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Economics and the Pursuit of Happiness

5 Parts, 15 Lessons, 51 Videos   3H 30M
Parts
  • Introduction
  • Political Economy and Public Choice
    • Lesson 1: Political Implications of Economic Systems
    • Lesson 2: The Public Choice Perspective
    • Lesson 3: Bureaucracy and the Commercial Order
  • Moral Dimensions of Property and Trade
    • Lesson 4: Justice in Exchange
    • Lesson 5: Social Aspects of Justice and Commerce
    • Lesson 6: Property, Production, and Distribution
  • The Contest of Ideas: Keynes and Hayek
    • Lesson 7: John Maynard Keynes: Radical Conservative
    • Lesson 8: Hayek: Conserving Freedom
    • Lesson 9: Keynesianism and the Limits of Economics
  • The Contest of Ideas: Free to Choose?
    • Lesson 10: Freedom of Choice
    • Lesson 11: Hayek: Libertarian Paternalism
    • Lesson 12: On the Nature of Liberty
  • The Moral Dimensions of the Market Economy
    • Lesson 13: Moral Norms
    • Lesson 14: Justifying Income, Wealth, and Capitalism
    • Lesson 15: Market Freedom, Efficiency, and Tradition

Lesson 10 Lesson 10: Freedom of Choice

Presented by: Dr. Jay Richards and Dr. Anne Rathbone Bradley
Busch School of Business and Economics at the Catholic University of America and George Mason University

Playlist

  1. Lesson 10, Video 1 - Dr. Jay Richards
  2. Lesson 10, Video 2 - Dr. Anne Rathbone Bradley
  3. Lesson 10, Video 3 - Dr. Anne Rathbone Bradley

Choices and Freedom

Economist Milton Friedman saw America as a nation of free men and women who govern themselves in private and public affairs, with the scope of the American public sector restricted to protecting citizens from harm to their persons and property and aiding them in doing things they cannot do individually or through voluntary associations. But Friedman observed a trend in American history of government shifting from the role of umpire and support to that of parent. This was nowhere more clearly exemplified than in public education. In this lesson, students will ask with him: “What’s Wrong with Our Schools?”

Key Concepts: (1) Liberty — Economic and Political, (2) Principal-Agent Problem, (3) Education Voucher, (4) Capture of Regulatory Agencies

Lesson 10 Quick Quiz

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EPH Lesson 10: Freedom of Choice

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“Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.”

Milton and Rose Friedman

“Few institutions in our society are in a more unsatisfactory state than schools. Few generate more discontent or can do more to undermine our liberty.”

Milton and Rose Friedman

“The establishment of the school system in the United States as an island of socialism in a free market sea reflected only to a very minor extent the early emergence among intellectuals of a distrust of the market and of voluntary exchange. Mostly, it simply reflected the importance that was attached by the community to the ideal of equality of opportunity.”

Milton and Rose Friedman

“The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice.”

Milton and Rose Friedman

“Public schools teach religion, too – not a formal, theistic religion, but a set of values and beliefs that constitute a religion in all but name.”

Milton and Rose Friedman

Learn More

h Link

Milton Friedman and Rose Friedman. Free to Choose: A Personal Statement. (New York, NY: Harcourt, Inc., 1980, 1990). “Introduction,” pp.1-8, and Chapter 6, “What’s Wrong with Our Schools?” pp. 150-171; 187-188.

Read Now
h Video

“Education, Inequality, and Incentives,” with Roland G. Fryer Jr., Harvard University

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h Video

“Free to Choose Part 6: What's Wrong With Our Schools featuring Milton Friedman”

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h Video

“Milton Friedman on Free to Choose”

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