Free To Choose By Milton Friedman Analysis

Milton Friedman, a conservative economist that was most popular in the later part of the twentieth century, wrote many books and studies on the free market. In his piece, “Free to Choose,” Friedman outlined that the free market should be protected to create more growth for society. Though I agree that Friedman makes some excellent points, I believe that his approach to creating freedom is not worth the price of inequality that comes with it. The major dilemma being discussed in this article is how to protect the free market system. Friedman is arguing in the case for the free market, with less government and less regulations.1 He says that America is a result of two major thought trains that were melded together during the formation of the …show more content…
He notes how impressed he is with the immense power in Washington, D.C. There are over 350,000 people employed in Washington for the federal government. The widespread power and conflicting government policies were created by specific legislature. This legislature was set up to try and help small groups with detailed laws. Friedman argues that this sets up a government where people who are in special interests groups benefit, rather than the general interest of the people. He says that these conflicting policies work against the “invisible hand” created by Adam Smith.5 Friedman says that this happens when one person is advocating to get a major benefit from something that is in their special interest group. However, if that one person is getting many smaller benefits from various things, it may actually cancel the cost out. But, he will continue to favor that one program because it benefits him.6 An article by Scott Sumner titled “What Would Milton Friedman Have Thought of the Great Recession?" talks about Friedman’s views on the Great Depression. According to Sumner, Friedman argued in A Monetary History of the United States, 1867-1960, that the Great Depression was caused by excessively contractionary policies by the Federal Reserve board. This is a similar argument that he makes in this article from Free to Choose. Milton Friedman’s views, according to …show more content…
Stiglitz’s main argument is this: inequality causes a failed political system, which in turn causes an unstable economic system, which then makes more inequality. He says that inequality is a downward spiral which makes everything else worse.12 Unemployment, which Stiglitz defines as the “inability of the market to generate jobs for so many citizens” is the most awful failure of the market.13 He claims that politics have shaped the market, and that it shaped it in a way which meant that the top 1 percent were advantaged by it, and the bottom 99 percent suffered.14 He says that the few who are wealthy dominate the political system. He says that young protestors may change the way things are in the