In 1993, at the grand opening of the Cato Institute’s headquarters in Washington, D.C., Dr Milton Friedman gave a talk. It is worth listening to even after 28 years. He was introduced as “the Nobel Prize winner, economic trailblazer, author, scholar, statesman, champion of political freedom and economic liberty, Dr. Milton Friedman.”
Friedman was awarded the Nobel Memorial prize in economic sciences in 1976. He died in 2006 at the age of 94.
Although the substance of his talk at the Cato Institute relates to the US, it is relevant in a much larger contemporary context of what is going on around the world and in the US. Understanding Friedman’s points helps us make sense of the world. Besides being informative, he is as always delightfully funny and entertaining. Here’s the .mp3 audio of the talk. Continue reading “Friedman on Free Lunch”