Watch the following link (it is about 13 minutes long) and do the following:
Milton Friedman: Should Higher Education Be Subsidized?
1. Summarize in a few paragraphs Milton Friedman’s arguments against the subsidization of higher education
2. State your opinion in a paragraph or two on Friedman’s arguments and what the strengths and weaknesses are as you see them
3. Draw a supply and demand diagram for higher education and assume there is a positive externality associated with the demand for higher education. Show the deadweight loss, explain whether the private market has over or under consumed higher education, and suggest a policy to fix this problem.
Please respond as soon as you read it!