when it comes to john kenneth galbraith or john maynard keynes, he didn't consider them to be merelynegative as a full-fledged socialist or communist system in this sense in the means of economic production. in the case of keynes, friedman's opposition was mostly to the idea that in an advanced capitalist economy there tended to be over saving. the marginal propensity became economically more advanced and therefore you could have an economic equilibrium and less than full production and employment and therefore the government had to borrow excess funds from the private sector engaged in deficit spending in order to maintain full economic activity. there are vast sources of excess saving. together it doesn't borrow money from the private sector. it's going to have to spend that money so the keynesian economic theory in the activity and in general so he was opposed to that. galbraith was probably the most well-known economist popularly. friedman by no means thought that he was a socialist or communist. maybe they hedged a little bit of direction of socialism but his main concern was th

he along with john maynard keynes is one of the most influential economist in the 20th century and he worked over the course of his career to establish an alternative to keynesian economics and keynesian economic policy, and is awarded the 1976 nobel prize in economics. but as a show in my book while he is first and foremost an economist is much more than that. i also call him a philosopher of freedomm because he articulateda vision of individual freedom, limited government, personal initiative that really became wrapped up in the 20thh century conservative movement and made them really a political icon and also a household figure. >> host: so how did americans there really come to know friedman? so i read his famous book capitalism and freedomm in high school, but he's also, he was a figure on television. he had a call them. did americans really come to know friedman? >> guest: here's what's interesting. i felt like maybe you would mwo imagine capitalism and freedom was the big famous book edwin started reading. actually his most famous book that really gets him started as a politica

to borrow a phrase from the late john maynard keynes, who by the way, was a very good money manager.l here is not necessarily to be right, it's to make money. sometimes that means being a little cynical about other people's expectations. i often hear people say i was right, that guy made money, but i was right. no, you're wrong, that i was right. don't just assume that stocks go down. don't presume they deserve it. in the immortal words of clint eastwood in unforgiven, eastwood made a point. you know what he said? he said deserve has othing to do with it. the market is going to make mistakes. your job is to recognize when it is doing something wrong, then try to take advantage. stay with grammar. >> i always say my favorite part of the show is answering questions directly from you. so i will bring in my portfolio analyst and partner to help me answer some of your most burning questions. were you able to take a look at some of your mad tweets? for those of you who are part of the investing club, you'll need no introduction. for those of you who are not members, which is really shady i

he, along with john maynard keynes, is one of the most influential economist in the 20th century, and he worked over the course of his career to establish an alternative to keynesian economics and keynesian economic policy, and he was awarded the 1976 nobel prize in economics. but as i show in my book, while he's first and foremost an economist, he's much more than that. i also called him a philosopher of freedom because he articulated a vision of individual freedom, limited government, personal initiative that really became wrapped up in the 20th century conservative movement and made him really a political icon and also a household figure. >> how did americans really come to know friedman? so i read his famous book capitalism and freedom in high school, but he was also a figure on television. he had a column. how did americans really come to know friedman? >> here is what's interesting. i thought, like maybe you would imagine that oh, capitalism and freedom was the famous book that everyone started reading. but actually his most famous book that really gets him started as a politica

approaches of course communism and some others, but there's there isalso john kenneth galbrr john maynard keyneswhat were their approaches and how are they different than milton friedman? >> to look at the systems the communists or social systems and other types of systems, i think fast it's that friedman's real opposition was to communism and socialism in the form of government production of the means of economic production. and he said the classic examples of this are germany and korea. before the end of world war ii, both germany and korea had been united countries and if anything, the more industrial and at the developed part of germany was at the eastern part of germany and the more developed part. you had a sort of controlled experiment which is difficult to do and they had won a sort of system in the other part of the country and there is no question that west germany was far more productive economically and had a higher standard and that south korea had a higher standard of living at was more productive than north korea so i thought those were the classic examples, so his great oppositio