Rose and Milton Friedman

Paper Summary:

This paper discusses the TV program "Free to Choose" and analyzes the argument of Rose and Milton Friedman about the power of the market. The primary questions which are addressed include: What is the core of the Friedmans' economic argument; Is the argument reasonable; and Does the author find this argument convincing? This paper then analyzes the viability of the argument and whether it is workable and desirable. The paper states that the fundamental argument used by the Friedmans is that the free market, independent of government interference, maximizes income and opportunities for all. The Friedmans further argue that increasing government size both limits personal freedom and impoverishes the governed.

From the Paper:

"Is the Friedmans' argument desirable? In "Free to Choose," the interviewers make the point that society is more complex today than it was in Adam Smith's time, and therefore people need to be "protected" by their governments by the rapacious forces of naked capitalism. Friedman argues that the free market system works better than previous centuries where trade was restricted and governments had a greater role in peoples' lives. This author agrees that economic and personal freedom, while chaotic, assure better economic situations for all. Note that in China the peasants on the farms received economic freedom starting in 1965."

Sample of Sources Used:

• Bade, R. a. (2007). Foundations of Microeconomics. London (HQ): Addison Wesley.
• Economist. (2007). 2008 World Almanac. London: Economist.
• Friedman, R. (1980). FREE TO CHOOSE: The Power of the Market. (McKenzie, Interviewer) New York.
• Li, H. (2005). Family Life Cycle and Peasant Income in Socialist China: Evidence from Qin Village. Journal of Family History , 121-138.

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• Analytical Essay # 14189 : "Free To Choose" ( Milton and Rose Friedman )"
• Book Review # 50501 : "Free to Choose"

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