then it says in this article millton freeman, says that the author, milton friedman. i will read this out. calls such drives for social

if we recall, milton friedman gave rise to the notion of just because we fund schools through government doesn't mean that government knows best for other people's children. but i think what we've seen today with over a hundred years of our current schooling system, it's become really the playground for partisan political and special interests. and i think parents have, and the prick, have really had -- and the public, have really had enough. the more we can put parents in control, let private philanthropies and other organizations help where there is a true financial need, we're going to see that minimized. >> host: what is the independent institute? >> guest: the independent institute is a headquartered in oakland, california, and we stand for peaceful, prosperous solutions and the protection of individual rights. >> host: is it a libertarian-based -- >> guest: we're not, we're nonpartisan but limited government so, yes, we would fall on the libertarian side of things. but we're nonpartisan. >> host: are vouchers, charter schools, are they working, in your view? >> guest: i think the m

those of us who follow the career of milton friedman remember his book. it came out in 1962. it was given huge and constant publicity by the emerging corporate think tanks as well as academics. the book was very readable. it was full of possibility suffering from empirical malnutrition. the kind ofn arguments that have been used, very little empirical base for the arguments. i happened to debate him twice, once in princeton and once in pittsburgh. sponsored by conservative princeton students. and once at the green briar in virginia, one of these corporate retreats. he indicated something quite interesting. he is best known for his statement, corporations have only one purpose, to produce profits. when he was asked after that, how about obeying the law? he says, of course. saying that he is against the u.s. chamber of commerce, he thinks their demands are outrageous. he is not pro-business, he is pro-free enterprise and free markets. i post this to him. thehave recommended that abolition of licensure of physicians. what if you had your local butcher see a great opportunity on

measure the influence, you can see the numbers given to such luminaries as john maynard kane or milton friedman, kenneth arrow, marks and the rest of them and smith outpaces any of them and in fact the citations that will run significantly higher than the next 3 marks put together. smith is a figure that describes the world of economics and the effect of that is he is enormously not prestigious but important to be associated with particular ideas and themes. he found himself the subject of misappropriation from across the political spectrum and the result is a series of caricatures. one is the idea, we find this on the right of the political spectrum, often that smith is a great laissez-faire economist and libertarian whose genius using releasing the world from utopian delusions of socialism and communism. another caricature on the other side of the spectrum is that smith is a market fundamentalist who is an apologist for greed, selfishness and human inequality and what we have between these two, he can't be both of these things. i will save you any vulgar suspense by suggesting he is none of t

so again, to me, you go back to what milton friedman said.edman said what companies need to do is raise value for their shareholders. he didn't say companies should raise value as long as they don't end carbon dioxide or take carbon dioxide out of the atmosphere or they should raise value for their shareholders depending on whether or not they are in defense projects. i believe that's right. i believe that there should be that separation where companies are allowed to have different models. the experimentation of having different models in a free market is really what makes us strong, and why we are going to win much more so than what one company will make for the government or not. liz: i couldn't agree more. we are not here to beat up google. we are here to look at the question companies are faced with but i think your point is made, people can vote with their dollar. they can pick one company in the way that say, for example, amazon invests. kind of ironic president trump is really beating up on jeff bezos who is also the owner of "the was

business and business and respectively business but politics i do not believe in milton friedman saying the business of business is doing business business has also a political responsibility business leaders ahmad also moral leaders in our well nowadays but if we stop talking to contras like saudi arabia then doesn't try to also help overcome differences in the long run well case or it was not the first time. he met cooking after the annexation of the crimean peninsula and he met him in a time when nobody else would meet him and he talked about this meeting and that and action as a short turbulence for in a long term planning he obviously had lost the sense then it's time to distance himself from from a system which is highly probably guilty. of a murderous act now let's see what's county after this this doser of the turkish government and that will tighten the run after but there is a style of politics don't dis ruled yeah you do not need. under us government exactly at that time. investment decisions need to be taken you have to distance yourself from that issue toss up about the f.t

extreme affiliation business and business respectively business politics i do not believe in milton friedman same the business of business is doing business business has also political responsibility business leaders arm are also moral leaders in our belt now with this. donald trump's latest threats over a new nuclear arms race as well as the full of following the murder of saudi arabia and journalist have made investors nervous also the looming standoff between roman brussels over italy's budget and uncertainty around the u.s. midterm elections have done little to help sentiment all that while the trade dispute between washington and beijing continues to cast a long shadow on world trade so japan's nikkei fell two and a half percent as did south korea's kospi he. was one of the brits from the stock exchange oh are investors in europe also running. hard only in the last few minutes if you're watching from the gallery here you can notice more phone calls more beats going down. coming in there down on the on the floor so there is more come ocean and nervousness here and if we look at the board

