Government planning and detailed control of economic activity lessens productive innovation, and consumer choice. Good, better, best, are replaced by ''approved'' or ''authorized.'' Friedman shows how 'established' industries or methods, seek government protection or subsidization in their attempts to stop or limit product improvements which they don’t control. Friedman visits India, Japan and U.S. Discussion Participants: Robert McKenzie, Moderator; Milton Friedman; Richard Deason, International Brotherhood of Electrical Workers; Donald Rumsfeld, President, G.D. Searle & Company; Helen Hughes, Director of Economic Studies, World Bank; Jagdish Bhagwati, Professor of Economics, MIT.

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