The Invisible Hand in Economics and Politics
by Milton Friedman
I found this lecture very intriguing not only because of the eloquent argument of the Nobel prize laureate in economics in favour of free market and against government intervention but also because of his explanation of the existence of government intervention. He uses the research on the influence of public opinion on government policies by A.V. Dicey, a British constitutional lawyer, to explain the waves of government intervention in history. That got me pondering on the signals out there that indicate the formation of a strong public opinion in favour of increased international development aid and whether it is strong enough to soon influence the development of government policies that affirm the commitment of developed countries to international development. As you know to achieve the UN's Millennium goals more aid is necessary. Developed countries agreed to increase their aid to 0.07% of their GDPs but only a few countries have come close to this goal.