The more I research economics, the clearer it becomes that the government literally ruins everything it touches.

20 minutes into the talk and already learned like 20 new things. Thanks, David.

So glad Milton Friedman's son followed in his path

I am really happy after watched this video. I have been missing Milton Friedman, and it is a real comfort to see that David Friedman is just as sharp.

Soon as I saw his face and name I immediately thought 'That is Milton Friedman's son.' And I was right. Definitely gonna watch and listen to this. And hope he is a smart as his mum and dad.

You endured insufferable Prof Richard.Wolf. Respect.

This is the shortest and most under control I've seen his hair and I actually like it wilder. He rocks the Doc Brown look

David Friedman pointed out the real-world incentives that individuals and politicians face and the unintended consequences. Young people (like this audience) tend to be idealistic and more focused on intended outcomes than on unintended consequences. So I think this audience tended to tune out Friedman’s gritty points, most of which I found to be quite funny. But then I’m 69 and have been an anarcho-capitalist for nearly 40 years.

Support and Protect David D Friedman.

I am a California native earning modest wages and I wholly support private institutions. Public services always perform worse than private. Yet this is lost on so many scared insecure weasels.

A relative of Milton I take it

Very interesting

David has a very interesting CV.

Brilliant !! It is a pity that he didn't get the fame his father got.

Alfred Marshall did spend some time at Oxford.

I read a book about the general theory of relativity when I was 14 years old for a book report. The Lorentz transform was repeated on many pages. I did not understand that mathematical detail.

05:00 He's describing French traffic.

When David gets excited, he sounds like Prof Frink.

Thanks for a great speech and I think I agree at a fundamental level with your point of view, but the amount of 'mess' made in a kitchen is proportional not only to the efficiency with which the chef cleans as he goes, but more importantly the ambition and scope of his dish in pleasing all of the beneficiaries of the meal.

Cogent and descriptive.

them nose hairs tho

Most of what is said is common sense. If only common sense was given more importance than college education more problems would get solved. Everything needs credentials you need to go to Harvard or Oxford to tell people about common sensical things, people otherwise wouldn't even hear you, no matter what you know and how much sense you make.

David left out the option to avoid crowded and loud restaurants or other meeting places, rather than speaking more loudly.

Whoa.... Those socks man....

We know what you are doing

On the argument against the morality of anarcho-capitalism pertaining to the flagpole example... Any ancap would agree that it's better to be judged by 12 than carried by 6. Trespassing on someone's flag pole to save your life is absolutely worth it. Just because someone has those principles doesn't mean they can't bend or break them to save the lives of themselves or others. Even as an anarcho-capitalist, if I saw an angry, snarling dog attempting to rip apart a little girl on someone else's property, I would feel a duty to trespass and save her. While property rights are immensely important, they don't trump the right to life. There is room for the principle of being a good Samaritan even in a world where property rights are the basis for your society. Likewise there should be room for doing what it takes to save your own life. Really, you made your own argument in favor of this. Say I continue down the flagpole despite the instructions of the property owner, we could settle this dispute with private arbitration. I would like to think that any rational person would side with the person who did *only* what it took to save his own life. Perhaps there must be room for intent.

All market failures, environmental issues, negative externalities, etc can be solved with property rights and entrepreneur competition

About the cooking example, here is an argument against David's conclusion. If the person who cooks also cleans, the additional cost to themselves might make them prefer simpler meals which require less cleaning. Those meals might be less enjoyable than more elaborate and labor-demanding meals. Picking the supposedly efficient arrangement might create a race to the bottom where each spouse cooks easier and easier meals over time, since each party gains (just) the benefits when the other person cooks elaborate and nice meals but both benefits and costs when they themselves cook a meal. David appears to be assuming that the set of meals to be cooked is fixed. Never the less I would in general recommend David's scheme, in part because the cook has an incentive not to carelessly cook in an overly messy way out of laziness (i.e. it limits sloppiness), in part because you have the opportunity and an incentive to interleave cooking and cleaning tasks in the way most appropriate to the situation. Arrive at some effort-quality trade-off by talking to your spouse. If the cooking-and-cleaning work is distributed other than 50/50, for example 2/3 vs. 1/3, I'd recommend pursuing any egalitarian or other distributional goal by allocating other household tasks to compensate. Some people suggest splitting household tasks by having each party to an even share of each task; I recommend dividing tasks according to aptitude and preference-have the better cook do more of the cooking, have the person who doesn't mind getting their hands dirty take down the trash and scrub the toilet, and then distribute the tasks where the parties are ~equally good and which the parties find ~equally (un)enjoyable such that the total work load is split 50/50. That's how I'd answer the egalitarian concern of the gentleman with the question.

So he homeschooled his children... fantastic.

41:42.. That student is too intelligent 😲😲😲

It natural for market to die under free competation

Socialists disliked this video.

A man so confident he wears his nose hair as a mustache.

Ever since at least 1980, We the People of planet Earth have had the capability of providing the highest quality of food, the highest quality of clothing, the highest quality of shelter, the highest quality of healthcare, and the highest quality of education for each and every man, woman and child on the face of the Earth, and to do it in such a way that was in Harmony with Nature.

very cute socks

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His nostril hair has externalities

A carbon copy of his dad/brother/uncle? Also looks exactly like Gary Cohn, Trumps former economic adviser.

Is that nose hair?

Is there actually hair growing from his nose long enough to serve as his mustache...or a beard?!

is it anti-Semitic to ask if he is Jewish?

It seems strange to assume that the potential for market failure in the economy can be overcome by human ingenuity but that market failure in political systems entail that we have to abandon market intervention. This is essentially the same as arguing that large corporations need not try to solve the principal agent problem by changing incentives, but instead disperse the means of production across as many people as possible (an obvious similarity between libertarianism (or liberalism) and communism). They both fail for the same reason - they are utopic fantasies. Political systems and corporations have always, and will always exist. Our task is to improve the incentive systems in democratic processes, work made much harder by anarchists, communists, liberals, and other enemies of democracy who deal in incomplete information, often disingenuously (though i don't think in David Friedman's case) and pit otherwise reasonable people against the improvement and adoption of the best systems we have so far; proportional representation in the parliamentary system and democratic socialism.

Isn’t it interesting that nowhere on earth are libertarian ideas even attempted. Too damn bad federalism died.

I hereby declare that David Friedman shall now be referred to as "Creepy the Clown."

Shave that nose please brah

Doesn't have the same charisma as Milton and doesn't propose practical policy like Milton

It's always fascinating how libertarians, though smart, cannot glimpse that everything is political, nothing is independent and that we cannot run away from reality of laws of nature. It's a special kind of insanity and inability to see the bigger picture and not just their own posterior.

What a waste of tome