so rose director, which was her name, sat next to milton friedman. in addition, as rose always says she was the only girl in the class. >> at the time? >> at the time. >> and when did you decide to write books together? and how did you separate the responsibility? >> well, that's very hard to answer. we were married in 1938, six years ago we -- after we first met. and we had children. and rose did a wonderful job in really, taking care of the house, raising children and being an inspiration to me. but she wasn't in a position -- she had a professional career before that. she had -- written some things and worked in research organizations before that. but it wasn't until the kids were grown up and off to college that she was able, really, to spend the time working with me. so we, she -- the capitalism and freedom was based on a series of lectures that i had given at a kind of summer school. and she took the lectures and reworked them into the book. so really, she should have been a joint author on that as well. >> janet and david? >> they're my childr

. >> when people look at milton friedman 25 years from now, probably still be here. >> i won't be here >> in case you are -- what do you want them to remember? do you want them to remember you as a writer, a teacher, a philosopher, an economist? >> again, i want them to remember me as an economist. >> and what principle do you want them to remember the most? >> well, that's hard to say. because there are quite a number. i mention the theory of the consumption function. which is a very technical book. but which yet, i believe has had a good deal of influence within the discipline of economics. but -- i really don't know how to answer that question. i think that people 25 years from now will have to answer it. not me. >> milton friedman has been our guestth and he wrote the introduction of this 50th anniversary edition of f.a. hyack's book, "the road to@@ >> next on booktv, christopher phillips hussein to direct to thomas urgently said that the u.s. constitution be revised on a behcet's travels across the country and speaks to several groups of americans about reframing the constitutio

oddly that stopped we entered this brave new world of sort of milton friedman capitalism the great experiment of deregulation killed that natural progression that we had gone since world war two at the same time however many pundits have sounded warnings of capitalism is death and some have even heralded the advent of the never before seen socialism in two thousand and nine the american newsweek magazine wrote we are all socialists now indeed continued financial disintegration leave little choice for western governments the further bank bailouts and this means government oversight on a scale that would send europe for example back into the one nine hundred fifty s. all the while generations of classical social democracy policies could be raised from the present and future the entire social democracy experience in the west has its origins in assuring that the rise of radical and tie democratic politics like fascism could not meant to societies again as this mindset and policy agenda decline it remains to be seen how the west will protect itself from the worst of ideological extremes to ponder

financial terrorist and chicago school of economics is there this is where obama came from a milton friedman a neo liberal school and these fellows should not be so cocky because the mob is beginning. to circle i can say maybe in those terms in other words it's not as if these people can simply disappear once they punch the clock and leave the chicago board of options exchange i mean they're living breathing human beings for how long well many people don't know this but we're onto a net actually did the same thing she hung a poster outside of her side i say i am the one percent and here's an image from the eight hundred i guess and this is a picture of her being led to the guillotine and i have another picture here max this is the actual blade used to cut her head off soon after she put up her banner saying i am the one percent i'm going to bid on. like to add that to my collection my robes piri and collection of reign of terror memorabilia prices for reign of terror america memorabilia are skyrocketing all over the world people begin to remember some of the actions that they can take yes an

wealthier that wealth went to everyone we all got wealthier but then came fat sure and reagan and milton friedman and i and rand in this bizarre notion that playing games by rules that work for everybody is just a quaint idea and instead the world should be reformed to make it easy for the predators as a result over the last thirty years most of all the new wealth created in america just the top one percent when reagan first began to really corrupt capitalism as i noted in my book on equal protection most americans didn't even notice that greed is good sounded reasonable to many people and for the first time in history school kids started saying they wanted to grow up to be rich instead of wanting to grow up to be somebody who changed the world washington lincoln or martin luther king jr. but then after reagan kicked off today's massive concentration of wealth the top one percent just started taking more and more they took it off after on reagan made it legal and last generation the richest one percent have seen their incomes on will squad drupal for the average americans have seen their paycheck

