Milton Friedman on Legislating Morality

I don’t agree with everything from the Milton Friedman-U of C school of thought. In fact, there are parts even in this brief segment that I have strong reservations about.

But is anyone strong enough to disagree with his opening assertion?

There is a fundamental economic law – which has never been contradicted to the best of my knowledge – and that is that if you pay more for something, there will tend to be more of that something available. If the amount you are willing to pay for anything goes up, somehow or other, somebody will supply more of that thing.

We have made immoral behavior far more profitable. We have, in the course of the changes in our society, been establishing greater and greater incentives on people to behave in ways that most of us regard as immoral.

If this is correct, how may this insight be applied to current moral challenges?