ECON-100 FA4 Lecture Notes - Lecture 10: Private Good, The Affluent Society, Externality
12 Oct 2016
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Economics is difficult to test its own propositions. People can make outrageous claims and do sloppy work because there is no exact way to prove if they are right. John kenneth goldberg published the affluent society in 1957. Claimed that the us was private good rich but public good poor. Americans drove very fancy cars across crumbling bridges and bad roads. Education was in poor shape but people had all kind of amazing household gadgets. Private goods, especially in the us, are advertised. The very best minds in psychology from the best schools are working on ad ally but there is no one to advertise the public goods. Milton friedman responded with capitalism and freedom in 1962. He argues that we need less government because government is inherently inefficient and we need more private goods. Deregulate the economy and reduce the amount of government.
