American Monetary Association 276: Biggest Pros & Cons of Free Markets with Dr. David Friedman
Jason Hartman talks with Dr. David D Friedman, son of Milton Friedman, former professor at Santa Clara University in the Law School, and author of books such as The Machinery of Freedom: Guide to a Radical Capitalism and Law's Order: What Economics Has to Do with Law and Why It Matters. The two dissect what role the government should have in society: what it's capable of and what it need to steer clear from, while also delving into the 4 problems that need to be addressed in a feud system.
Key Takeaways:
[1:47] How David's thinking is similar and different than his father's
[4:00] Can the government actually be out of everything?
[8:21] One of the mistakes that supporters of free markets make is implying that things won't ever go wrong
[11:51] Market failure is a mark for and against government
[17:43] What David learned about feud law when looking at various legal systems
[21:38] Making the tort claims transferable would make our legal system much better
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