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Economics

Friedman Fundamentals

Friedman Fundamentals present the analytical mastery of Milton Friedman through his interviews, lectures, and presentations. This series brings together current research conducted by Hoover Institution fellows and the fundamentals taught by Friedman in a concise, animated format.

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Government restrictions on free enterprise have had negative effects on the emergence of new small businesses in America.

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Though many people oppose capitalism for emphasizing self-interest, capitalism promotes freedom and prosperity for all more than any other system.

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When evaluating socialism or capitalism, it is essential to go beyond intentions and instead consider each system's results.
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Corporate taxes are ultimately paid by consumers, stakeholders, and workers.
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Granting parents the freedom to send their children to the schools of their choice increases academic achievement and levels the playing field for more students.
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The federal government needs to return its focus to the services that only it can perform.
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A reason for optimism: freedom has been on the rise for two centuries.
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The federal drug policy has continued to fail yet the policies remain unchanged.

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Following World War II, the power and size of the US government grew steadily until the 1980s, when intellectual opinions changed.
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Stagflation in the 1970s derailed the Keynesian consensus on monetary policy.
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Our government has become so involved in our everyday affairs that it does not perform the duties only it can accomplish.
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Many people believe the Great Depression was a failure of capitalism, but it was extended and intensified by many misguided government policies.

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The embrace of liberty is the marker of true liberalism. But the term “liberal” has changed over time.

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Free trade leads to more economic activity and greater standards of living.

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Bureaucracies administer the power of the federal government often at great cost to taxpayers.

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More school choice for parents and students is the surest way to improve school quality and promote innovation in education.

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Over the years, politicians have exploited the theories of John Maynard Keynes to increase deficit spending.

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Competition in the free market helps prevent the concentration of power.

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Unions obtain higher wages for their members by restricting entry into their occupations.
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The economic system that advances society the most enables individuals to take risks and accept the consequences.

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Freedom allows diversity to flourish, while diversity prevents monolithic conformity from being imposed.

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Societies that put freedom before equality will end up with a great measure of both.

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To limit government to its appropriate functions, we must tackle the explosive growth of federal spending. 

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When reformers create new regulations, they leave behind money and power that special interests benefit from.

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The greatest threat to human freedom is the concentration of power, often by the government.

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When people follow their own self-interest, they end up benefiting the public welfare.

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The historical threat to freedom is the concentration of power in the hands of the government.

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Tariffs are handouts to special interests at the expense of consumers.

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One of the great myths of free-market capitalism is that the rich benefit at the expense of the poor.

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The greatest period of charitable activity occurred in the 19th century, when government spending was small as share of the economy.

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In case after case, government programs adopted for good purposes have had the opposite effects.

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Milton Friedman explains why high tax rates lead to loopholes, and why low rates on a broad base lead to a more equitable system.

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The world thrives when individuals are able to pursue their interests without government interference.

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The cost of health care is driven by third-party payments in which payments are made to the physician by insurance company or governmental body instead of the patient.

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The key feature of libertarianism is that peace, prosperity, and social harmony are fostered by liberty and minimum governmental interference.