6) The American economist Milton Friedman was well -known for his views on government. Read the extracts from "Free to Choose"by M. Friedman and say what his opinion of the activities of the US government? Milton Friedman was the twentieth century's most prominent advocate of free markets In 1976 he was awarded the Nobel Prize in economics for "his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy." he argued that state licensing procedures limited entry into the medical profession allowing doctors to charge higher fees than they would be able to do if competition were more open. Among other things he suggested among other things, a volunteer army, freely floating exchange rates, abolition of licensing of doctors, a negative income tax and education vouchers. The Role of Government Though the United States has not adopted central economic planning, we have gone very far in the past 50 years in expanding the role of government in the economy . That intervention has been costly in economic terms The limitations imposed on our economic freedom threaten to bring two centuries of economic progress to an end Intervention has also been costly in political terms. It has greatly limited our human freedom. An essential part of economic freedom is freedom to choose how to use our income: how much to spend on ourselves and on what items; how much to save and in what form; how much to give away and to whom. Currently, more than 40% of our income is disposed of on our behalf by government at federal,state and local levels combined. As consumers, we are not even free to choose how to spend that part of our income that is left after taxes. Our physician is not free to prescribe many drugs for us that he may regard as the most effective for our ailments, even though the drugs may be widely available abroad. We are not free to buy an automobile without seat belts. Another essential part of economic freedom is freedom to use the resources we possess in accordance with our own values - freedom to enter any occupation, do so on a strictly voluntary basis and do not resort to force in order to coerce others. Today you are not free to offer your services as a lawyer,a physician, a dentist, a plumber , a barber, a mortician, or engage in a host of other occupations, without first getting a permit or license from a government official. You are not free to work overtime at terms mutually agreeable to you and your employer, unless the terms conform to rules and regulations laid down by a government official. You are not free to set up a bank,go into the taxicab business, or the business of selling electricity or telephone service, or running a railroad bus line, or airline , without first receiving permission from a government official. Although these examples only scratch the surface, they illustrate the fundamental proposition that freedom is one whole, that anything that reduces freedom in one part of our lives is likely to affect freedom in the other parts. Freedom cannot be absolute .We do live in an interdependent society. Some restrictions on our freedom are necessary to avoid other ,still worse, restrictions. However,we have gone far beyond that point. The urgent need today is to eliminate restrictions, not add to them. 7. Answer the following questions according to the text. 1. What does Friedman think are the consequences of increased government intervention in the economy? 2. In which paragraph does he criticize taxation? 3. What does he say about medical and road safety legislation? 4. What is the only restriction he believes to be necessary regarding professional occupations, business and trade? 5. What is his objection to the law regarding labour contracts? 8. Find a word or phrase in the text that has a similar meaning. 1) to be or to create an obstacle; 2) to establish or apply as compulsory; 3) to force to act or think in a certain way by use of pressure threats, or intimidation; 4)of high price or value; 5) to investigate or treat something superficially; 6) a person who repairs sewage; 7)on the part of

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6) The American economist Milton Friedman was well -known for his views on government. Read the extracts from "Free to Choose"by M. Friedman and say what his opinion of the activities of the US government? Milton Friedman was the twentieth century's most prominent advocate of free markets In 1976 he was awarded the Nobel Prize in economics for "his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy." he argued that state licensing procedures limited entry into the medical profession allowing doctors to charge higher fees than they would be able to do if competition were more open. Among other things he suggested among other things, a volunteer army, freely floating exchange rates, abolition of licensing of doctors, a negative income tax and education vouchers. The Role of Government Though the United States has not adopted central economic planning, we have gone very far in the past 50 years in expanding the role of government in the economy . That intervention has been costly in economic terms The limitations imposed on our economic freedom threaten to bring two centuries of economic progress to an end Intervention has also been costly in political terms. It has greatly limited our human freedom. An essential part of economic freedom is freedom to choose how to use our income: how much to spend on ourselves and on what items; how much to save and in what form; how much to give away and to whom. Currently, more than 40% of our income is disposed of on our behalf by government at federal,state and local levels combined. As consumers, we are not even free to choose how to spend that part of our income that is left after taxes. Our physician is not free to prescribe many drugs for us that he may regard as the most effective for our ailments, even though the drugs may be widely available abroad. We are not free to buy an automobile without seat belts. Another essential part of economic freedom is freedom to use the resources we possess in accordance with our own values - freedom to enter any occupation, do so on a strictly voluntary basis and do not resort to force in order to coerce others. Today you are not free to offer your services as a lawyer,a physician, a dentist, a plumber , a barber, a mortician, or engage in a host of other occupations, without first getting a permit or license from a government official. You are not free to work overtime at terms mutually agreeable to you and your employer, unless the terms conform to rules and regulations laid down by a government official. You are not free to set up a bank,go into the taxicab business, or the business of selling electricity or telephone service, or running a railroad bus line, or airline , without first receiving permission from a government official. Although these examples only scratch the surface, they illustrate the fundamental proposition that freedom is one whole, that anything that reduces freedom in one part of our lives is likely to affect freedom in the other parts. Freedom cannot be absolute .We do live in an interdependent society. Some restrictions on our freedom are necessary to avoid other ,still worse, restrictions. However,we have gone far beyond that point. The urgent need today is to eliminate restrictions, not add to them. 7. Answer the following questions according to the text. 1. What does Friedman think are the consequences of increased government intervention in the economy? 2. In which paragraph does he criticize taxation? 3. What does he say about medical and road safety legislation? 4. What is the only restriction he believes to be necessary regarding professional occupations, business and trade? 5. What is his objection to the law regarding labour contracts? 8. Find a word or phrase in the text that has a similar meaning. 1) to be or to create an obstacle; 2) to establish or apply as compulsory; 3) to force to act or think in a certain way by use of pressure threats, or intimidation; 4)of high price or value; 5) to investigate or treat something superficially; 6) a person who repairs sewage; 7)on the part of

Answer 1

1. According to Friedman, the consequences of increased government intervention in the economy include economic costs, limitations on economic freedom, and threats to human freedom. He argues that such intervention has been costly in economic terms and has limited our economic and human freedom. 2. Friedman criticizes taxation in the third paragraph where he mentions that more than 40% of our income is disposed of on our behalf by the government at federal, state, and local levels combined. 3. Friedman criticizes medical and road safety legislation in the fourth paragraph. He argues that consumers are not free to choose how to spend their income, and physicians are not free to prescribe certain drugs that may be more effective for their ailments. 4. The only restriction Friedman believes to be necessary regarding professional occupations, business, and trade is the elimination of restrictions, not the addition of them. 5. Friedman's objection to the law regarding labor contracts is that it limits the freedom to enter any occupation and work on a strictly voluntary basis without resorting to force or coercion. 6. 1) obstacle; 2) compulsory; 3) coercion; 4) valuable; 5) superficially; 6) plumber; 7) on the part of

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