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March 03, 2010

Why did Milton Friedman hate Chile?

It appears Mr. Libertarian Economist persuaded Pinochet-era Chilean leaders to relax previously more stringent building codes.

Why? Because his libertarian soul hated government-imposed building codes as a regulation.

Result? Per Chileans on the ground, buildings from the 1950s and '60s have, in many cases, held up better than those from the 1970s and '80s. Multiple, documentary links off the link above.

That includes this interview with the Minneapolis Fed, where he said:
Similarly, building codes impose costs that you might not privately want to engage in, wage and hour laws—and on and on.

So, Wall Street Journal, et al, stop putting him on a pedestal. Even worse, non-ideological MSM, stop buying the Journal line.

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