he was commonly thought by everyone as john maynard keynes equal. but later in the '50s and 60s and 70s, he turned to philosophy, to political philosophy. i think that's the big change. it's not that he changed his opinions about what we unfortunately call capitalism. he thought it was a good thing. he thought that socialism is hard to impossible to make work. >> in your book, you write is a great difference between classic liberalism and contemporary and libertarianism. give us the definition of both of those. >> guest: i'm not sure where that came from an in the book because i'm not sure i believe it. i believe there is, a friend of mine calls it liberalism 1.0. the liberalism, voltaire and adam smith, the blessed adam smith, jon stewart mills, who believed they key to a good society, and prosperous society was to let people have a go as the english say. and that persists in modern libertarianism. what is different is that some of these modern libertarians, especially the americans, how can you say, they are somewhat harsh. i called in brotherly,

come over to the new deal was inspired by the father of macro economics john maynard keynes argued the need for public intervention in the economy of the nation on the opposite side milton friedman yes that treatment of freedom and economic consumption of the bloodthirsty dictator pinochet theories remain the source of current economic policies of the west and anything we can do to keep government spending is a good thing we should restrict it to those activities like defense which we really need to do. because it's a political decision is why in the past i've called it a crime against humanity because it's an act of decision a kind of walk they have run out of money the central bank this credit accounts is no limit to the amount they credit so let's see how money is created in the united states. can be taken into the afterlife that's a lot of people from the future are now arriving in the present. is able to pay for is very into the president using but he doesn't talk about it much because he's already considered to be quite a strange man but you know that's the truth. saloon the dubr

going to vote if they come over the new deal was inspired by the father of macro economics john maynard keynes argued the need for public intervention in the economy of the nation on the opposite side milton friedman yes that treatment of freedom and economic consumption of the bloodthirsty dictator pinochet just theories remain the source of current economic policies of the past and anything we can do to keep down government spending is a good thing we should restrict it to those activities like defense which we really need to do thank you because it's a political decision that's why in the past i've called it a crime against humanity because it's an act of decision a kind of walk they have run out of money the central bank discredits the cost there's no limit to the amount they credit accounts so let's see how money is created in the united states. seemed wrong but all just don't call. me. yet to stamp out just to become educated and gain from it equals betrayal. when so many find themselves worlds apart. just to look for common ground. thank you for new to the game this is how it works now

people -- john maynard keynes and leonti talked about by this time we were going to have huge amount of leisure time and technological unemployment. if you look at what is happened to leisure time, yes, the work week has declined fairly dramatically since the 1800s when you have a 72 hour work week. now we are down to 34 hours. it is slow. you have to ask because some level people are getting value. there is demand for things they will either consume or demand for how they obtain their leisure. the technology of leisure has dramatically increased in terms of video games, movies,. and all these various things the question comes down to in 50 years, will the be anything humans want their machines can't deliver? i think -- we are at a philosophical level. do humans what interactions with other humans? do humans want -- of the personal role an important aspect of what humans want, both in terms of what they are doing for gainful employment and in terms of how they want to consume? i don't think i would dain to answer that, but i can point a very bright people. they had a hard time imagin