Third Party Effects (Milton Friedman) | from Not An Economist channel

Third Party Effects (Milton Friedman) | from Not An Economist channel

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1 Video View·Apr 9, 2023

Role of Government and Third Party Effect, otherwise known as externalities - is the second video on the topic of the role of government in the society, economics, and freedom, discussing the views of Milton Friedman, John Locke, Adam Smith, Friedrich Hayek, members of the Austrian School of Economics and Mont Pelerin Society.

0:00 - Intro
0:34 - Example of Pollution and Market Failure
1:34 - Truck Drivers, Desirable Number of Accidents, and No Fault Insurance
2:44 - Market Failure vs Government Failure
4:06 - Market Failure Solutions Invented by Society
6:46 - Henry Ford and Elon Musk Examples
7:22 - Thinking in Terms of Results and NOT Intentions
8:07 - Three Forces That Drive the Expansion of Government
8:44 - Conclusion

Milton Friedman Playlist:
https://youtube.com/playlist?list=PLbVVaabAopv98lM-B9BcokQ_HsI_5W4nK

Ayn Rand Playlist:
https://youtube.com/playlist?list=PLbVVaabAopv-wXA5TLbltJfj2tCbcJQPn

All music and sounds are from https://www.epidemicsound.com