King Rat (gkr) wrote,
King Rat

Eco 200: Friedman quote

(group) A Milton Friedman quote: The promotion of individual freedom should be the prime objective of social arrangements. Relate Friedman's objective of individual freedom to the role of information, middlemen and speculators in an economy. What is a social arrangement? Does this objective tend to conflict with other societal objectives? Explain.

Middlemen and speculators are primarily dealers in information. As are producers, but it is more clear in the role of middlemen and speculators. According to Friedman, the rules should be engineered so as to allow individuals the greatest amount of choice in their decisions. In Friedmans view, this is no conflict with other societal objectives, as the product of individuals' choices will result in the greatest good. I would disagree. I believe unregulated economic freedom will on occasion result in situations which do not benefit all. If overall wealth rises, but the entire rise goes to 1 person, that is hardly an optimal result.

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