The late economist Milton Friedman is known for saying that real policy reform depends on the emergence of a crisis. But that’s not exactly what Friedman said, nor what he meant.

Correcting the record was a key goal in Western Carolina University economist Edward Lopez’s Friedman Legacy of Freedom Lecture today for the John Locke Foundation’s Shaftesbury Society. Lopez says Friedman really suggested that good ideas must be available to defeat the tyranny of the status quo.

In the video clip below, Lopez places Friedman’s comments in context.

2:20 p.m. update: Click play below to watch the full 54:20 event.

You’ll find other John Locke Foundation video presentations here.