Free to Choose

Free to Choose: A Personal Statement is a 1980 book by economists Milton and Rose D. Friedman, accompanied by a ten-part series broadcast on public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty, by the noted economist John Kenneth Galbraith. Free to Choose: A Personal Statement maintains that the free market works best for all members of a society, provides examples of how the free market engenders prosperity, and maintains that it can solve problems where other approaches have failed. Published in January 1980, the 297 page book contains 10 chapters. The book was on top of the United States best sellers list for 5 weeks. PBS broadcast the programs, beginning in January 1980. It was filmed at the invitation of Robert Chitester, the owner of WQLN-TV. It was based on a 15-part series of taped public lectures and question-and-answer sessions. The general format was that of Milton Friedman visiting and narrating a number of success and failure stories in history, which he attributes to free-market capitalism or the lack thereof (e.g., Hong Kong is commended for its free markets, while India is excoriated for relying on centralized planning especially for its protection of its traditional textile industry). Following the primary show, Friedman would engage in discussion moderated by Robert McKenzie with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld (then of G.D. Searle & Company) and Frances Fox Piven of City University of New York. The interlocutors would offer objections to or support for the proposals put forward by Friedman, who would in turn respond. After the final episode, Friedman sat down for an interview with Lawrence Spivak. Guest debaters included: Gregory Anrig (Commissioner of Massachusetts Department of Education) – Episode 6 Jagdish Bhagwati (economist) – Episode 2 Samuel Bowles (economist) – Vol. 3 Episode 5 William H.

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Free to Choose

Milton Friedman

Milton Friedman (ˈfriːdmən; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations.

Laissez-faire

Laissez-faire (ˌlɛseɪˈfɛər ; from laissez faire lɛse fɛːʁ, let do) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system.