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Milton Friedman on Keynesian Economics

Reagan Conservatives 163 views

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Well, neoclassical economics has lead us into the mess we are in today My respect for Friedman is low Yet, it is a nice an civilized conversation and a respectful demeanor So, respect a little higher now Still, quantity theory is wrong
Comment from : @jayjaymcfly7475

Even though I lean more to the Monetarist/Chicago School there is no doubt that Keynes was an intelligent guy and revolutionized the field A lot of economic concepts today can all be traced back to him - the multiplier effect being a huge one Keynes was the one who popularized the study of macroeconomics
Comment from : @awiseguydrinkingtea9735

All these keyneseian fans in the comments gross
Comment from : @Voluntarist-Capitalist

Who were keynes’s desciples who took his idea too far?
Comment from : @PashutHerenstein

Con artist and liar
Comment from : @jonnymahony9402

Don't be fooled by economists and complicated economic models based in fancy maths and statistics The only truth is: have a system based in a currency that is stable through time (gold), work, save, keep a balanced budget and keep taxes low and stable And don't expend what you don't have (don't incur in high debt)That's it It's so simple it's insulting
Comment from : @julianyo7072

Keynes and Friedmanup therein the Olympus
Comment from : @aldoramirezzamudio5515

it's insane how dangerous Friedman was and how blind people are to that danger
Comment from : @casparwijn

When Friedman’s ideas were embraced by Reagan signaled the death of the middle class
Comment from : @John1960Video

Friedman is enjoying his time with Reagan down under - I hear the temperatures are scalding
Comment from : @Sweaty-Mac

A beast
Comment from : @simonclarke7309

Keynes is not the monster that many people, like me see it now The actual monsters are those Post-Keynesians who have went to extreme lengths "supposedly" using his theory
Comment from : @zmkarakas

I think that the overall economic climate is the main reason for the validity of any one economic theory eg, the post war condition of the world and in particular the UK was a large factor in validating Keynesian economics Today the dynamics are different and the theory is being adapted accordingly
Comment from : @jamesstevenson1296

Friedman turned out to be a total fraud Lower taxes for the rich resulted in them using the money to buy law makers and regulators and push out competition while reducing wages and the standard of living for the poor and middle class
Comment from : @atg1962

Ravishing the planet for shareholder dividends and executive bonuses
Comment from : @The8224sm

Not a single um, ahh, from Friedman Phenomenal
Comment from : @rushiljain9423

your experiment failed, Milton
Comment from : @yaofab7284

Keynesian economics, while not great in itself, has been further bastardized by the left over the years leading to “Neokeynesian economics,” which has been repeatedly implemented over the last 30 years causing multiple recessions, and we are currently leading up to another one as we speak
Comment from : @walkerpichea820

It's a shame that Friedman always stayed away from Central Banks and who runs the money supply in Every Country are all literally the same families These central banks can be used from time to time to steal the wealth from the middle class by devaluation of the printed currencies with simple inflation of the money supply
Comment from : @danfuerthgillis4483

Friedman speaks with admirable clarity It’s uncommon today
Comment from : @willroman3595

USE-VALUE, EXCHANGE VALUE, AND THE DEMISE OF MARX'S LABOR THEORY OF VALUE by Steve Keen
Comment from : @thomasd2444

03:18 - Title : IS-LM : An Explanation | John Hicks | Journal of Post Keynesian Economic | 1980
Comment from : @thomasd2444

01:25 - LOL - Poor, misguided Milton was wrong about Quantity money theory
Comment from : @thomasd2444

So much of this went above my head, but it was still pretty interesting to listen to, and hopefully I picked something up
Comment from : @PunmasterSTP

Remember when the Right had smart guys (who were wrong) vs now when the Right has dumb guys (who don't give shit)?
Comment from : @TaeKim-o3m

I dont always agree with Friedman but this was a great take on Keynes
Comment from : @Yo_Kelz

