Greed

Econ: Greed

Milron Friedman
Greed

Milron Friedman
Milton Friedman's Brilliant Response To Phil Donahue's Question About Greed

Milton Friedman on the Donahue Show. This is where he makes his famous, "What is Greed?" quote.

In 1979, a young Phil Donahue challenged legendary economist Milton Friedman on the principles of capitalism. And specifically he went after the concept of greed.

But Friedman eloquently articulated what capitalism was really about. And how it was behind so much good and wealth that was created in history.

But, Donahue tried to poke holes in Friedman argument.

"But it seems to reward not virtue as much as it does the ability to manipulate the system," said Donahue.

"And what does reward virtue?" asked Friedman rhetorically. "Does a communist commisary reward virtue? You think a Hitler rewards virture?"

"The record of history is absolutely crystal clear," he said.
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