Milton Friedman and Phil Donahue on Greed

Milton Friedman was a great thinker. The Economist called him "the most influential economist of the second half of the 20th century…possibly of all of it". He won a Nobel Prize in Economics, back when Nobel Prizes actually meant something. He taught, wrote books, and influenced a great many American thinkers.

The video below is from the Phil Donahue show. For me, it highlights the difference between a person who holds an ideal (Donahue) that they haven't thought through, and a person who squarely faces reality and asks the logical questions behind the idea (Friedman). Phil asks simplistic questions, and Milton responds with logic and truth.

Don't get me wrong: I used to watch Donahue, and loved it. I generally like Phil Donahue, and it appears to me that - on this occasion - he sincerely wanted to engage in honest debate. The two sides presented in this debate parallel the political and ideological debates that Americans currently enjoy. One side presents a seemingly inarguable position while the other asks "is that a reasonable course to take?".

As Frank Zappa once said, "Communism doesn't work because people like to own stuff". Communism is a great ideal, but an unworkable practice in light of reality. I recommend watching this video at least twice, and then trying to apply Friedman-like responses the next time you're in an ideological debate.

Posted: Wed, Feb 11 2009 - 12:25 PM

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