Yine güzel yerlerdeyim brGönderin gelsin bendekileri geri almaya
Comment from : @Döşeme6

friedman's nonsense was tested in Pinochet's regime It failed so spectacularly that Pinochet threw the chicago rats out after a horrific recession and got the economy back on track with hardcore state intervention
Comment from : @dewok2706

Take Government Interference out of Economics, and Economics becomes simple enough that the average 5th Grade Student has little trouble understanding it fully Look at most any of the 10 highest rated College level Economics Textbooks and you'll find most if not all are heavily influenced by the 'Works' of Karl Marx Or were inspired by books that were heavily influenced by Karl MarxbrbrAdvocating Government Interference to address excesses and abuses that are physically impossible without Government InterferencebrbrHow much currency is 'In Circulation' has no bearing on the Economy either for or against How easy that money is to get is what counts
Comment from : @draconusspiritus1037

God, William F Buckley was absolutely insufferable All the respect in the world to Friedman for being able to rebut Buckley’s horrific attempts to poison the well
Comment from : @AndrewMacedo-ob6jx

Economics is not a dream; Economics is a real measure of life's reality❗️
Comment from : @adtiamzon3663

Milton Friedman on Inflation and Keynes theory could have been changed had JKKeynes lived longer Spot on Milton Friedman 🌞👏👏
Comment from : @adtiamzon3663

I believe that current and subsequent near future events will prove John Maynard Keynes correct I believe that Milton Friedman was a con artist and a grifter, not unlike those that push Bitcoin today, although a very smooth talking grifter, a master at the pyramid Ponzi scheme no less
Comment from : @1337Frederick

This man is a gremlin with liters of blood on his hands
Comment from : @matthewhtaylor679

Keynes' fiscal "multiplier" or government spending "multiplier" based on the marginal propensity to consume, uses illegal math, and is therefore complete nonsense And somehow economists like Friedman never noticed this
Comment from : @MrTugwit

The label "Keynesian economics" is to grand for the narrow assertions contained in the great JM Keynes's "General Theory of Employment, Money and Interest", published in 1936 There, Keynes asserted that when an economy is in stagnation, the only institution that is capable of restoring consumer demand and, thereby, production and investment, is the Federal government, which can borrowed what it requires to put the work force, consumers, back to doing productive work so that they can again exert demand for goods and services THAT is Keynesianism and nothing more But wait! There is something more, and here is the rub that drives the business world, the world served by Milton Friedman, crazy: When consumer demand has been restored by the Federal intervention, and the economy is stable, the borrowing can be repaid by the Federal government by raising taxes THAT is what the business world fears It does not want to pay taxes It is an irresponsible child that only know how to take but not how to give
Comment from : @alvin8391

Old golden days when there was no room for Kim Kardashian reality show on TV
Comment from : @imaji4487

Amazing that people still adhere to this old fool's "ideas" There is a lot of blood on his hands and the hands of the swine that promote him
Comment from : @stevencarter385

And 50 years after he said this, it’s been proven that Neoliberalism (the supply side economics he advocated for) has only created greater inequalities, more economic cycle downturns and social divisions What is most sad is that the Neoliberalism experiment keeps getting repeated despite its failures Perhaps Keynesian economics needs a second look, an updated version Maybe we should move in that direction
Comment from : @brianp1230

Notice how Friedman has a sneer, as though he is picking up a foul odor It's a sign of arrogance I see it in Buckley too, the arrogance, the frame of looking down on others, evaluating others I don't like it As far as Friedman's point, he's lying Economists recommended going off the gold standard, because it limited the amount of money that the state could provide to the economy Proof, the economists at that time, 1933, recognized the importance of the money supply
Comment from : @rickferyok2462

I want that interviewers voice
Comment from : @netroalex5209

So, trickle down economics Let's all agree it doesn't work for any society Though the rich love it brbrPlease
Comment from : @martinhumble

As I expected, he could not criticize the theory apart from calling some of its followers extreme Capitalism could be stabilized for a thousand years with Keynesianism, but the powers that be want it all Good luck with the short term strategies, I don't think you'll like the long term results
Comment from : @gallectee6032

