" which had to do with how modern european intellectuals from voltaire in the 18th century to friedrich hayek in the 20th century thought about capitalism and its moral and cultural ramifications. while i was -- that, ultimately, came out in 2003. while i was working on that book, i published another smaller book on adam smith as a social and political thinker called "adam smith and his time and ours: designing the decent society." and then after "the mind and the market" came out, i worked for a while on these more jewish-oriented themes, and i've continued to think about and write about the history of capitalism. last year in, i think, the march issue of the journal foreign affairs in 2013 i had a piece called capitalism and inequality, what the right and left get wrong. that explored some of the long-term themes in capitalism, and i'm still working on it. it's a big topic. >> host: is there a date certain when it was founded? >> guest: no. in fact, one of the interesting fallacies, i think, in writing the history of capitalism, one that's now been dispelled among some historians, is precis

do you think he knew friedrich hayek the great philosopher who did speak of the road to serfdom by >>guest: yes, the evidently corresponded with her twice. i know that hayek was hoping that hoover would give a blurb for the constitution of liberty of his own in 1960. but i haven't been able to find much beyond that. i don't know possibly some correspondence has been lost. it would seem there was at least a couple of casual contacts and correspondence. beyond that i don't know. >> host: would come out to third part of our chat, which is about the controversy because if you read the papers today, you agreed it was all hoover's fault or not roosevelts are once in a while it is all roosevelts fall. this is why this book is timely again or for the first time since it's been discovered because it's about what happened in that dark economic. in the united states. i wanted to mention one thing you discovered. i was able to write about your discovery recently. professor nash signs lots of interesting new things. when it came to blame assigned, people often blamed, coolidge for state and he all

so friedrich hayek, who spent a lot of time exploring the interaction between laws and liberty, would call these types of rules commands or rules of organizations. as distinct from rules of spontaneous order such as common law that arose organically and evolve over time. i believe that the prescriptive ex-antiapproach is not reserved. it faces at least three significant knowledge-gathering challenges. first, a regulator must acquire knowledge about the present state and future trends of the industry being regulated. the more prescriptive the regulation and the more complex the industry, the more detailed the knowledge the regulator must collect. second, collecting such information is very time consuming. if it's even possible at all, because such knowledge is generally distributed throughout the industry and may even be latent. third, as a regulate ared industry -- regulated industry continues to evolve, collective knowledge can quickly become stale, and this is a particular concern for fast-changing technological fields like telecommunications. now, these knowledge problems can lead

friedrich heidrick who wrote "the road to serfdom"? >> guest: they evidently corresponded once or twice and i know hayek was hoping hayek -- but i haven'tbeen able to find much beyond that and i don't know possibly of correspondence has been lost. it would seem that there is at least a couple of casual contacts of correspondence but beyond that i don't know. >> host: we have come now to the third part of our chat which is about the controversy because if you read the papers today you will read it was all hoover's fault or coolidge's and hoover's fault and not roosevelt. or you would read that this is roosevelroosevel t's fault and that is why this book is timely again or for the first time since it's been discovered because it's about what happened in that dark economic period and united states. i wanted us to mention one thing that you discovered, your discovery recently. professor nash finds interesting things. when it came to blame assignmenassignmen t people often blame calvin coolidge for statements he allegedly made as late as 29. the market was just fine in stock phrases were out. what did you discover? >> guest: an article i wil