Erik Lenderman - "Milton Friedman is a Nobel Prize winning economist who is well known for promoting free market capitalism. This lecture was hosted in a college auditorium in lecture and Q / A format."

Q: Why Is Milton Friedman relevant today?

Erik Lenderman: "Milton Friedman's work is relevant, because he is one of the leaders in clarifying the role of free market capitalism and the risks of government policies."

Q: What are the benefits of free markets?

Erik Lenderman: "Free markets enable individuals to engage in trade with each other, which tends to increase the standard of living for society at large. Most technological innovations began with the free market - Individuals who saw an opportunity and took action to create a new product or service. The lightbulb, electricity, running water - These were all developed in the private sector."

Q: What about government investments into new technology? Didn't the government create the internet?

Erik Lenderman: "Yes - Spending government money on R&D certainly results in new technologies, but the technologies tend to be most successful at increasing the public's standard of living when they migrate to the private sector. The private sector was responsible for installing the majority of the internet's current infrastructure."

Q: What is the role of government?

Erik Lenderman: "The role of government varies depending upon the circumstance, but Friedman's work describes the risks and provides several case studies. The most significant risk of government intervention is associated with the size and scope of policies. The government is capable of producing substantial changes in how the free market operates, and enacting legislation takes time. Therefore, repealing legislation takes time as well, and correcting government errors may require decades."

Q: Is there any role for the government in protecting the public?

Erik Lenderman: "There is certainly a role for the government in protecting the public, and we have relegated the military and police to the government for thousands of years. However, this naturally produces a risk that these entities will become too large, too heavily dependent upon the tax payer, and ultimately wield dangerous levels of power over the public.

Today, the United States relies too much on taking money from tax payers and attempting to provide an extensive suite of services, which are subsidized by credit." 

Q: Does the government over-reach?

Erik Lenderman: "The government, by an act of Congress, is able to take money from the private sector and allocate the capital for purposes it believes will most benefit society. Whether this is over-reach is a question for each citizen, but we know that when the government makes an error, it requires decades to correct the error.

However, when a private sector company or industry makes an error, the free market puts the company out of business and recycles whatever assets remain fairly rapidly. The free market adjusts more quickly than the rate at which Congress is able to pass legislation."

Q: What about Climate Change?

Erik Lenderman: "Climate change was precipitated by government policies, which took tax payer money and subsidized fossil fuel companies, which destroy the planet. Today, the government is attempting to correct this error through creating new tax credits and subsidies for Clean Energy companies, which has become necessary. This may not have been necessary if the government did not subsidize fossil fuels during their early development."

Milton Friedman's work was not primarily concerned with the government's deliberate acts of fraud, waste, or abuse. Rather, he was concerned with well meaning public policies, which produced adverse effects. Still, the government's role in combating fraud in the private sector remains clear.

Soundcloud stream via Erik Lenderman

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Milton Friedman - The Role Of Government In A Free Society Via Erik Lenderman - Full Video

Erik A. Lenderman is a person who respects people of all faiths. He is a project management and human capital consultant for the private and public sector. Note: Civilian, No prior uniformed service. Political orientation:  Moderate, leaning Independent. He favors free market capitalism, small government, and fiscal responsibility. 

Publications include the 'Principles of Practical Psychology' and 'Human Capital Management' for executives, which have reached readers from 126 countries around the world.

Erik Lenderman provides services to small, medium, and large organizations.