we have keynes and keynes callim freddie for fun because he's british. so hayek also spends time in the latest date. he answered in the university of chicago for a while, not in the economics department. so he had an incredible career spanning a huge part of the 20th century. he died in 1992. she was important for a whole bunch of reasons. the road to serfdom is the but most people think of. it's not the book i recommend. i prefer the fatal conceit. it's more about economics and politics is what he wrote about. he would about politics, economics, and and some incredible worth of knowledge and interest and have an impact on economics very much so in the 30's and 40's it was kind of a forgotten figure, gets the nobel prize in the 70's and really has a rebirth that we are trying to encourage. we think his ideas are very important and must be the coastal today. c-span: didn't you graduate from the university of chicago? >> guest: i did. i'm a university of chicago ph.d.. c-span: did you ever meet him? >> guest: i did not. again, he is a quiet figure. he

john maynard keynes and roosevelt chasing business, why don't you nationalize them or them alone.t is the use of chasing them around the lot every other week? so, he was always the trg -- tiger who scared business. but certainly he needed business to wage his war. and instead of being the enemy they were in the white house aluminum, not being prosecuted. making airplanes, making boats. making material for europe and the u.s. that was an important change because they knew they were allies of the government. that is an important feature in the recovery. in early 1941 wendell wonderful travels to london. how unusual is it for the democratic president to select his republican opponent. >> very unusual. he travels as a private citizen but carries a letter of introduction from roosevelt to churchill and he sees london when it has been badly battered. he goes to the cliffs of dover and sees the antiaircraft guns and gets a sense of what the war is for england and what the british are doing to stand against hitler alone. he brings that mental -- message back and makes a powerful case for

webber have celebrated the team's success of the season they too paraded through the streets of newton keynes in england to the joy of around sixty thousand spectators who turned out to mark the chairman of the team remember world champion one his second title in a row while australian webber had finished third overall was able to and the high notes of his victory at the blues and then promptly. leave pretty local as well so it's an added sort of interest to me and it's just a nice way to give something back to the community you know this huge amount of air france fans live in the u.k. but celso locally to say well it's great to be here you know obviously this is where our cars are built and where all the people the people come to work to to make their cars nice to come here and you know drive down the road that we know so yes they say thank you and great also to see a lot of people on the roads from is appeals or you know around the. spanish gold has won the dubai world championship chorus concluded with a long part at the last finishing on five under par sixty seven at nineteen on that too

yeah i think keynes said that some point of the. beauty contest so it's not that you were his but got and it's maybe some other currency even of the new europe and it's a question of comparison clearly depends on the you but his profile in terms of all us of course we do believe it fixed income of us and the thing about unity is it's very difficult to bet on the goal because it's the mix between the facts. and the metal so it's difficult to predict but gold particularly well and that is in the years more for the cage and as an investment and absolutely don't start the g.s. it's unlikely that you going to produce as much of it as it was before fueled by easy money. really absolutely done strategies is what people and pension funds who are. low yield environment and for that we can learn from japan is so japanese are in this situation for ten plus years so if you look at the proportion of pension funds in japan i like eating. here it's three percent five percent there it's up to thirty percent because when the government was not going

eight discounting wasn't questioned only the discount rate austrian economics wasn't even mentioned keynes was the man who explained why we don't need savings now students who feel their economics education is limited like that you obviously did could take the heckler seventy three is advice heckler seventy three said this taking up the banner of rebel economist i've personally steve keen's work to force professors to change the curriculum of the education system in my area more people need to do that prof keane is the steve by of economics there may be other guitar wizards out there but none that hit the new. it's like now if you don't know who steve is well very is there's a picture now we love to play with some of his music unfortunately we can't because of some legal reasons but if you go check it out on your own you will see how truly awesome this analogy is if you didn't already get it moving on lamb ram writes i'm guessing when you and steve can speak about economists not seeing the crisis coming you mean mainstream right because peter schiff saw it marc fab or saw the austrian scho

well known economist keynes, keynesian theory of economics. where does that fit in to your book and to what we're talking about? >> so keynesian economics is, would be a neoclassical economics. so it was, it was brought to the united states in the 1930s and '40s and by a very famous economist like paul samuelson and other people like that. so he's neoclassical. however, in my work what i'm trying to do is show that there's a slight difference between the policy, economic policy. so keynesianism is an economic policy. but what economists actually do is different than policy. economists have different ideas, different models that are actually fundamentally different than what we hear about in the policy world. so this policy world discussion is often around either you're for the market, or you're for the state. we hear this all the time with the tea party. the tea party's often saying, oh, we're for free markets, and obama's for socialism or the state or planning or some kind of interventionism. that is a policy discussion. that discussion is ve

cover a lot of ground with these two and i think that the best thing we could do for them, for the keynes of hayek, for these figures and for the idea is to give them a chance to be covered and to explore the ideas that surround them. it's a lot -- terse a lot of stuff and the studios. there's a century's worth of study and there's other issues to cover. so why won't count out the possibility of return, but you know what, sometimes it's good you go away from them and then when they come back it's like indiana jones part three. you just -- your that much more excited to see the return. c-span: john, we were talking about this earlier. >> guest: that's right. c-span: but it could be papola, you're italian, and russ roberts, john papola is from new jersey, russ roberts is from here at george mason university. he teaches economics and again, you can find these videos on youtube. thank you very much for joining us. >> guest: thank you. >> guest: thank you. .. >> coming up in a special weeknight edition of booktv, officials from the george w. bush administration. >> .com interview with former d

i think of it sometimes as the resurrection of john maynard keynes. can that he rest in peace? invoking his memory, this government has gone on an unprecedented spending spree in the misguided notion that somehow we can borrow and spend our way back to prosperity. by any measure, the spending has gone through the roof. one of the measures that is -- a telling, in 2007, total spending by the federal government is 19.7%. by 2009, it was 24%. that was a fully 25% increase in the size of the federal government as a percentage of our economy in a mere two years. i think that says it all. but let me say one more thing. what we have, what we're facing is not fundamentally a tax problem. as recently as 2007, the very tax rates that we have today, generated 18.5% of gdp. with revenue at 18% of gdp in 2007, we had a deficit that was almost trivial in size. it was 1.2% of gdp, a size that seems quaint by contemporary standards, right? that is a manageable number. and that is with the current tax rates. and the fact that taxes are not the problem that got us here is this. if you could doub