Summary
Milton and Rose Friedman argue that American freedom and prosperity are threatened by an "explosion of laws, regulations, agencies, and spending in Washington." They contend that government intervention, even with good intentions, often leads to negative outcomes because "government is the middleman." The book aims to explain these economic issues to the public and propose solutions to "expand our freedom and promote prosperity."
The Friedmans analyze what has gone wrong with the economy and offer remedies, asserting that the current trajectory endangers America's future economic health. They address specific concerns, such as why individuals might pay for others' pensions instead of saving for their own, the Federal Reserve's perceived failure to control inflation and recessions, and the unequal distribution of benefits among industries and workers.
Key concepts
- Erosion of freedom — The reduction of individual liberty due to excessive government actions.
- Undermined prosperity — The reduction of economic well-being caused by government overreach.
- Government as middleman — The negative consequences of government intermediation in economic transactions.
- Explosion of laws, regulations, agencies, and spending — The specific mechanisms by which government is seen to harm freedom and prosperity.
From the book
Description: In this powerful and persuasive book two distinguished economists, Milton Friedman and his wife, Rose, unravel the mysteries of economics for the man or woman in the street (Wall Street or Main Street). They show us how our freedom has been eroded and our prosperity undermined through the explosion of laws, regulations, agencies, and spending in Washington, how good intentions often produce deplorable results when government is the middleman. And then they tell us what to do if we want to expand our freedom and promote prosperity. If you have ever wondered why you are paying someone else's old-age pension instead of saving for your own old age, why the Federal Reserve doesn't control inflation and recessions as it was set up to do, why some industries and some workers get a…
Description: In this classic discussion about economics, freedom, and the relationship between the two, Milton and Rose Friedman explain how our freedom has been eroded and our prosperity undermined through the explosion of laws, regulations, agencies, and spending in Washington, and how good intentions often produce deplorable results when government is the middleman. The Friedmans also provide remedies for these ills--they tell us what to do in order to expand our freedom and promote prosperity. New Foreword by the authors.
Snippet: In this classic discussion about economics, freedom, and the relationship between the two, Milton and Rose Friedman explain how our freedom has been eroded and our prosperity undermined through the explosion of laws, regulations, agencies, ...