Classic Milton Friedman; "Classic Liberal" Friedman
In this video from 1975 (the year before he was awarded the Nobel Prize), Milton Friedman explains at the beginning:
"I never characterize myself as a conservative economist. As I understand the English language, conservative means conserving, keeping things as they are. I don't want to keep things as they are. The true conservatives today are the people who are in favor of ever bigger government. The people who call themselves liberals today -- the New Dealers -- they are the true conservatives, because they want to keep going on the same path we're going on. I would like to dismantle that. I call myself a liberal in the true sense of liberal, in the sense in which it means of and pertaining to freedom."
Friedman goes on to explain: why the welfare state philosophy of doing good with other people's money always involves violence and coercion; why even good people lie to the American people once they become politiicians; why the mininum wage law forces employers to discriminate against unskilled workers, especially black teenagers; why government programs almost always have the exact opposite effect of the intended effect; why the harm done by trade unions was becoming patently obvious; why the Great Depression was not necessary and did not arise out of any natural flaw in the market but because of monetary mismanagement, etc.
Hat tip to Vijay Boyapati.