Jennifer Burns

But then he kind of stops and he says, that's not really true because we're born with such different endowments and there's a huge quotient of luck, right? So some people are just in the right position and some people aren't. So if I say capitalism is moral because people get what they deserve, that's not really true.

But then he kind of stops and he says, that's not really true because we're born with such different endowments and there's a huge quotient of luck, right? So some people are just in the right position and some people aren't. So if I say capitalism is moral because people get what they deserve, that's not really true.

And he also kind of has like an ethical reaction, which he ends up calling like an aesthetic reaction. He's kind of like, it just doesn't feel right to say that. And so he struggles for a while with like, what do I say? And then he basically says, capitalism, it can't be the core. Discipline of the market can't be the core to your ethics. It has to be something else.

And he also kind of has like an ethical reaction, which he ends up calling like an aesthetic reaction. He's kind of like, it just doesn't feel right to say that. And so he struggles for a while with like, what do I say? And then he basically says, capitalism, it can't be the core. Discipline of the market can't be the core to your ethics. It has to be something else.

And he also kind of has like an ethical reaction, which he ends up calling like an aesthetic reaction. He's kind of like, it just doesn't feel right to say that. And so he struggles for a while with like, what do I say? And then he basically says, capitalism, it can't be the core. Discipline of the market can't be the core to your ethics. It has to be something else.

So that's when he will decide it's freedom. It's individual freedom. That's really the ethical core. And capitalism makes individual freedom possible because capitalism is dedicated to maximizing that. And so the defense of capitalism comes through freedom.

So that's when he will decide it's freedom. It's individual freedom. That's really the ethical core. And capitalism makes individual freedom possible because capitalism is dedicated to maximizing that. And so the defense of capitalism comes through freedom.

So that's when he will decide it's freedom. It's individual freedom. That's really the ethical core. And capitalism makes individual freedom possible because capitalism is dedicated to maximizing that. And so the defense of capitalism comes through freedom.

And at his stage in history, he's able to set aside nice worry about inequality and say, when I look at the data—and this is true for the macro data at mid-century— incomes are actually converging, right? And also, if you look historically, if a country goes from, say, a more feudal agrarian society to a more market-based society, incomes will converge.

And at his stage in history, he's able to set aside nice worry about inequality and say, when I look at the data—and this is true for the macro data at mid-century— incomes are actually converging, right? And also, if you look historically, if a country goes from, say, a more feudal agrarian society to a more market-based society, incomes will converge.

And at his stage in history, he's able to set aside nice worry about inequality and say, when I look at the data—and this is true for the macro data at mid-century— incomes are actually converging, right? And also, if you look historically, if a country goes from, say, a more feudal agrarian society to a more market-based society, incomes will converge.

Now, then they might start to diverge, but Friedman's in the moment when he's seeing the convergence. And so that's what he's really focused on. So he believes he can justify capitalism through the ethic of freedom, and he also believes that inequality... is a problem that can be addressed through specific policies, and it's not a fundamental feature of capitalism.

Now, then they might start to diverge, but Friedman's in the moment when he's seeing the convergence. And so that's what he's really focused on. So he believes he can justify capitalism through the ethic of freedom, and he also believes that inequality... is a problem that can be addressed through specific policies, and it's not a fundamental feature of capitalism.

Now, then they might start to diverge, but Friedman's in the moment when he's seeing the convergence. And so that's what he's really focused on. So he believes he can justify capitalism through the ethic of freedom, and he also believes that inequality... is a problem that can be addressed through specific policies, and it's not a fundamental feature of capitalism.

In other words, he doesn't see capitalism as an engine of inequality the way that Frank Knight did and the way that maybe some critics on the left would.

In other words, he doesn't see capitalism as an engine of inequality the way that Frank Knight did and the way that maybe some critics on the left would.

In other words, he doesn't see capitalism as an engine of inequality the way that Frank Knight did and the way that maybe some critics on the left would.

So he really begins focusing on economic freedom. And he says, it's really important to focus on economic freedom because in the United States, we don't value it enough. So by economic freedom, he means the ability to keep what you've earned, the ability to make decisions about your business, the ability to make decisions about the work that you do.

So he really begins focusing on economic freedom. And he says, it's really important to focus on economic freedom because in the United States, we don't value it enough. So by economic freedom, he means the ability to keep what you've earned, the ability to make decisions about your business, the ability to make decisions about the work that you do.

So he really begins focusing on economic freedom. And he says, it's really important to focus on economic freedom because in the United States, we don't value it enough. So by economic freedom, he means the ability to keep what you've earned, the ability to make decisions about your business, the ability to make decisions about the work that you do.