i i constantly remind people that frieda kayak wanted nobel prize in the 1970s milton friedman won a nobel prize just this year the supply side guru bob mandel passed away. he want to know about and and all for ideas that just a couple decades later are sort of unfathomable in the in the economic community and this is most unfortunate but even it's just say economists will not acknowledge these ideas notwithstanding the ideas of hayek. they have won nobel prizes. yeah. this was very intellectually serious work that we essentially spent a few decades post world war ii. out and i believe that these guys won the debate and yet here we are now digging in on some of the errors of old hayek is is probably for most economist to who sort of operate from a philosophy of freedom and advocate for this concept of the free society hayek has got to be most of their hero most of their hero. he really was an extraordinary philosopher in economics. and so the use of knowledge in society is a 17 page white paper. that i believe from the age of 15 to 25. i read a hundred times. i was that cool. and i b

well that brings us to milton friedman the the third as i would say most influential economists during the 20th century and as i've said before i had the great benefit of knowing friedman a little bit through writing on both hayek and freedmen and he was a wonderful human being and a great teacher extraordinarily warm personality. i remember one brilliant mind. i remember one occasion. i was interviewing him at stanford and i had gone there to do some research in his archive and he happened to be there that day and i had heard dad and i went up and chatted with him for a while and our conversation just incidentally moved toward some topic that i'd recently researched and he made some statement that i thought was inaccurate based on incidental reading he had done 50 years before and when i got home i discovered he was right and i'd remembered it. long so something that you know, i was less than half as age that i had read in the recent past and been intently focused on i had remembered incorrectly and something that friedman had just remembered just read briefly decades before he rememb

dan: milton friedman was a genius. does he need to tell you there is no such thing as free money. the penn our and model says the student loan will cost $1 trillion. i'm not interested in paying your loan. there is a loan repayment plan. for the liberals who talked about this. i thought there is no better way to understand the loan repayment program for your loans, not mine, i already repaid mine. i just did this. here is the loan repayment program. i even labeled it loan repayment program. that's you. and that's the rump. sometimes called the ass. i encircled it. if you remove the rump from the seat, up arrow, the rump goes up, and if you move it to this object, let me table this, let me label what that object is. i have my little thing here. here. if you take the rump and you go to that building called a job, you will get this thing called money. so what's going on with this one more time. you remove the rump up and then you go over to the job, and you get money. then you repay your loan. if you don't do this. then t

. >> i thought when i was titling the book that i was stealing it from milton friedman who wrote a book in 1975 with speeches and articles i did in my research find out by the way, you're looking at one of the great economic historians in the country particularly in the era of the great depression. 1938 there is a newspaper in el paso texas trying toin make a point about opportunity costs as the first published record of the expression there's no free lunch and it was meant to be a reference to the idea of opportunity costs which of course friedman expanded upon and another definition, and advisor in the george w. bush administration this means to get to something i want i have to give up something i want. it's that simple and i've tried to talk about it in the interviews and in the context of trade-offs. i'm going to break our rules and advance the question because i do think and you have made this point there's very little awareness of the trade-off factor. can you explain how that works? >> i think it is one of the most profound examples that iie do believe somewhat with hindsight bu

it was i believe milton friedman who stunningly said that the free market must exist to entice the able to reveal their abilities. if one has no possibility. in the theater of doing anything but staging platitudes. the talentless will induce step up, but the inspired have no reason to do so. the reward of the talented is unfettered creation. as i know today was writing about the theater but his words resonate in the realm of politics and government as well. we've been talking a lot lately here at the reagan library through our time for choosing speakers series. about the future of the republican party in the conservative movement. when we cancel. or punish every perceived departure from the party line or from political correctness when we don't give leaders space. to offer refined develop their positions then we get the same problem the talentless the robots of political orthodoxy will step up but the inspired will stay home. how sad our world would be if the leader like ronald reagan? had not had the chance to step forward just because he held some unorthodox views or because he defied

thatould i not have seen before and one of the people he started with was of course milton friedman.man said to his doctoral doctoral students i'm a thesis andrd to it can be longer than 500 words. isn't that great? >> yeah. i have many more questions in no time. i'm sorry about that. i'm not sorry for the last last hour prevented this is going was going to be a wonderful, wonderful experience and on behalf of everyone here thank you so much. tonight you're welcome and i leave with one and the to that? the other day ip. thought it's been a long time since i went to gun shopsan i get to the gun shp in and standing in line and standing in line, standing in line and finally i get to the front of the line and a guy comes up to me and he says smile, you are in a gun shop. [laughter] thank you all very much. >> homework can be hard. that's why internetwork is even harder and that's why we are providing lower income students access to affordable internet so homework can just be homework. >> yeses a mess at some historys director and he is change the world consistently and constantly that th

