Dr. Friedman, is there any such thing as a well-regulated market? No. He is begging the question. Obviously he is right. If you could have a well-regulated, carefully thought out, properly done market, benevolent dictatorship is the best of all forms of government. Oh, I don’t agree with that at all! Neither do I. Constitutional democracy is the best of all forms of government. No. Constitutional democracy is the least bad of all forms of government. But you beg all the questions when you talk about well-regulated, carefully thought out… if you look at the actual programs that governments follow, they most always have effects that are the opposite of those that were intended by their well-meaning advocates. Let me tell you what troubles me. I will tell you something. Matching the invisible hand of the market is the invisible foot of government. You make the point in the program that in every case where you have a smaller role of government and a freer market, you have a higher standard of living. No. I didn’t say that. I didn’t say that. I said there are better conditions for the poorer people. Okay. Better conditions for the poorer people. Fine, I will accept that. At the same time, you are making the argument in the program that the conditions in Hong Kong are better, for example, than they are in the United States, which is manifestly not true. You are making the argument that Hong Kong is more free than we are. It is more free. Does it then follow that the conditions for poor people in Hong Kong are better than they are in the United States? That I don’t believe is true. I said in there where you compare like with like. Okay this is an important qualification, which isn’t clear in the program. Hong Kong obviously started out from a much lower position. If I were to compare conditions in Hong Kong in 1945 or 1950 with conditions in the United States in 1820 or 1830, you would have a much closer comparison.

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