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Milton Friedman
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<blockquote data-quote="cardguy" data-source="post: 443516" data-attributes="member: 3955"><p>I'll be honest - as much as I love Milton Friedman, I don't agree with him on a few points. But I am more than happy to be convinced otherwise. I am not dogmatic in my disagreement.</p><p></p><p>For instance - Milton Friedman didn't believe in medical qualifications. As such - he felt anyone should be able to be a doctor - and it should be up to the marketplace to see whether there was a demand for your services.</p><p></p><p>That leaves me feeling a little uncomfortable.</p><p></p><p>Secondly - he didn't support legal minimum requirements for health and safety in the workplace. He felt people should be allowed to trade some health and/or safety for higher wages.</p><p></p><p>Again - I have a number of problems with that point of view.</p><p></p><p>Friedman also didn't support equal pay laws (for women and minorities). Again - whilst I understand his arguments - I prefer to have such laws in place.</p><p></p><p>Lastly - Friedman didn't support a legal minimum wage. Again - I am comfortable with a minimum wage. Indeed - we have had one for the past 15 years or so in the UK - and the evidence shows (despite what economists warned at the time) that it has had no adverse impact on unemployment. But even if it did have a slight impact (the evidence can be challenged either way) - I am still comfortable with a national minimum wage. And feel it is a useful barometer to have for anybody with a job. Figuring out how much more you earn han the minimum wage is a useful piece of information for anyone in work.</p><p></p><p>The above is my understanding of Milton Friedman's views. So apologies if I am mistaken.</p><p></p><p>If I had a chance to meet Milton Friedman - I am sure his brilliance would convince me otherwise. But for now - my instincts on these issues is to disagree with him. But like I say - I am perfectly willing to change my mind. Also - I think the free-market only measures rational decisions when compared with each other. But - I feel human nature is not completely rational and as such I don't mind some interference with the free-market from time to time.</p><p></p><p>To give one example. I am not sure the internet would exist today if it were not for the early research and investment of the US government.</p></blockquote><p></p>
[QUOTE="cardguy, post: 443516, member: 3955"] I'll be honest - as much as I love Milton Friedman, I don't agree with him on a few points. But I am more than happy to be convinced otherwise. I am not dogmatic in my disagreement. For instance - Milton Friedman didn't believe in medical qualifications. As such - he felt anyone should be able to be a doctor - and it should be up to the marketplace to see whether there was a demand for your services. That leaves me feeling a little uncomfortable. Secondly - he didn't support legal minimum requirements for health and safety in the workplace. He felt people should be allowed to trade some health and/or safety for higher wages. Again - I have a number of problems with that point of view. Friedman also didn't support equal pay laws (for women and minorities). Again - whilst I understand his arguments - I prefer to have such laws in place. Lastly - Friedman didn't support a legal minimum wage. Again - I am comfortable with a minimum wage. Indeed - we have had one for the past 15 years or so in the UK - and the evidence shows (despite what economists warned at the time) that it has had no adverse impact on unemployment. But even if it did have a slight impact (the evidence can be challenged either way) - I am still comfortable with a national minimum wage. And feel it is a useful barometer to have for anybody with a job. Figuring out how much more you earn han the minimum wage is a useful piece of information for anyone in work. The above is my understanding of Milton Friedman's views. So apologies if I am mistaken. If I had a chance to meet Milton Friedman - I am sure his brilliance would convince me otherwise. But for now - my instincts on these issues is to disagree with him. But like I say - I am perfectly willing to change my mind. Also - I think the free-market only measures rational decisions when compared with each other. But - I feel human nature is not completely rational and as such I don't mind some interference with the free-market from time to time. To give one example. I am not sure the internet would exist today if it were not for the early research and investment of the US government. [/QUOTE]
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