In this classic video from 1977, Milton Friedman delivers a 52-minute lecture at Utah State University titled “Myths That Conceal Reality” including: 1) the Robber Baron Myth, 2) the Great Depression Myth, 3) the Demand for Government Service Myth, 4) the Free Lunch Myth, and 5) the Robin Hood Myth. Here’s how Milton Friedman introduces his lecture:

“As you are all aware, there has been a drastic shift in public attitudes public opinion in the past fifty years or so, with respect to the role of the individual on the one hand and the role of government and collective institutions on the other.”

“There has been a shift in the philosophy and attitudes of the public from a belief in individual responsibility, from a belief in a society in which the role of government was as an umpire, to a belief in a society in which the emphasis is on social responsibility and the role of government as Big Brother and protector of the individual. As always when such shifts arise in public opinion, they are largely produced and reinforced by the development of myths about prior experience.”

“Somebody wrote that a myth is like an air mattress: there’s nothing in it, but it’s wonderfully comfortable, and deflation causes an uncomfortable jolt. My purpose today is to give you that jolt.” Full video lecture here

(Dr. Benny Peiser)