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so yeah, I used to run an archival YouTube clip for the California Cohort of Petty Landlords, whenever nefarious Nader fallacy erupted in the trade war threads. Somehow the title survived innerboob "curation": "Milton Friedman - Morality & Capitalism". I was idly concerned that is my own transcription was the only reference still standing in the ruins.
Q: ...This has to do with the Ford pinto. Ford produced it knowing full well that in any rear end collision gas tank would blow up, because they had failed to install a thirteen dollar plastic block in front of the gas tank. And Ford estimated in an internal memo that would cost about 200 lives a year. They estimated further that the cost the cost of each life would be two hundred thousand dollars. They multiplied and found that the cost of installing those blocks in each of the cars would be more than the cost of saving those two hundred lives. And over the past seven years, the car has been produced, and one thousand lives have been lost. It seems to me that Ford did what would be the right thing according to your policy. And yet that seems to me to be very wrong.
FRIEDMAN: Well, let me ask you: supposed it would have cost a billion dollars per person. Should Ford have put a billion on the line?
Q: [cross talk]
FRIEDMAN: You're only arguing about price.... You're not arguing about principle. You're...
Q: no, no, no. ...
FRIEDMAN: Because nobody can take the principle, nobody can accept the principle, that an infinite value should be put an individual life, because in order to get the money involved--the resources involved-- It's not money. They have to come from somewhere, and you want the policy which maximizes the situation over all. You cannot accept the situation that a million people should starve in order to provide one person with a car that is completely safe.
Q: That's absolutely right. I do not accept the situation that a million people should starve to provide one person with a car that is completely safe. I asked, whether the decision not to install a $13.00 piece of equipment that prevents loss of life and Ford loss of profit was wrong
FRIEDMAN: Therefore, You've just arguing anything about princicple. You're just arguing ... you're just asking, whether Ford using two hundred thousand dollars was the right number or not.
Q:I'm not arguing that.
FRIEDMAN: Supposedly two hundred million dollars.
Q: No, no.

These are your people. Translate.

by Cat on Tue Sep 21st, 2021 at 10:09:17 PM EST
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