Common Sense Economics

Friedman identifies the central tension that makes pre-1914 immigration fundamentally different from immigration today. When newcomers arrived at Ellis Island, they came to work—there was no safety net waiting for them. Success or failure depended entirely on their own effort and ability to contribute value to others through voluntary exchange. That system worked because immigration was self-regulating: only those willing to take the risk and do the work made the journey. Introduce expansive welfare programs, and the calculation changes entirely. Now immigration becomes a fiscal equation, not just an economic one. The issue isn't whether people want to come or whether they'd contribute—it's whether a system promising benefits to everyone regardless of contribution can sustain unlimited entry. Friedman wasn't making a moral argument about immigration. He was making an economic observation about incompatible incentive structures.

Help the poor… Free To Choose Network with Milton Friedman.

Milton Friedman exposes a startling paradox in our welfare system: if poverty program money actually reached those it's meant to help, recipients would be wealthy. Friedman breaks down how our welfare system fails the very people it claims to serve. The money gets lost in the bureaucratic maze, benefiting everyone except those who need it most. The answer isn't more funding but fundamental reform.

Government committees don't write great plays. Bureaucrats don't spark innovation. The masterpieces that define human achievement? They come from individuals with the freedom to create, compete, and yes—profit from their brilliance. The critics call capitalism "materialistic," but here's what they often miss: When people are free to pursue their own interests, something remarkable happens. Not because money is noble, but because freedom unleashes human potential in ways central planning never could. Watch Milton Friedman explain why the individual, not the collective, drives humanity forward.

Government spending > tax revenue = two choices: borrow money or print money. Guess which one politicians prefer? Milton Friedman breaks down why inflation is the "invisible tax" that never needs a vote.

Milton Friedman cuts through the budget deficit debate with a crucial insight: Every federal budget is actually balanced - you're just paying for it in different ways. Whether through explicit taxes, inflation, or borrowing, the cost always lands on us. The real question isn't about deficits, it's about total government spending as a share of our income. Control that, and the rest takes care of itself.

CommonSenseEconomivs is moving through Georgia! Meet Natela…

Meet Natela from Georgia. Natela is one of the 4 Georgian trainers leading workshops to equip secondary school teachers with the tools and techniques they need to bring economics alive in the classroom. Here’s what she had to say about her participation in our train-the-trainer week earlier this year.

“This training was not just professional development, it was personal awakening! I saw economics education in a new light. The content was top-notch and the trainers were phenomenal. I feel excited to share this newfound economic knowledge with other teachers. I can't wait to start revolutionizing the way economics is taught in Georgia.”

Our thanks to the Rising Tide Group for supporting our Teacher Training Pilot in Georgia, Kosovo and Ukraine. We’ve trained almost 200 teachers this year and will reach over 400 in 2025. Follow us as this story evolves!

Event: A Timeless Reading Group: Dive Deep into Hayek's "The Use of Knowledge in Society"
When: October 27, 2024 – November 3, 2024
Cost: $0
Discussion leader: Tawni Hunt Ferrarini

Join Liberty Fund's Timeless online reading group to commemorate Friedrich Hayek’s Nobel Memorial Prize in Economic Sciences Award and dive into his essay “The Use of Knowledge in Society.” Explore with us the complexities of economic coordination, the price mechanism, and the role of decentralized information. Engage in thought-provoking debates and pick up fresh insights with each session. Sign up now at: https://lnkd.in/gU_xFivr

Please join me for an asynchronous reading group on Hayek and the Use of Knowledge and Society. Information on how to register is below. To get excited and prepare for our engaging discussion, first listen to Boudreaux from Cafe Hayek, who provides insights into Hayek's works on the Great Antidote podcast series. Hope to see our some of our friends at the Bastiat Society, American Institute for Economic Research there.

The Great Antidote: Don Boudreaux on the Essential Hayek | Adam Smith Works The month of October 2024 marks the 50th anniversary of F. A. Hayek winning the Nobel Prize . Winning such a prize is obviously a big deal, but someone wins one every year, so what’s the big deal about this guy?

I hope you can join me in this asynchronous virtual reading group!

The Great Antidote: Don Boudreaux on the Essential Hayek | Adam Smith Works The month of October 2024 marks the 50th anniversary of F. A. Hayek winning the Nobel Prize . Winning such a prize is obviously a big deal, but someone wins one every year, so what’s the big deal about this guy?

I highly, highly recommend…. Educators, there are many professional development opportunities here and some great treasures for your students.

Explore our Community tab to learn more about our online programs- from month-long Virtual Reading Groups, one shot conversations, and asynchronous reading groups, we've got something for everyone.

We 💙to learn with you! https://oll.libertyfund.org/community

Tax more. Expect less.

Walter Williams and Thomas Sowell discuss the economics of welfare. #freetochoose #MiltonFriedman #WalterWilliams #ThomasSowell #capitalism #economics #freemarket #freedom #liberty #entrepreneur #business #society #equality #wealth #inflation #tax #taxes