. >> our school system, thecommonist milton friedman understood it was a problem before the rest of us did. in 1955 he proposed school vouchers, instead of spending $13,000 per child on government schools, that is what america spends on the average today, instead of just giving that money to the bureaucrats and assigning kids the schools based on where they live. he said attach them to the kid with the child and family choose which school to attend. then the schools would compete for that money and competition would improve all the schools. his idea was ignored for decades but now there are voucher experiments in many states. in this year, indiana all low income families can use voucher to escape the monopoly. patrick burns chaired education choice and knows plenty about competition because he is ceo of the overstock.com the internet company that resells products cheap to people. your point is everybody wants choice and that includes education? >> right. let's remember the fundamental purpose of a monopoly, the whole point is to to sell interior product at a high price. it doesn't chan

transit and drug producing countries, and in reference to those costs, the late nobel laureate milton friedman quoted, as a nation, we have been destroying foreign countries because we cannot enforce our own laws. nowhere is the harm of prohibition, i think, more apparent than in mexico, a country that has seen a dramatic increase in violence, including more than 40,000 drug-related killings since it began to aggressively prosecute the war on drugs, beginning at the end of the year 2006. journalists and politicians have been intimidated and killed, newspapers have stopped reporting the activities of drug cartels, cities have become militarized, and corruption has spread through police departments and other agencies of local and federal government in mexico. it is ironic that they are prosecuting the war on drugs at that time when public opinion in the united states is increasingly critical of drug policy here, and indeed is more supportive of ever of finding other alternatives. for example, a new gallup poll just came out around our record 50% of americans support the legalization of marijuana

. >> our school system, thecommonist milton friedman understood it was a problem before the rest of us5 he proposed school vouchers, instead of spending $13,000 per child on government schools, that is what america spends on the average today, instead of just giving that money to the bureaucrats and assigning kids the schools based on where they live. he said attach them to the kid with the child and family choose which school to attend. then the schools would compete for that money and competition would improve all the schools. his idea was ignored for decades but now there are voucher experiments in many states. in this year, indiana all low income families can use voucher to escape the monopoly. patrick burns chaired education choice and knows plenty about competition because he is ceo of the overstock.com the internet company that resells products cheap to people. your point is everybody wants choice and that includes education? >> right. let's remember the fundamental purpose of a monopoly, the whole point is to to sell interior product at a high price. it doesn't change when it's

. >> our school system, thecommonist milton friedman understood it was a problem before the rest of us. in 1955 he proposed school vouchers, instead of spending $13,000 per child on government schools, that is what america spends on the average today, instead of just giving that money to the bureaucrats and assigning kids the schools based on where they live. he said attach them to the kid with the child and family choose which school to attend. then the schools would compete for that money and competition would improve all the schools. his idea was ignored for decades but now there are voucher experiments in many states. in this year, indiana all low income families can use voucher to escape the monopoly. patrick burns chaired education choice and knows plenty about competition because he is ceo of the overstock.com the internet company that resells products cheap to people. your point is everybody wants choice and that includes education? >> right. let's remember the fundamental purpose of a monopoly, the whole point is to to sell interior product at a high price. it doesn't change w

i am afraid that what we call is the washington can then says, with milton friedman and others that was going in that direction that we can no longer accept to support. [applause] >> okay, what am i sure question right here. go ahead. >> thank you. thank you, mr. chairman. be an african lion was deemed to have quickly your position of the institution africa because particularly in the democracy security. in 2011, africa find it hard to walk through the development. so according to you, what are the issues that indeed asking countries to achieve the movement? thank you. speenine the most important to my mind thing for africa is that the aid given to africa, which is normal and needed because africa is the poorest part of the various areas of this world, but that it can be more dangerous than it can be useful if those who receive it are not masters of the way in which it is being distributed. we have seen. for aid was channeled through the head of state in a parking countries and the head of state themselves had been

