convey those costs. That leads to self-rationing, in the light of each individual’s own circumstances and preferences.

4. Economics vs. Politics II. The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” Read the rest of this entry »


FEEL THE DECAY: As Venezuela Craters, Appeal of Socialism Remains

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It is safe to predict that more countries will refuse to learn from history and give socialism a go.

Marian Tupy writes: Three years ago, a well-known American leftist, David Sirota, wrote the following in a Salon essay titled Hugo Chavez’s economic miracle,

Chavez became the bugaboo of American politics because his full-throated advocacy of socialism and redistributionism at once represented a fundamental critique of neoliberal economics, and also delivered some indisputably positive results… When a country goes socialist and it craters, it is laughed off as a harmless and forgettable cautionary tale about the perils of command economics. When, by contrast, a country goes socialist and its economy does what Venezuela’s did, it is not perceived to be a laughing matter – and it is not so easy to write off or to ignore.

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Last Sunday, Nicholas Casey of The New York Times reported in an article Dying Infants and No Medicine: Inside Venezuela’s Failing Hospitals,

By morning, three newborns were already dead. The day had begun with the usual hazards: chronic shortages of antibiotics, intravenous solutions, even food. Then a blackout swept over the city, shutting down the respirators in the maternity ward. Doctors kept ailing infants alive by pumping air into their lungs by hand for hours. By nightfall, four more newborns had died… The economic crisis in this country has exploded into a public health emergency, claiming the lives of untold numbers of Venezuelans.

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I start with these rather long quotations with a heavy heart. Contrary to Sirota’s glib prediction, I do not intend to laugh off as “harmless and forgettable” Venezuela’s “cautionary tale about the perils of command economics.” I do not find dying children laughable. But then, I did not laugh when I read about starving Ukrainians eating their children during Stalin’s Holodomor.

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I did not laugh when I read of Khmer Rouge soldiers shooting infants off their bayonets in communist Cambodia. And I certainly did not laugh when I saw with my own two eyes children reduced to starvation by the Marxist dictator of Zimbabwe, Robert Mugabe. In fact, there is nothing laughable about the almost incomprehensible degree of suffering that socialism has heaped upon humanity wherever it’s been tried. Read the rest of this entry »