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Milton Friedman - The Real World Effects Of Unions

LibertyPen · 432.1K views · 2014-03-14 · 11:01

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Overview

An 11-minute clip of Milton Friedman explaining the incentives of unions and how they affect employment. He argues unions restrict labor supply, raising pay for some workers while hurting low-skill workers.

On Hacker News

HN commenters share it in union threads as a concise statement of the free-market economist's case against unions.

Recommended by 4 HN people across 4 months · HN mentions 2017–2023

Topics

Labor, work & inequalityMicroeconomics & behavioral economics
Search by tags
milton friedmanunionswageslabor economicsincentives

What people said

whitepaint · 2021-05 · Strong recommendation

Listen to Milton Friedman. He explains this (and many more questions regarding the economy) extremely well. Begin with this video: [VIDEO] (The Real World Effects Of Unions)

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blueterminal · 2020-09 · Recommendation

Unions are absolutely detrimental to the society. Thank god we'll never have one for Software Engineers. Great short explanation from Milton Friedman: [VIDEO]

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Consultant32452 · 2019-09 · Recommendation

Nobel Economist Milton Friedman, for one. [VIDEO] If you watch to the end he fully explains how the net effect of unions is to raise the pay of high paid workers and lower the pay of low paid workers. You might also like "Basic Economics" by Thomas Sowell which talks about this phenomenon also.

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Sources

Video by LibertyPen, played through YouTube.

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