Does history endlessly repeat itself? Do we just recycle problems and ideas from one decade to the next?
The debate concerning government regulation and free markets has existed in our country for quite a long time. Which is better? Which creates the best result? If you answered “both” you may be in line for the next Nobel prize! It seems sometimes as if we find ourselves tethered to a large swinging pendulum, moving from times of freer markets to times of increased regulation. Somewhere in the middle is “just right” but we don’t seem to stay there for very long at all.
We were recently reminded of this while watching a reposting of an interview of economist Milton Friedman on the Phil Donahue show in 1979. There are a series of connected videos that cover the entire 45 minute interview, but we found this particular clip especially poignant (link is located at https://www.youtube.com/watch?v=RWsx1X8PV_A ). The consistency in human behavior and timelessness of this narrative is something we find most interesting.