If drugs were legaily available, any possible profit from such inhumane activity would disappear, since the addict could buy from the cheapest source. Pdf milton friedman, drug legalization, and public policy. An essay or paper on argument against legalization of drugs. Become engaged in a community that shares an interest in the mission of the hoover institution to advance policy ideas that promote economic opportunity and prosperity, while securing and safeguarding peace for america and all mankind. Aug 29, 2019 milton friedman was an american economist and statistician best known for his strong belief in freemarket capitalism.
Jun 06, 2008 milton friedman puts forward a compelling case for the legalization of drugs more videos and information on issues of liberty is available at. As an expert on demand curves, it is worth taking a look at his reasoning. Your gift helps advance ideas that promote a free society. Also hosted the documentary of the same name, based on the books ideas.
An important issue in the debate is how to measure and compare the total harm caused by the prohibition or potential legalization of drugs. Milton friedman and the emergence of the permanent income hypothesis history of political economy 2003 351. Jun 20, 2018 in 1991 nobel economist milton friedman was interviewed by emmy awardwinning drug reporter randy paige on americas drug forum, a national public affairs talk show that appeared on public television stations. Milton friedman puts forward a compelling case for the legalization of drugs more videos and information on issues of liberty is available at. Friedman was of the opinion that all drugs should be legal, and he believed that the fact. Discover librarianselected research resources on milton friedman and monetarism from the questia online library, including fulltext online books, academic journals, magazines, newspapers and more. Entitled prohibition and drugs, friedmans article called for the. What do you think about this, would legalizing drugs be a good thing for our society as milton friedman suggests. His books include the economics of prohibition 1991. Now 93yearsold, friedman discusses why he thinks its a good idea to legalize drugs and prostitution and why school vouchers would provide competition in the education. Friedman advocated legalizing drugs and generally opposed public education and the states power. Dec, 20 milton friedman was known as a libertarian. Milton friedmans most popular book is capitalism and freedom. In the interview, milton friedman discussed in detail his views americas war on drugs, legalization of drugs, the role of government in a free society, and his pessimistic view of americas future if we continue moving in the direction of socialism.
Sep 29, 2019 american economist milton friedman rose to prominence in the second half of the 20th century as one of the leading critics of the prevailing economic theories of john maynard keynes, whose mixed economy model became the standard for many developed nations during and after the world war iiera. But in three major areas, he refused to defend free market principles. When president nixon announced a war on drugs in 1972, nobel laureate and hoover fellow milton friedman attacked the program as immoral and counterproductive. And as an economist, lower prices tend to generate more demand. A guide to his economic thought isbn 9780876634769 introductory guide to milton friedman chao, hsiangke. Milton friedman has 108 books on goodreads with 73003 ratings. You have long been a proponent of legalizing drugs. Prohibition versus legalization independent institute. Legalization of drugs chapter 2 6 should drugs be legalized milton friedman and william j bennett here are some facts provided by the u.
Milton friedman was an american economist and statistician best known for his strong belief in freemarket capitalism. List of books and articles about legalization of drugs. Twentyfive years later, friedman is more convinced than ever. Nothing is so permanent as a temporary government program. Friedman made two primary libertarian arguments in favor of drug legalization. Entitled prohibition and drugs, friedmans article called for the legalization of drugs all drugs. Bennett is research fellow at the american enterprise institute. Milton friedman why drugs should be legalized youtube. Heres why milton friedman thought all drugs should be legal. Its time to end the war on drugs hoover institution. Friedman advocated legalizing drugs and generally opposed public education and the states power to. Today, drugs are box incredibly expensive and highly uncertain in quality.
Pdf milton friedman, drug legalization, and public. Nobel prize winner for economics and author, along with wife rose, of the libertarian classic, free to choose. Milton friedman, drug legalization, and public policy. He served as director of the office of national drug control policy and as u. The prominence of many of those who have at various times made the case for legalizationsuch as william f. The one adverse effect that legalization might have is that there very likely would be more people taking drugs. His compromises on monetary policy and education vouchers are well known in austrian economics circles. Most of the harm that comes from drugs is because they are illegal. One of the great mistakes is to judge policies and programs by their intentions rather than their results. List of books and articles about milton friedman and.
