Milton Friedman – Why it isn't Necessary to Throw the Bums Out

Milton Friedman explains that for solving things in government it is not necessary to elect the right people to Congress, but instead to make it profitable for the politicians in power to do the right thing. "The same congressman will vote for a different thing if he thinks that's politically profitable." Source: brittle13 YouTube channel.

Transcript:

Comment from audience:

We need to change Congress to get off the treadmill ...

Milton Friedman:

No, we don't need to change Congress, excuse me. You know, people have a great misunderstanding about this. People in Congress are in a business, they’re trying to buy votes. They’re in the business of competing with one another to get elected. The same Congressman will vote for a different thing if he thinks it’s politically profitable. You don’t have to change Congress. People have a great misconception in this way – they think the way you solve things is by electing the right people. It's nice to elect the right people, but that isn’t the way you solve things.

The way you solve things is by making it politically profitable for the wrong people to do the right things.

Translated by: Jadranko Brkic