where earlier theorists worried over the businessman karl marx seemed to speak to the worker.ing kaplan remembers the intoxication of the marxian theory. the idea that the worker the value of the product is the work put into it-- i had the feeling ever since that time-- is the key to the popularity of marxism in the working class. namely, i'm the big shot. i produce all these things. labor is raised to a level of the greatest dignity. preachers talked about the dignity of work, but this explained why i'm the source of all the value. the son of a bitch who lives so well is living at my expense. he's appropriated part of this value. as workers and businessmen continued to struggle in the postwar years prices continued to rise. the bubble burst in june, 1920. within a year, prices had dropped by 50%, while unemployment, virtually nonexistent during the war jumped to 14% in 1921. among the 19th-century economic theorists only marx had an explanation. robert heilbroner explains. marx was the first economist really to conceive of a self-generated cycle in which good times produced e

and they are -- adam smith, karl marx, john maynard keynes, number four is -- john kenneth galbraith. the 6'9" economists, you cannot miss him. and the fifth one is milton friedman. sorry, george stigler, you did not make the list. now you all can bluff your way in economics. you can walk out of this meeting, you do not even have to buy my book, and you can be a knowledgeable person in economics. isn't that great? in 1980, he did a pbs program that several million people -- some of you may have seen this -- it was called "free to choose." it was a wonderful program and it in energized both milton and rose friedman. producer, took them all around the world. he began each program with a short 10 minute speech. and then he invited people into disagree with him. wonderful debates and these panels and this was a great program. he put it together in a book. milton friedman holding a pencil and rose friedman on the back. another wonderful book that has an index. "free to choose." i should tell you, if you came to my home in new york, i have a library. i have opposite title book. i will have

and they are, number one, adam smith, number two, karl marx, number three, john maynard keynes and numberfour is -- john kenneth galbraith, 6'9" economist. you can't miss him. and, of course, the fifth one is milton friedman. sorry, george stigler, you didn't make the list. so now you all can become -- you can bluff your way in economics. you can walk out of this conference, this meeting. you don't even have to buy my book, and you can be a knowledgeable person in economics. isn't that great? all right. so then came out 1980, he did a video. he did a pbs program, 10 series program that several million people, some of you may have seen this called "free to choose." it was a wonderful program that energized both wilton and rose friedman. the producer took them all around the world. took them to hong kong and so on. and he began each program with a short little ten-minute speech and then he invited people in to disagree with him. and they had these wonderful debates in these panels, and this was a great program. he put it together in a book called "free to choose." free to choose. milton fri

sort of like karl marx. the first of many of his steps towards the steps themes. this might pass.k that america today is that kind of class warfare? you tax the rich big time. >> i agree with them on his views in civil liberties. he has stoked class warfare more than the president has. no good comes from this. stuart: what we have already seen has taken america more towards europe than any other. >> how more towards europe? >> that feeling of we should all be in the middle. there should be no real wealth and no real pause. >> the president has people. do not believe that society should be driven by a collection of individual resources. >> it will never happen whether republicans hold. he really wants to play a dreadful hand, which is the government will sooner or later run out of everybody's money. >> do not. >> i am pleased because everyone's children make society better. stuart: you will go as far as that. >> i do want to discuss independence with you. >> i thought i could drive that. stuart: you know what, judge, that was not bad. it was a plastic device. you have one man kicke

c-span: karl marx probably is mentioned in the book as often as anybody. why? >> guest: yeah. i think--i think because even--you know, i work for a conservative magazine, so i'm not exactly shaped by marxist thought, i don't think. but i think marx has really influenced all of us in a number of ways--one, to teach us that classes conflict, as i was saying, when, in fact, i think in this case, they blur; and second, to--to teach us that we are defined by our means of production, that what we do determines our identity, our role in society. and i have a chapter on consumption, and i think we're actually defined by our means of consumption at least today. how we shop is how we identify ourselves. and if you're looking for bobos, it's the consumer choices they make which say the most about them. you know, do they buy vulgar things like corvettes or do they buy high-minded practical things like range rovers? and th--so i have a section in the book called the code of financial correctness which was about how to spend lots of money in ways to show that you're above money and material