I stumbled upon an interview with Milton Friedman.
http://video.stumbleupon.com/#p=z97p64q5w2
It was absolutely fascinating to hear him speak on minimum wage. Now I must backtrack a little to give this post some context. When Obama was in Seattle, I heard his speech at Key Arena through 710KIRO's transmission. One of the things that piqued my interest was Obama's promise to tie minimum wage to inflation. What are the possible consequences?
While Goolsbee and Friedman both worked as faculty at University of Chicago, I don't know how much they share in common. Friedman belonged to the Chicago school of economics. Based on what I've read so far, their ideas tend to go toward the same direction. They believe that a free market is better suited at solving its problems because of people ingenuity and desire to make a profit. (See Milton Friedman on greed on YouTube.)
Dr. Friedman's would probably go further because he advocated a flat tax and believe that people can be rational decision makers and people do not spend other people's money wisely. He also believed that taxes take away people's economic liberties, which are equally important as other civil liberties such as freedom of speech. And through economic freedom, people change their political systems to be more open.
That interview struck resonance with me. As I watch my parents struggle to earn a living and I gained more awareness for sustainability, I realized people make the choices that is the most economically advantageous to them. We were poor. We couldn't afford to buy organic or sustainable food. We were eating to survive. Because of my parents, I have the luxury to read and think at an university.
Anyway, if anyone has any more information on the connection between Milton Friedman and Austan Goolsbee, please let me know.
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