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Milton Friedman Speaks: The Economics of Medical Care (B1234) - Full Video

Free To Choose Network · 86.4K views · 2016-03-21 · 45:27

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Overview

Milton Friedman lectures to physicians on the economics of medical care, arguing that government involvement raises costs and leads toward socialized medicine. He also discusses licensing and protecting patients from quacks.

On Hacker News

HN commenters recommend it for Friedman's argument that regulation and lobbying produce a less efficient, centrally planned healthcare system.

Recommended by 2 HN people across 2 months · HN mentions 2019–2022

Topics

Microeconomics & behavioral economicsMedicine & infectious disease
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milton friedmanhealthcareregulationmedical licensingfree market

What people said

snagglegaggle · 2019-10 · Recommendation

Careful, "for-profit" healthcare has a lot of government controls on it. Single payer is only obvious after you add a lot of controls to the market. See [LINK] and the more complete [VIDEO] . He explains how regulation eventually results in a centrally planned setup that is less efficient than what used to happen.

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chimi · 2019-09 · Recommendation

[LINK] I also like this 45 minute lecture Milton Friedman gave to physicians telling them how they were making healthcare worse due to this type of lobbying by their representatives. [VIDEO]

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3D25157725 · 2022-12 · Reference

For any interested, here[1] is the late Milton Friedman's take on how we might protect against quacks, frauds, and snake-oil salesmen posing as doctors if government didn't step in to limit the supply of medical doctors in the name of quality control. I realize it's not exactly what the article is discussing, but it's certainly relevant for all the same reasons. This is during the Q&A of his lecture "The Economics of Medical Care", given to the very people who would most object to his ideas: [1] [VIDEO]

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Sources

Video by Free To Choose Network, played through YouTube.

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