Austrian economist enter the chat
Comment from : @artemisgruis1528

hepimiz keynesyeniz aga
Comment from : @alderaan11

Now the big political issue comes from the lag in the education system There is a solid 20 years between shifts in research and that information finally filtering into a new generation of teachers and textbooks So those theories of the 1930s and 1940s were the basis for the babyboomers' general education(Not those focused on econ, but rather the bulk of the population) And many of those boomers continue to carry those failed theories into the voting booth in 2020 and beyond In addition due to the population spike of that generation their opinions formed a large fraction of popular "knowledge" for an extended time period and were passed into later generations through sheer volume of repetition in common social interaction and political rhetoricbrbrThe perfect storm of misinformation
Comment from : @mytech6779

I started laughing in the begining of the video because i thought " i never saw friedman not being bald LOL "
Comment from : @navigatroncidadesinteligentes

Disagree and Agree wish this was longer whats the full clip of this?
Comment from : @upvotecomment2110

Friedman didn't even understood how money creation worked We now know that his inflation theory was garbage
Comment from : @Sultansekte

Friedman and Keynes were amazing
Comment from : @JR7noir

Hi Mfers!
Comment from : @Norah6848-l7l

Friedman caused so much damage
Comment from : @isawaturtle

The respect he has for Keynes ❤️❤️
Comment from : @yydd4954

This man is a psychopath Directly responsible for the bloody military coo in Chile and the following neoliberal havoc in the rest of the world br He may in the end be responsible for more human devastation than Hitler
Comment from : @per-hakansvahn8044

Friedman was very helpful for the Dictator Pinochet in chile he had no ethical problems to help him
Comment from : @minimax9452

It's interesting that Friedman stated that Keynes was a great economist and Hayek said Keynes knew very little about economics
Comment from : @jlerwin8055

Ahhh, the good old days when TV had substance and intelligent civil discourse between intellectuals
Comment from : @casienwhey

bLearn austrian economics/b
Comment from : @GeorgWilde

Woah, he looks young here!
Comment from : @kingarthur1217

I'll punch you in the goddamn face
Comment from : @chrisharrison763

I respect Friedman, but Ironically Friedman was a keynesian himself, same methodology, just two different sides of the same coin
Comment from : @kingj7606

William F Buckley was so weird
Comment from : @noahclayborne5560

The interviewer speaks exactly like Frank Underwood
Comment from : @ElTimotoQIK

“the more significant the theory, the more unrealistic the assumptions” Milton Friedman
Comment from : @jeanjean1562

Why does Milton always have a stupid smirk? It only detracts from his academia and makes his a “higher than thou” ego larger; what a waste
Comment from : @robertpeston6692

Keynes didn't use electrodes on the testicles to implement a pure version of his policies How anyone can like this video shows a wilful ignorance of Friedman's role in '70s Chile
Comment from : @ally11488

Neo-Keynesians, Keynesians, etc should be expelled from academia
Comment from : @jamesbancroft2467

Friedman is a money commie End the fed
Comment from : @Max-nc4zn

Buckley fooled a lot of people for a long time
Comment from : @bbcapryllian9337

I disagree with Friedman's assessment I have seen nothing but recession come from the application of his 'supply side' economics His principle that somehow rich people will risk their fortunes in investments has turned out flatly wrong If anything, the wealthy are risk averse, and it's the middle class people who take the risks and generate wealth I don't care if Keynes retreated in his later years He was right in the first place Friedman has been proved wrong, and repeatedly
Comment from : @frankhoffman3566

I agree with this assessment by Friedman As an Econ student, I can say that while mainstream economics makes widespread use of Keynesian terminology and measurement mechanisms, it does not advocate (typically) for the policy prescriptions that Keynes did And Keynes himself was a student of the day at hand He even said something to the extent of "When the facts change, my views change" Keynes and Hayek, two polar opposites, remain my heroes today and inspiration for choosing to study economics
Comment from : @xbrando7