Friedman: The income limitations quite properly imposed for the occupancy of public housing at subsidized rentals have led to a very high density of "broken" families " P. 180
Note: I actually agree with Friedman (don't faint) on the point that dispersing low income families through neighborhoods containing higher income families is desirable. But how often do higher income families welcome lower income families as neighbors? If, for example, families received a subsidy to live in a specific house or apartment, then the "income limitations quite properly imposed" could be altered. Instead of forcing a family to move when their income improves, just remove them from the subsidy program. (I must give credit for this idea to Jane Jacobs, author of The Death and Life of Great American Cities.) Also, Friedman falls into the "matriarchy" trap described in "The Moynihan Report" which assumed that females raising families in a matriarchal society are automatically at a disadvantage and therefore less successful. My own master's paper explored this thesis exhaustively in a national sample of the black population, and found no differences by sex of parent or other adult caregiver when other factors were held equal. Pro-regulationI enjoyed this category, because I found a surprising number of statements that either implicitly or even explicitly acknowledged that there is a legitimate role for government to establish the rules of the game and to regulate monetary and economic matters.
Friedman: The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the "rules of the game" and as an umpire to interpret and enforce the rules decided on. P. 15
Note: Friedman is PRO government regulation!
Friedman: In summary " economic activity ... presumes that we have provided, through government, for the maintenance of law and order to prevent coercion of one individual by another, the enforcement of contracts voluntarily entered into, the definition of the meaning of property rights, the interpretation and enforcement of such rights, and the provision of a monetary framework. P. 27
Note: Role of government:
1) law and order
2) prevent coercion
3) enforce contracts
4) define property rights
5) interpret/enforce property rights
6) provide a monetary framework
Friedman: " the Federal Reserve System " was given the power to create more cash if a widespread demand should arise " and " monetary crises could be completely avoided. P. 48
Note: Friedman argues the Fed should have done more of this in the 1930's. By implication, he would favor a strong governmental role in the financial crises that reached epic proportion in late 2008.
Friedman: " how " can we establish a monetary system that is stable "? The only way " that offers promise is to try to achieve a government of law instead of men by legislating rules for the conduct of monetary policy " P. 51
Note: Friedman is in favor of at least some forms of governmental regulation of the financial sector! We need rules!
Friedman: " a legislated rule instructing the monetary authority to achieve a specified rate of growth in the stock of money. P. 52
Note: Again, government should regulate with strict monetary policy.
Friedman: Is it tolerable that these public functions of taxation, expenditure, and control be exercised by the people who happen at the moment to be in charge of particular enterprises " P. 134
Note: Sounds to me like he is arguing for social responsibility to be lodged in government regulation.
Friedman: " what determines the average level of prices and wages is the amount of money in the economy " P. 135
Note: This sounds very Keynesian to me. Since it is an acknowledged function of our national government to define our financial system, including to create money, then if wages and prices have fallen and we want them to rise, we should "print money."
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