>> well, before i address that, if i could just thank you for the invitation and i guess milton friedman didn't get it wrong. i'm having to speak so i didn't get a free lunch, but at least i got lunch. the rest of you, please enjoy your lunch. again, as a member of congress, i'm used to speaking and having no one day attention to anything i'm saying. in other words, please enjoy your lunch. so to answer your question, you know, i think more people should be asking the question, not why are you leaving, but why did you stay so long, probably is the more appropriate question to ask. so, yes, i am term limited as chairman of the house financial services committee. and it's hard for people in this town to believe it, but a lot of us do have families and for those of us who have families back in our districts, i live in dallas, i work in washington, i commute back and forth. i've got enough frequent flyer miles to go to mars and back. so when i went to congress, peter, my daughter was in my arms, my son didn't exist. she's driving now, he has a peach fuzz mustache. i'm told that your children

our response in my response was like milton friedman but that is not a good response we were not listening i'm not against free trade but we are recognizing the consequences of dealing with people so american citizens can take and i will not say where but you get the idea. [laughter] and we weren't listening. if you come to california if you drive a corolla into your car no insurance he's illegal i don't know who he is he drives off and you pay for the bill now you have your deductible to pay because he ran into you. $500 is a lot of money to people that is real damage and when the ms 13 -year-old shoots your daughter in a gang initiation you will have questions. it is not just nice big cities like these the killings will be regular people who are just trying to work. not everybody is a criminal but there is illegal alien crime people say you don't understand is important to the economy so that's news to my hispanic immigrant wife. we live our lives not being bigots but you treat people for their character and we are just told we are bad people and we need to shut up and take it. take all

my response was, well, you know, as milton friedman might say -- that's not a good response politically. it's not good morally. we weren't listening to the problems of our people. i'm not against free trade. i'm for recognizing the consequences and figuring out a way to deal with them so american citizens don't take it -- i'm not going to say where, but you get the idea. and, and i didn't -- and we weren't listening -- now, i was listening. other people, like the wall street journal, were not listening about illegal aliens. you come to california, right, you get hit by an illegal alien, drives some corolla into your car, right? he's got no insurance, cop goes, i don't know who he is. >> shrug. guy drives off, you've got your deductible to pay because this guy ran into you. $500 is a a lot of money to people. that's real damage. and when some ms-13 guy shoots your daughter in a gang initiation, okay, you're going to have questions. okay? >> and it's not all folks living in nice beach cities like me. right? it's a lot -- you know, the killings are going to be regular folks who are just tr

as milton friedman responded to a similar statement, in america among scandinavians there's no povertys had social capital is being undermined by norway's generous welfare is date which pays the old mac to work. as the economists wrote in 2015, norwegians have coined a verse until now. the states benefit agency. the policy also endangers immigrants and social economic mobility. in 2017 the norwegian labour and welfare administration sounded about half half the total number of people in norway receiving social welfare payments are immigrants or report also stated many immigrants were living in poverty like conditions. no wonder the norwegian immigration minister said this. >> so, what we see as we have a big challenge now to integrate all the people that have been given permission to stay in norway. ben: schiavo does not allow to beat your children in norway. any politician in america said such a thing, president obama would've never come ever stop talking about systemic american seen a phobia. what about fighting gender equality? norway ranks far behind countries like russia, the unite

is this the old milton friedman argument, business owes nothing to community what business does is makeey for business and shareholders? >> well, you're exactly right. the question is the business a business-business or the business the business of improving the state of the world? you know what side i go on i'm all about how do we use business as the greatest platform for change? and salesforce has worked on homelessness in san francisco. and given more than $50 million to our public schools. we've given away more than a quarter billion dollars overall and done 3 million hours of volunte volunteerism and run 40 nonprofits for free. when we talk about a tax that is 0.5% to deal with the number one crisis in our city, how can we do anything else but to vote yes on "c. >> i agree now my personal view, obviously people could have different opinions i have got to ask. i know how important you think ibm is to the state of our country. it's an important company. i though that you get along terrifically with red hat. any view on the red hat ibm and what it means for the cloud business >> i jus

