{"id":95714,"date":"2025-09-25T02:00:43","date_gmt":"2025-09-25T06:00:43","guid":{"rendered":"https:\/\/quotulatiousness.ca\/blog\/?p=95714"},"modified":"2025-05-19T16:48:46","modified_gmt":"2025-05-19T20:48:46","slug":"david-friedman-on-markets-governments-and-whether-we-need-either","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2025\/09\/25\/david-friedman-on-markets-governments-and-whether-we-need-either\/","title":{"rendered":"David Friedman on markets, governments and whether we need either?"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"854\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/WrWndVId6m0?si=5GuwtrH98W9OHKVh\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Adam Smith Institute<\/strong><br \/>\nPublished 16 May 2025<\/p>\n<p>\u200bWhen markets go awry, who is to blame? Some blame greedy profiteers, whilst others blame governments for tinkering with incentives and supply chains. Where does the truth lie? And what role should the government play when markets go wrong?<\/p>\n<p>\u200b\u200b\u200bProfessor David Friedman is a physicist, leading free-market economist and Professor Emeritus of law at Santa Clara University. The son of Nobel Prize-winning economist Milton Friedman, David has authored many textbooks on free-market and libertarian theory. In 1973, he published <em>The Machinery of Freedom<\/em>, which has been ranked by <em>Liberty<\/em> magazine as one of the &#8220;Top Ten Best Libertarian Books&#8221; of all time.<\/p>\n<p>TIMESTAMPS<\/p>\n<p>0:00 &#8211; Intro<br \/>\n1:00 &#8211; What is a market failure?<br \/>\n2:44 &#8211; Restaurant analogy<br \/>\n4:15 &#8211; Negative externalities<br \/>\n5:00 &#8211; Positive externalities<br \/>\n5:50 &#8211; Malls<br \/>\n6:55 &#8211; Radio<br \/>\n7:40 &#8211; Price System<br \/>\n8:48 &#8211; Why most economists aren&#8217;t libertarians?<br \/>\n9:26 &#8211; Government action is a political market<br \/>\n12:30 &#8211; Secure property rights for future benefits<br \/>\n15:27 &#8211; Stalin<br \/>\n16:15 &#8211; Military examples<br \/>\n18:20 &#8211; Teaching<br \/>\n19:47 &#8211; Desert example<br \/>\n20:55 &#8211; Conclusion<br \/>\n22:19 &#8211; End<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Adam Smith Institute Published 16 May 2025 \u200bWhen markets go awry, who is to blame? Some blame greedy profiteers, whilst others blame governments for tinkering with incentives and supply chains. Where does the truth lie? And what role should the government play when markets go wrong? \u200b\u200b\u200bProfessor David Friedman is a physicist, leading free-market economist [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[692,755,817,550,1026],"class_list":["post-95714","post","type-post","status-publish","format-standard","hentry","category-economics","tag-externalities","tag-incentives","tag-laissez-faire","tag-libertarianism","tag-microeconomics"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-oTM","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/95714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=95714"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/95714\/revisions"}],"predecessor-version":[{"id":95715,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/95714\/revisions\/95715"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=95714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=95714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=95714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}