Week 12 [20.01-26.01.20] Milton Friedman

Week 12 [20.01-26.01.20] Milton Friedman - I, pencil

Milton Friedman was an American economist and a Nobel prize winner in the field of economics who was best known for his strong belief in free-market capitalism. He still remains to be one of the biggest icons of the libertarian ideology as well as one of the greatest financial experts. In the video below one of his short but thought-provoking speeches is presented.

Questions:

Do you agree with the presented statement?
Are you interested in economics? What other economic icons do you know?
Were you aware of the libertarian ideology? If yes – do you agree with its concept of the market?

Sources:

Comments

Olga Przytula said…

I don’t know if there is much to agree or disagree with. Milton Friedman has presented the audience with facts about the manufacturing process of the pencil and therefore proved that the demand for goods and services and the price system fosters cooperation so remarkable that it is unimaginable for any person to manage.

I am somewhat interested, as my brother and boyfriend both graduated from economic schools. You could say that I learn by osmosis :D

I have heard about few: Adam Smith, Murray Rothbard, John Keynes and Karl Marx.

I have heard about it. I do agree to some extent. However, I believe that the “invisible force” works too slow sometimes and you cannot assume perfect market knowledge of all involved parties. That being said, sometimes regulations are necessary to ensure fair exchange.

22 January 2020 at 20:20

Maciej Szczypek said…

This comment has been removed by the author.

26 January 2020 at 11:33

Maciej Szczypek said…

Any way of learning economics is the right way, as far as it is legit knowledge and it surely is in your case :). I understand your point and I agree that there should be some regulations in order to keep the market fair for everybody, however I think the number of this regulations should be as small as possibile to keep it "free".

26 January 2020 at 11:35

Anna Klimkiewicz said…

1. It was more a fact than a statement. He described entire process of the creation of the pencil. It is true that it takes more than one human being to create something as simple as pencil.

2. I am not interested in economics and i don't know any well known economist.

3. Like i said i am not into economics that much but i don't believe it creates a peace and harmony in the world.

26 January 2020 at 21:03

Maciej Szczypek said…

Well, one can simply state a fact just like Milton Friedman did :) I understand, but don't you think, that everyones life without the most basic economics would be just a chaos? I do not claim that it makes our world peaceful, but still it somehow keeps many aspects together.

26 January 2020 at 22:12

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