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Milton Friedman - The Real World Effects Of Unions

LibertyPen · lecture · Watch on YouTube

Labor, work & inequalityMicroeconomics & behavioral economics

What it is

An 11-minute clip of Milton Friedman explaining the incentives of unions and how they affect employment. He argues unions restrict labor supply, raising pay for some workers while hurting low-skill workers.

Why Hacker News recommends it

HN commenters share it in union threads as a concise statement of the free-market economist's case against unions.

  • 4 people recommended it
  • 4 different months
  • 1 strong recommendations
  • first 2017, last 2023

What HN commenters said

  1. “He explains this (and many more questions regarding the economy) extremely well. Begin with this video”

    Friedman explains unions' real-world effects; a starting point for his economics.

    whitepaint, 2021-05 · Strong recommendation · in “Uber recognises a union for the first time”

  2. “For anyone at home that wants to listen to someone that knows more about economy than any of us”

    Friedman on real-world effects of unions.

    conanbatt, 2017-11 · Recommendation · in “American Airlines Accidentally Let Too Many Pilots Take the Holidays Off”

  3. “If you watch to the end he fully explains how the net effect of unions is to raise the pay of high paid workers”

    Friedman explains how unions raise pay for high earners and lower it for low earners.

    Consultant32452, 2019-09 · Recommendation · in “The Myth of the Wealthy Welder”

  4. “Great short explanation from Milton Friedman”

    Short Friedman explanation of union effects.

    blueterminal, 2020-09 · Recommendation · in “Mark in the Middle”

Excerpts from Hacker News comments, linked to the originals. Summaries and labels were written by a language model from those comments.

Topics: milton friedman, unions, wages, labor economics, incentives

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