July 21, 2006
Free To Choose
Josh at Everyday Economist graces ThreeSources with a link today (he chooses the demonstrably evil WSJ/AlexC position on the penny over mine). More importantly, he posts Part Three of Milton Friedman's "Free to Choose."
These are incredible. Block out an hour over the weekend and catch at least one. He has been posting them weekly.
UPDATE: Never enough of Dr. Friedman -- Sugarchuck sends this link along to a Tunku Varadarajan interview with Milton and Rose (who've been married 68 years).
Economics and Markets Posted by jk at July 21, 2006 3:57 PM
I just checked out Josh's post at http://everydayecon.wordpress.com/2006/07/21/the-demise-of-the-penny/
His second argument is erroneous, both morally and scientifically. It does take more energy to produce ethanol than it delivers, but not gasoline. Gasoline is truly a fuel resource that can be harvested, like firewood, unlike ethanol and hydrogen, which are energy STORAGE products. Additionally, the idea that "society" can make value judgements is a hallmark of statist economies. "Society" is statism's deity - just ask Ann Coulter!
Posted by: johngalt at July 22, 2006 11:48 AMAs a frequent reader of his blog and TCS columns, I don't think Josh is a statist. "Society" can demand a product's production through the market -- not only through regulation. If "society demands" iPods by buying millions of the adorable little guys at $299, I don't think you object.
We're teetering dangerously close to our Elevator Talk impasse here, but societal good can be an aggregate of individual good. Which is good. You good with that?
Posted by: jk at July 22, 2006 12:14 PMWhen I saw this title, I could only think of Rush.
"You can choose a ready guide in some celestial voice.
Posted by: AlexC at July 22, 2006 3:03 PMIf you choose not to decide, you still have made a choice.
You can choose from phantom fears and kindness that can kill
I will choose a path that's clear
I will choose free will."
Oh, THAT Rush! :) Good reference.
I don't think that Josh is a statist, but the idea that "society" demands something is pernicious. Just shining a light, that's all. Yes, I'm good with that.
Posted by: johngalt at July 23, 2006 12:40 AMWasn't Rush really Milton Friedman in Spandex?
Posted by: jk at July 23, 2006 11:27 AMjk spoke: "Society" can demand a product's production through the market -- not only through regulation.
That would make "society" the definition of a consumer, and ours is a consumer-driven capitalist society.
Posted by: TrekMedic251 at July 23, 2006 12:08 PM | What do you think? [6]