Tag Archive for Milton Friedman

Uncle Milt talks Robber Barons

I was talking with a co-worker today who was arguing in favor of government organizations such as OSHA and the EPA, lest we slide back to the days of the 1800’s when workers in America were exploited and taken advantage of in the most cruel of ways by the evil Robber Barons of Wall Street, and I was reminded of this speech from Uncle Milt. Even back then, he recognizes the difference between Liberal thinking and Libertarian thinking is the notion of a zero-sum game. Milton makes the point in his speech that many believe someone’s gain is predicated by someone elses loss, thus perpetuating the idea that as the rich get richer, the poor must be getting poorer. The Liberal thinking usually revolves around the transfer of wealth as opposed to the creation of wealth. Therein lies the fallacy.