but milton friedman and a couple of others invited to the first meeting thought it was an excuse to go from europe and play bridge in fact they recruited a fourth person so they would have somebody to play bridge with. they didn't to get a very seriously but they had the seriousness of the power i think in fact they didn't think much as i mentioned before us an economist they didn't think that early economics hold much water. >> host: you are right, today the economics and friedman who in many ways the tea party would look to as a sort of economist he actually endorsed much of the framework. >> guest: he said any way we are all keynesian which has been a lead on but he went on to say the way we understand the world today is macroeconomic. on the other hand, he said, the government is too large and the only ways to cut the government, stop the spending and wait for the pressure of the deficit is much more strong upon the president than it is to have some left over spending as it were. >> host: i'm also struck by how i guess the heroine of the tea party movement ayn rand, she reacted to

you're quite right, but it's interesting that although milton friedman and a couple of others were invited to the first meeting, they thought this was an excuse to go for a freebie in europe and play bridge. they recruit a fourth person so they would have somebody to play bridge with. they didn't take every service they. they came with the assistance as hayek. in fact, they didn't think much of it as i mentioned before as an economist. >> host: it's interesting. as you say, keynes today is economics and friedman, who in many ways, the tea party would look to that sort of one of their favorite economists. you know, he actually endorsed much of the keynesian framework, even though i guess passionate. >> guest: he said as much. he said anyway, we are all keynes today, but he went on to say because the way we understand the world is macroeconomics. on the other hand, he said, the fact is the government is too large. the only way you can cut the government is to cut the government. stop spending and weight, wait for the pressure of a deficit is much more strong upon a president than it is to ha

but it's interesting that milton friedman and a couple of others were invited to the first meeting with a thought it was an excuse to go from a freebie in europe and play bridge. in fact they recruited a fourth person so they could have somebody to play for them. they didn't take it very seriously but they came in with the seriousness and the intent of hayek. in fact, they didn't think much of them as i mentioned before as an economist the did not think about the earlier economics held much water. >> host: you are right as you say keynes today is economics, and friedman, who in many ways the tea party was a sort of economist he endorsed much of this framework even though i guess -- >> guest: he said as much. he said in a way we are all keynesian which is being led on by the keynesian but he went on to say because we we understand the world as microeconomic. on the other hand, he said the government is too large and the only way you can cut the government is to cut the government, stop spending, and wait for the pressure of a deficit as much more strongly than it is to have some left ove

this was the philosophy taken to the extreme by milton friedman and put in practice to the extreme by alan greenspan in those years. alan greenspan said after 2007-2008 they got all kinds of headlines. he said somehow or other this model i was following for 40 years stopped working in 2007-2008. this model that led me to believe we didn't have to regulate these markets failed. everybody said my gosh, alan greenspan is admitting the truth but he didn't go far enough. the model did not work over those 40 years. i just described one crisis after another. crises damages and nation. they damage the nation permanently. and over it is period of time and one of the things i find most fascinating and most difficult to understand is that it was very clear our economy performed poorly since the 1970s by basic conventional economic criteria. why do we keep hearing differently? why doesn't the media come to terms with this more clearly? some do. let's not paint with a broad brush here. but many do not. why do we read from economists who have certain political points of view that the economy did ve

advisers panicked, and a bunch of people rushed in to take their place led by the famous economist milton friedman let me give you an idea how quickly this changed, okay? in 1973 these are the windowses of change or the bookends as i occasionally call them. ronald reagan, remember, was governor of california his second term. remarkable career really. he started this career when he was 55. second term in california. he had an idea, he wanted to leave a more conservative legacy than before. so he thought, let me pass an amendment to the california state constitution to cut state income taxes significantly and permanently. and he campaigned all over the state. and he was pretty popular. and he thought he would win. guess what? he lost pretty badly. californians said, no, we don't want to cut our state income tacks. taxes. we're voting against this. why? because we belief in the things government does. in fact, california had a great education system from primary school through university. they had a great highway system. they believed in government. then came that catastrophe i was talking about. the

