Posts tagged with: Monetarists

Blog author: jcarter
posted by on Monday, May 19, 2014

milton_friedman2The Book: Milton Friedman: A concise guide to the ideas and influence of the free-market economist by Eamonn Butler

The Gist: As the subtitle suggests, this short book provides a concise overview of the ideas and influence of the late economist, Milton Friedman

The Quote: “[T]he supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number—for example, have people dig holes and then fill them up again, or perform other useless tasks. Work is sometimes its own reward. Mostly, however, it is the price we pay to get the things we want. Our real objective is not just jobs but productive jobs–jobs that will mean more goods and services to consume.”

The Good: The book includes numerous direct quotes from Friedman . . .

The Blah: . . . but far too many of the quotes are taken from an interview in Playboy magazine rather than from Friedman’s own writings.

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Blog author: jballor
posted by on Friday, August 23, 2013

I ran across this video yesterday (courtesy of ESA), which I thought presented some interesting challenges and issues:

The video was presented on Upworthy as an example of something “all white people could do to make the world a better place,” that is, use their white privilege to address injustices.

A number of economists, including Milton Friedman and Thomas Sowell, have written about the power of the market economy to overcome racism and discrimination, to put people into relationships on the basis of economic decision-making rather than skin color. As Friedman contended,

the preserves of discrimination in any society are the areas that are most monopolistic in character, whereas discrimination against groups of particular color or religion is least in those areas where there is the greatest freedom of competition.

But as a conversation I had with some others about the video also illustrates, there are times when (at least in the short run interests of the firm), something like profiling can seem to make some economic sense. The successful passing of one bad check can really hurt a store’s margins. Practically speaking the stores often take a complete loss.
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