Milton Friedman on Labour Unions

Milton Friedman discusses Labour Unions and their effect on the 'free' market.

[petepotr]

Then, why average wages have remained flat in the last 30 years compared to the growth of executive pay?

[michaelchan]

I currently see it as the labour-side-equivalent of a monopoly. Do monopolies benefit their constituents? Of course, but at the cost of everyone else, most obviously, the consumer. The same is the case for labour unions. How does one remain coherent when they support unions but reject monopolies? Doesn't make sense. Currently, the job I work in demands union membership at the threat of termination, not only that, but I must pay the union a quarterly extortion fee if I wish to remain employed. Does it really benefit me; a highly skilled worker of my trade who is capable of negotiating my own salaries? I sense a deep demand for power and control at the bottom of all this; all of which is deeply anti-competition.

[nerdimmunity]

Are unions still a closed shop in the US?

[timgwallis]

Higher wage la for privates sectors are at no one’s expense?! Of course they are. They’re either at the expense of the customers in the form of higher prices, or the expense of the owners in the form of the lower profits.

So if we want people to have higher wages, either customers pay, owners pay, or the wealthy pay (in the form of higher taxes), OR workers don’t get higher wages which means their quality of life and their freedom to self determine (aka their freedom) is lower. So those are the 4 options; pick one.

[SouthBayBroker]

How many BMW’s did you buy for your union rep with those dues?

[vshah]

I am surprised (not really) that Milton Friedman is against labor unions. I thought he was for free market economics. Even Ben Shapiro, that doesn't believe in minimum wages, does believe that you can form or join a union to get higher pay.

[crazieeez]

Friedman is wrong on this. Labor union is essential to balance the power of wealth between the poor and rich in the PRIVATE sector. It is giving more money to the working poor so they could increase society’s money velocity.

[nerdimmunity]

Dear comments section please factor in inflation to you posts regarding flatlining wages.

[alexshaykevich]

I see, so the Invisible Hand only works in one direction. The great free market capitalist has a problem with the workers exerting the same kind of competitive organised pressure that the oligarchs do. Tells you everything you need to know about this so-called freedom lover.

[FINEYOUBABYGIRL]

Thank god for unions! It was the only way of my family being able to make ends meet. Milton Friedman is a lunatic.

[frankk]

Man this aged poorly
Milton and the CHI school policies came into play and unionship went down with wages