- Image via Wikipedia
- Image via Wikipedia
Milton Friedman on Socialized Medicine. From a talk given at the Mayo Clinic in 1978.
Although over 30 years old and focused on the medical industry, there are lessons here beyond the obvious. The semi-alert and above will recognize the process as a general one that applies to any industry in which the government becomes involved.
The video provides a prescient framework for where we were heading in 1978 and where we are in 2010. There is nothing new in this video in the sense that the insights were unique to Friedman. Economists have known these truths since before Adam Smith. What is unique is the clarity and force with which Friedman delivers the message. But that was not unique to this topic for Friedman. It was a staple of his discourse on any subject.
[youtube]http://www.youtube.com/watch?v=VPADFNKDhGM[/youtube]
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