economics and one lesson by henry hazlet is a classic in understanding free market economics.f books. he wrote very important books demolishing the idea that government can stimulate the economy by spending money, something that unfortunately the current administration didn't read or learn. they are counterproductive, slow growth, and this doesn't work. hazlet borrowed an important lesson about the fallacy of the broken window which i won't share today, but the disasters, the destruction can actually prompt economic groapt as a terrible -- growth is a terrible myth, and yet you see it with a natural disaster and some liberal says this is a good thick for the economy because they have to rebuild the houses, but they ignore looking at the other side. someone in young americans for freedom with ron robinson and myself compiled a book called the "the libertarian reader" which starts with a section of the bible and goes up to current readings. just a great survey of literature of writings about free markets, about limited government, about the rule of law, about justice. i recommen

in principle, the manner in which it's been executed hazlet clearly to a situation where we've had the subprime crisis. the idea of keeping interest rates historically low. the idea of having policies and subsidies is clearly induced behaviors that afflict the subprime crisis. >> when you talk about what we've done wrong in america and also western nations as well, part of it is we live for today, we consume, go for the free lunch. elaborate on that. >> guest: yes, what we also face right now in places like the united states is the competition or the sort of test between the current generation in the future generation. we have to decide whether they are going to be sacrifices, which is what i talk about in the book. so the united states tomorrow can remain a preeminent economic power. clearly there were promises made, pensions is a classic example that are simply unsustainable and will be impossible. how much of a sacrifice are people willing to make today in the united states in order to make sure that tomorrow we can have educated population and so on. >> host: what happens if we mak