[laughter] how many of you knew a law just like this passed in 1971 under nixon milton friedman and mlk was for it thousand economist said this to be great for the economy there is one state biggest between one and $2000 per year how do they fund that? what is the oil of the 21st century? technology. software and artificial intelligence we will do what alaska did for the people here in iowa and around the country $1000 a month for every adult is $16 billion is in your hands every year with main street businesses to create 40000 new jobs in perpetuity because right now 50 percent of an percent of fellow americans cannot afford an unexpected 500-dollar bill they get $1000 a month where will it go? health care. car repairs it will stay right here in iowa that is how we build the trickle up economy from the people and families and communities go up that trickle-down nonsense that we know does not work. we need to build a human centered economy. number two moved to medicare for all. [applause] in the richest country in the history of the world when we get sick we worry more about our health

as milton friedman responded to a similar statement, in america among scandinavians there's no povertyad social capital is being undermined by norway's generous welfare is date which pays the old mac to work. as the economists wrote in 2015, norwegians have coined a verse until now. the states benefit agency. the policy also endangers immigrants and social economic mobility. in 2017 the norwegian labour and welfare administration sounded about half half the total number of people in norway receiving social welfare payments are immigrants or report also stated many immigrants were living in poverty like conditions. no wonder the norwegian immigration minister said this. >> so, what we see as we have a big challenge now to integrate all the people that have been given permission to stay in norway. ben: schiavo does not allow to beat your children in norway. any politician in america said such a thing, president obama would've never come ever stop talking about systemic american seen a phobia. what about fighting gender equality? norway ranks far behind countries like russia, the united s

a try and rely on an interview that milton friedman did with phil donahue years ago where he didn't really say that but they characterized what he said as that. the reality is that capitalism is based on something that approaches all truism. when you're a capitalist, when you're creating a business, what you're trying to do is try to figure out how you can meet the needs of other people. when i ran carl's jr., i didn't try to figure out what hamburgers i wanted to eat, i wanted to figure out what anybody else wanted to meet. i was trying to meet the needs of other people with the best quality product at the lowest price, that's how you improve your life. you improve your life by meeting the needs of others. john mackey's grocery stores, you see hundreds of products. every one of those represents a group of individuals that's trying to figure out how to best satisfy the needs of everybody that walks in. this is true whether it's cars or tractors, it doesn't matter what you're doing. if you're in a free-market capitalist system you are constantly trying to figure out how to satisfy other peo

then it says in this article millton freeman, says that the author, milton friedman. i will read this out. calls such drives for social responsibility in business as unadulterated socialism. adding businessmen who talk this way are unwitting punts of the intellectual forces that have been undermining the basis of a free society. okay. that's his argument. and then creates the profits. the context is important. that article appeared, there is absolutely no doubt about it. because of a shareholder proposal in may of 1970 to put three public interest people on the board of directors of general motors because they wanted more fuel efficient cars and safer cars. okay. and this was what they were arguing for. now we go ahead and look at the subsequent history of the automobile history. what didn't general motors do? as the japanese came up with more fuel efficient cars, it did not come up with more fuel efficient cars. as the swedes and others came up with safer cars it did not come up with safer cars. it did try to learn from the japanese, but then it killed saturn, where

. >> when milton friedman can win a nobel prize and then paul crudeman can win a prize, is it really a science >> adding to the science. >> they can add totally opposite >> yes >> with gravity, medicine, you actually have -- it's objective truth, whereas, in economics you have, i think, blah, blah -- how often do economists get things right, andrew? >> sometimes >>> let's get to our corporate story of the morning i should say of the weekend. elon musk and the sec reaching a settlement deal. we spent much of thursday and friday talking about the on and off nature phil lebeau has the details. >> reporter: andrew, watch shares of tesla today. if you that i can deal, that yet yetty much okay. shares expected pre-market and here's the settlement. there's a fine that tesla is paying he gives up the chairmanship for three years. he gives it up he cannot be re-elected for at least three years. two new independent directors will be appointed to the tesla board. both elon musk and tesla paying $20 million fines. this is the most interesting one. there will be oversight by a committee of elon m

then they had some -- milton friedman had a very clear idea about all of this. this he were very convincing. it took them a long time to put together the data and the argument, the book was published from 1963, and that is, decades after the end of the depression. but here in this case we have an enormous amount of information available pretty quickly after the financial crisis. we have information that's come from the inside of fanny mae and freddie mac. we have all loan level data we have peter's work. we have work from both sides if i want to say both sides. across the political spectrum. yet we're not convincing. we're not convincing. many of our colleagues, i refer -- >> i refer to one of your colleagues, at columbia, the historian. people are not looking at the available information. that's why i said at the beginning, there's a great deal of scholarly malpractice in place here. >> let me, i started this whole thing today with a statement. that it's going to be very, very hard for us to know fully degree as people have now, fully agree on what happened in