An increase in supply of money reduces the value of money, therefore, the reduction in value of money increases the inflation rate. The goods and services increases due to increase in inflation rate which reduces the purchasing power of individuals. Inflation rate and purchasing power is explained in the video by Milton Friedman.
The interesting points Milton Friedman made is that the political freedom tends to destroy the economic freedom, he also mentioned that the political freedom is dangerous for economic freedom and as well as for human freedom. The examples of economic freedom is made with Hong Kong and comparison with the history of US. The US is better off compared to few decades back when there was more political freedom in US compared to present time.
Video by: Remember This
According to Milton Friedman, the equality of opportunity is not possible because there are many factors that need to be taken into an account when defining the equal opportunity. The examples that were addressed by Professor Friedman is that not everyone has the same ability and opportunity to be to equal to one another. The equal opportunity explained by Milton Friedman is that “there should be no arbitrary obstacles placed to prevent people from achieving those careers, those positions and those opportunities for which they have the ability and the capacity and the taste to qualify. There should be no arbitrary obstacles in people from developing their capacity.” The opportunity should be there for everyone but the person with the most capability should be paid more than the other person with the less capability. This explanation of Milton Friedman helped the economy to keep moving forward. The people kept trying to be better than one another in terms of knowledge, skills, and effort to be better rewarded for their performance.
Video by: Basic Economics