Bad ideas blown away by Milton Friedman 113
A young idealist has a formula for ending poverty and achieving economic equality: 100% inheritance tax and redistribution of wealth by government. He thinks – as the Left does – that there is a fixed quantity of wealth in the world – “the capital” he calls it . (Why can’t or won’t the Left understand that wealth is created?)
Milton Friedman explains how the formula would destroy a society.
And here he talks – inter alia – about the importance of limiting government power to preserve the freedom of the individual.
