https://www.bloomberg.com/opinion/articles/2020-09-18/milton-friedman-was-wrong-look-at-income-inequality
Joe Nocera notes:
“I have asked the question before, but it’s worth asking again: What is an economy for? It’s not simply to shovel profits to shareholders. The purpose of an economy is to allow people to prosper. In the end, Friedman’s doctrine has warped our understanding about the people an economy is supposed to serve. It’s not just shareholders. It’s all of us”.
Milton Friedman Was Right About Shareholder
Capitalism
https://www.nytimes.com/2020/09/18/opinion/milton-friedman-essay.html
Binyamin Appelbaum notes:
“The necessary solution is to create stronger incentives for good behavior and laws against bad behavior.
· Instead of urging power companies to burn less fossil fuel, tax carbon emissions.
· Instead of pleading with McDonald’s to raise wages, raise the federal minimum wage.
· Instead of shaming Amazon for squeezing small business, enforce antitrust laws.
Government also needs to do more to support economic growth. Friedman’s negative vision of government has helped to obscure the ways the public sector can help the private sector, for example by investing in education, infrastructure and research”.
Milton Friedman’s Vision Has Failed. Let’s Bury It
and Move On.
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