friedrich hayek is iconic among conservatives, but truly great economists. one of the greatest of the 20th century. what should the government do according to hayek? number one come at a minimum basic safety net for the indigent at. hayek says that. crazy stuff. i had a friend of mine come a very strong libertarian would have been arguing about this. i think safety net conservatives and libertarians don't have to be against. hayek said that. he writes back the e-mail, just this. prince was a switch. a minimum basic safety net. the other is dealing with cases where markets fail. markets do feel sometimes. the burden is really high to get involved in markets. the market has to really fail. the government has to intervene and cost-effectively. there's a huge barrier and generally speaking, even when we see a source of failure, the government should get involved for all reasons. one of these cases the case when economists call externalities. a case where individuals or for affect the welfare of others outside the market system in pollution is an economical exampl

economists from john maynard keynes to friedrich hayek to john nash of all the pros some sort of commoditybacked money. it certainly opens the the purview that addison was that just kooky guy stumbling around in the dark, but with his inventive genius he may have had something to say about trying to stabilize, perhaps it's not price is, just it less farmers income. of the federal government ultimately ended up doing a and so his lobbying efforts in congress were really taken up further because the federal government ended up allowing the federal reserve to extend loans to banks based on farm credit and loans for businesses. and that was the first of the federal reserve act become a more expand she hairy or quantitative easing and allowing the federal reserve to extend loans based on difference collateral than they had in the founding document. the federal government went to price support programs and other programs that supported farmers much more directly and much more the farmer could see them consequently the order. and so, things take addison's commotion may have put the farmers somewh

i try not to quote libertarians, but i'm going to quote friedrich von hayek, just- >> the austrian economist. the icon of-- >> the austrian economist, who called this "the fatal conceit." that we can know, you know, "i'm going to be in my desire for solidarity, i know what to do about that and i know what to do about that and i know to what to do about that." we don't. >> i agree. >> one of the reasons why the market properly fenced around with institutions works so beautifully is it allows the intelligence and the practical application of various people in all sorts of areas that we can't possibly know the details of. it allows those people with their own dynamism and creativity and intelligence to do things that a central planner cannot do. now-- >> you said something quite important, that markets work as long as there are fences around them. but you seem to think that democracy no longer serves as a brake on raw and unregulated capitalism. >> absolutely. for me, i really think this is about the soul of our nation and will democracy work. or will we just continue this polarized, yelling at