then as they are today, or they were more than 20 years ago, and it's interesting that although milton friedman others were invited to the meeting, but they went to europe to play bridge, and they recruited a fourth person to play bridge. they didn't take it seriously, but they became embroiled with the seriousness of hayek and his intent and powers, i think. in fact, they didn't think much of him as i mentioned before as an economist. they didn't think that early economic held much water. >> host: that's interesting because you write, as you say, keynes, today, is economics, and friedman, who, you know, in many ways, the tea party would look to as sort of one of their favorite economists. he actually endorsed much of the keynes frame work. >> guest: he said as much. he said as much. he said in a way we're all keynes today, which, of course, is leapt on by keynes, and he went on to say the way we understand the world is macroeconomic, which is keynes, and the other hand, the government is too large, and the only way to cut the government is to cut the government, stop spending, and wait for the

where milton friedman and others -- that was going in the direction that we can no longer accept and support. [applause] >> one last short question. go ahead. >> thank you. being african i am more concerned about africa. i would like to ask your perception of the situation in africa. and security in general. in 2007 africa is fighting hard. but according to you are the major issues that impede our country's? >> the most important to my mind thing for africa is that the aid given to africa which is normal land needed because africa is the poorest part of the various areas of this world but that aid can be more dangerous than it can be useful. if those who receive it are not masters of the way in which it is being distributed, we have seen periods where aid was channeled through heads of state in african countries and these heads of state themselves had been secretly brought to power by outside powers who were happy to have their persons with whom they could have good bargains for themselves. now more than ever the african union fortunately understands that it has to get rid of preside

milton friedman observed that as a nation we have been destroying foreign countries because we cannot enforce our own laws. nowhere is the harm of prohibition more apparent today than in mexico, a country that has seen a dramatic increase in violence, including more than 40,000 drug-related killings since it began to aggressively prosecute a war on drugs beginning at the end of the year 2006. journalists and politicians have been killed. newspapers have stopped reporting activities of drug cartels. cities have become militarized. corruption has spread through police departments and other agencies of local and federal government in mexico. it is ironic that mexico is prosecuting a war on drugs at a time when public opinion in the united states is increasingly critical of drug policies here and is more supportive than ever of finding more alternatives. a new poll just came out that down a record 50% of americans support the legalization of marijuana. that is up from 12% in 1959. it was 25% in the mid-1990s. 70% of americans support the use of medical marijuana. 16 u.s. states plus washi

. >> gregg: milton friedman often said governments are wasteful and thankfully so because were they notuld likely be no such thing as private free markets. this may be the prime example of it. the government doesn't do it well but private enterprise does. >> there have been some disasters. there was an expressway in california that went bankrupt because it was built at the wrong time. they used taxpayer money as a bridge loan basically. they had to write it off. taxpayers had to bring it off. >> gregg: we could do witness airports, subways and water systems? >> some of the money is coming from foreign sources and there is controversy about that. a lot of states and local municipalities are saying no to this. so some states are much more friendly. virginia being one of them. some states are just saying no. you wonder about that because there is -- a lot of this is being paid for on the federal level by the gas tax. that hasn't been raised since 1993. in today's dollars it would have to be 29 cents to buy the same thing. so there is no way that that is going to pay for what we need. >> gr

milton friedman famously argued that people will try to borrow and draw down their savings and keep theirnding smooth. we saw paramount of evidence for that but we have to look in more detail to a seat to what extent people were able to borrow easily. host: the first call is from alexandria, virginia. floyd, you're on with garett jones of the george washington university. caller: will there be a follow- up survey to look at those folks that left the job, whether or not other people were unemployed fill those jobs, or were those jobs filled with people who were employed? guest: a great question as something we can i get that directly. we wish that the government had asked the question themselves. witches are still a small university-based research center in virginia. the government could easily of ask these follow-up questions. what you think happened at year- old employer? or they planning to fill that job after you left? the government has subpoena power and make a good response rates. unfortunately they have not tried to answer those questions. we need to know to what extent workers --