In this short video courtesy of PhilosophyInsights, Nobel Prize winning Economist Milton Friedman discusses the negative impact government has on society – something he refers to as the ‘Invisible Foot of Government’, in reference to and in stark contrast to the ‘invisible hand’ of the market Adam Smith wrote about in the Wealth of Nations.
Friedman on government and employment:
“You have unemployment because the government prevents people from being employed. Minimum wage law, fringe benefits that are required to be done. You know better than I do all of the burdens that are placed on an employer. And so what happens? Employers prefer to hire part-time people. They prefer to work their current people over time. They try to put off as long as I can adding more people to their staff – it’s a very bad idea. It’s always been a mystery to me why people – it should be thought that people are better off unemployed than at let’s say at three dollars an hour then employed at two dollars an hour. Why are they better off unemployed at three dollars an hour?”
PhilosophyInsights aims at extracting central points of presentations into short clips. The focus is on central ideas of classical liberalism, conservatism and libertarianism and the problems of leftist ideology, including feminism, social justice, post-modernism, socialism and Marxism.