Friedman Fundamentals

Economics

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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The Many Restrictions Placed on Free Markets

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

Why Capitalism is Kinder Than Socialism

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

The Consequences of Socialism and Capitalism

When evaluating socialism or capitalism, it is essential to go beyond intentions and instead consider each system's results.

Who Pays Corporate Taxes?

Corporate taxes are ultimately paid by consumers, stakeholders, and workers.

Why Choice Improves Public Education

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.

When the Government Does Too Much

The federal government needs to return its focus to the services that only it can perform.

The Growth of Freedom

A reason for optimism: freedom has been on the rise for two centuries.

Federal Drug Policy: A Constant Failure

The federal drug policy has continued to fail yet the policies remain unchanged.

Collectivism after World War II

Following World War II, the power and size of the US government grew steadily until the 1980s, when intellectual opinions changed.

How Stagflation Changed Monetary Policy

Stagflation in the 1970s derailed the Keynesian consensus on monetary policy.

Our Overgoverned Society

Our government has become so involved in our everyday affairs that it does not perform the duties only it can accomplish.

Milton Friedman Explains the Great Depression

Many people believe the Great Depression was a failure of capitalism, but it was extended and intensified by many misguided government policies.

Liberal, Classical Liberal, Libertarian

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

Free Trade

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

The Costs and Benefits of Fragmented Power

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

Decentralizing Schools

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

Giving Politicians An Excuse To Spend More Money

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

A Case For Free Markets

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

Unions And Free Market Labor

Unions obtain higher wages for their members by restricting entry into their occupations.

The Economic Gains Of Risk-Taking

The economic system that advances society the most enables individuals to take risks and accept the consequences.

Diversity and Freedom

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

Freedom And Equality

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

How To Control Big Government

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

Good Intentions Gone Awry

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

How Government Power Threatens Freedom

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

The Invisible Hand

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

The Historical Threat To Freedom

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

Free Trade and Dropping Tariffs

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

Myths About Capitalism

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

The Government's Effect On Charitable Giving

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

The Good Intentions and Unfortunate Consequences of Government Programs

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

What We Learned About 70% Tax Rates 50 Years Ago

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

What Drives Economic Progress

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

What Drives High Health Care Costs

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.

The Appropriate Role of Government

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