Legalize drugs all drugs the libertarian institute. Nov 16, 2006 milton friedman was the grandmaster of conservative economic theory in the postwar era. Entitled prohibition and drugs, friedman s article called for the legalization of drugs all drugs. Milton friedman, drug legalization, and public policy oxford.
In the interview, milton friedman discussed in detail his views on americas war on drugs, legalization of drugs, the role of government in a free society, and his pessimistic. Books by milton friedman author of capitalism and freedom. How do you see america changing for the better under that system. But, if you legalized, you destroy the black market, the price of drugs would go down drastically. Milton friedman interview from 1991 on americas war on drugs. And the reason good intentions go awry is because youre spending somebody elses money. In 1991, randy paige interviewed milton friedman in 1991 about his stance on the legalization of drugs. A few years ago this question was not taken seriously by mainstream opinion, but more recently an increasing number of leading figures have spoken out for legalization, and polls show that a growing percentage of the public favors legalization. Bennett has written books on virtue and has his own radio program. Milton friedman milton friedman leads a list of more than 500 economists from around the u. In 1972, newsweek published what must have been considered by many readers to be a shocking commentary on the drug war by libertarian nobel prizewinning economist milton friedman. Tyranny of the status quo our emphasis here is based not only on the growing seriousness of drugrelated crimes, but also on the belief that relieving our police and our courts from having to fight losing battles against drug use will enable their energies and facilities to be devoted more fully.
According to my values, if people want to kill themselves, they have every right. I discuss all this in my 1996 book, crossed fingers, which you can. Jun 02, 2005 milton friedman milton friedman leads a list of more than 500 economists from around the u. As a vocal advocate for drug legalization, friedman brought the idea to the publics. Drugs legalization is a good idea milton friedman youtube. Nov 17, 2006 milton friedman was the grandmaster of freemarket economic theory in the postwar era. In this classic book, milton friedman provides the definitive statement of his immensely influential economic philosophyone in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. For example, many people fear that legalizing drugs would lead to a sharp increase in the number of drug users. In 1991 nobel economist milton friedman was interviewed by emmy awardwinning drug reporter randy paige on americas drug forum, a national public affairs talk show that appeared on public television stations. Milton friedman why drugs should be legalized video. See all books authored by milton friedman, including capitalism and freedom, and free to choose. Legalize drugs all drugs the future of freedom foundation. Heres why milton friedman thought all drugs should be.
Let us deal first with the issue of legalization of drugs. Needless to say, his theories aim to drastically alter the urban landscape. Milton friedman 1972, 1980, 1984, 1989 has long advocated the. July 31, 1912 november 16, 2006 was an american economist who received the 1976 nobel memorial prize in economic sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. Friedman questioned whether legalizing drugs would le ad to an increase in the number of addicts. Bennett, in a response to milton friedman, argues against the legalization of drugs, saying that such a policy would be a social, legal and moral surrender 52 to drugs and would do no good in reducing drug use or attenda. Essays on the free market and prohibition 9781879189058. It is from a 1991 interview on americas drug forum, a national public affairs talk show that appears on public television stations. Jan 27, 2017 drugs legalization is a good idea milton friedman. The stoners and nonstoners that think only weed should be legal are pretentious assholes. Time for a real debate paul stares friday, march 1.
According to my values system, if people want to kill themselves, they have every right to do so. Milton friedman books list of books by author milton friedman. You know, over and over again in government policy, good intentions go awry. As a vocal advocate for drug legalization, friedman brought the idea to the publics attention over the course of more than three decades. This chapter discusses milton friedmans writings on the topic of drug legalization and his efforts to end the war on drugs. Home browse economics and business economics schools of economics milton friedman and monetarism. His career as one of the worlds preeminent economists and advocates of freedom has won him many accolades, bestselling books, and a nobel prize. Whatever happens to the number of addicts, the individual addict would clearly be far better off if drugs were legal. In his 1962 book capitalism and freedom, friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. Aug 30, 2018 in 1972, newsweek published what must have been considered by many readers to be a shocking commentary on the drug war by libertarian nobel prizewinning economist milton friedman. During his time as professor at the university of chicago, friedman.
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