This is one of Milton Friedman's well known videos where he calls out the government for wasteful spending.
Who is Milton Friedman?
Born: July 31, 1912, in Brooklyn, New York.
Died: November 16, 2006, but his ideas are still very much alive, haunting economics classes everywhere.
What He Did:
Free Market Champion: Friedman was like the Johnny Appleseed of free-market economics. He believed that if you just let the market do its thing, it would solve most problems better than any government could.
Monetarism: He's famous for his theory of monetarism, which basically says that inflation is caused by too much money chasing too few goods. So, control the money supply, and you control inflation. Simple, right?
Famous Works:
"Capitalism and Freedom": A book where he argues that economic freedom is a prerequisite for political freedom. Basically, if you want democracy, you better have capitalism.
"Free to Choose": A TV series and book where he and his wife, Rose, traveled the world proving that capitalism is the best way to go. Think of it as a travelogue for economics nerds.
Quotes:
"The social responsibility of business is to increase its profits." This one made a lot of people's eyebrows raise, but he meant businesses should focus on what they do best, not try to solve social issues.
Legacy:
Influence: He's influenced generations of economists, politicians, and even pop culture. Remember that episode of "The Simpsons" where Mr. Burns says, "I'm Milton Friedman, you idiot!"? That's how deep his impact goes.
Controversies: Not everyone was a fan. Critics argue his policies led to income inequality and other social issues. But hey, economics is like pizza – everyone has their own slice of opinion.
