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Milton Friedman On Income Differences

In this short clip from the 1980 PBS series Free To Choose, Milton Friedman explains one reason why observed differences in incomes do not necessarily reflect unfairness or poor public policies – and why such differences reflect efforts that benefit us all.

Speaking of income differences, Bob Murphy reminds us of an important point that is typically ignored. (Be sure, when at Bob’s post, also to click on his link to his earlier essay.)