Ok, let’s be honest: on a great many topics, the distinguished economist Milton Friedman was right. Minimum wage? Affirmative Action? He nailed those. And he probably converted countless people to the cause of liberty. For that reason (and others) I think he’s one of the most brilliant minds of the 20th century.
But he wasn’t perfect.
One of the things he got really wrong was his version of a guaranteed national income. This bad idea would eventually be pushed through congress and into law. And like all government programs, it would only grow.
I bring this up not to discredit a man like Milton Friedman (could I ever?) but to highlight something more fundamental about libertarianism itself. It has to do with Friedman’s brand of libertarianism, which Rothbard called utilitarianism. But on the heels of last week’s episode, I’m gonna call it minarchy instead. Listen up, I know you’ll make the connection.
Friedman’s Mistake, by Laurence Vance