it goes back to one of the people he studied with who was milton friedman at the university of chicago and i read it may be true that friedman said it was doctoral students, i'm looking forward to yourthesis. it can't be longerthan 500 words . isn't that great ? >> dave has 30 more questions and no time and i'm sorry about that but i'm not sorry about this last hour. i knew this was going to be a wonderful, wonderful experience and on behalf of everyone here, thank you so much for this. >> can i leave with one anecdote? the other day i thought it's been a long time since i went to a gun shop so i go to the gun shop and i'm standing in line, standing in line. finally i get to the front of the line and the guy comes up and he says smile, you're at a gun shop. thank you all very much. [applause] >> american history tv saturdays on c-span2 exploring the people and events that tell the american story. 8:50 eastern, mark gray professor of musicology and american culture at the university of michigan recounts the history of the star-spangled banner and how its meaning has evolved. at 10 pm ea

of course the first one was milton friedman that he said to his and i'm looking forward to your thesishat cannot be more than 500 words. >> i'm sorry i don't have more time but i am not sorry about the last hour. i knew this would be a wonderful experience but it has been a long time since i go to the gun shop. [laughter] standing i in line and then says file you are in a gun shop. [laughter] [applause]

address these views and that is what drove him so to be intellectual sparring partners so was milton friedman the advisor to the goldwater campaign university of chicago and with that income maintenance experiment if he was homeless. and it was a bipartisan idea. >> and then in the 68 campaign that was campaigned on but then when the time came to vote, mccarthy did not support it but then it was richard nixon. >> that's like being verse today and you just don't want to give credit to the other side or the liberal side. >> referred to as our monument and that is how seriously he took this and how disappointed he was. >> our monument and this is what they will remember us by and then he said i had to be members of the cabinet but i'm doing it because i had my doubts. >> with his own congressional relations liaison to congress. >> two very quick things what is the christian working man's anti-communist rivers and harbors act of 1969 quick. >> is a name the department of health education and welfare conjured up to appease the secretary who was worried about the nixon idea being called the negativ

in this library, you will find meetings between president reagan and paul -- as milton friedman laterhe fed, keep on doing what you are doing to fight inflation. but reagan understood it in order to break inflation you had to take a recession, and he had the political courage to pay the price. in this library you will find boxes filled with draft after draft of president reagan's speeches. june 2nd, 1982, over the objections of much of his own staff president reagan said this to the british parliament. karl marx was right. we are witnessing the great revolutionary crisis. but the crisis is happening in the soviet union. in march 8th, 1982, once again overruling a bunch of his, staff you may notice a pattern here, once again overruling much of his staff, the president, said this, in orlando, florida. i urge you to be where the temptation to live with both the soviet union and the united states equally at fault. to simply call the arms race a giant misunderstanding. to ignore the facts of history, and they are aggressive impulses of an evil empire. june 12th, 1987. yet again reagan over

milton friedman said it was the most anti-black law on the statute books.found out they didn't care. that got him rethinking about his ideology. my good friend, david horwitz, wrote a book and i interviewed him. used to work for the black panthers and began to realize what was happening and what people were saying how he was hurting people and he did a complete 180 and is now a very conservative activist with a think tank. host: you mentioned counsel -- tom soul and we ask everyone what their favorite books and what you are reading and here's what larry elder told us, the fountainhead, jd salinger, of human bondage, bonfire of the vanities, free to choose, milton friedman, and every book by thomas sole. what is your relationship? guest: i met him because of the c-span period was on c-span when i had a four hour radio show. c-span commitments that we want to broadcast your show live or die was on for four hours. i get a letter from thomas, dear larry, my wife and i watched the entire four hours. you explained in a clear way, you talk about the importance her

yes, moynihan was for him, but so was milton friedman, an economic adviser in the goldwater campaign that 60. for university of chicago, a conservative. and so too had been, even mel layered, he was the incumbent's experiment when he was in the older. ron there was a lot. it was a bipartisan idea. it was a bipartisan idea. >> and then, in the 68 campaign, with jean mccarthy, he campaigned on it. but then when the time came to the vote, mccarthy didn't support it. >> it was richard nixon. some unlike ... in reverse today. >> whether republicans ran it before, you just don't want to give credit to the other side. that was. it on the liberal side. >> nixon referred to moynihan, he referred him as our monument, that is how seriously he took this and how disappointed he was when it was a past. >> our monument, this is what will be remain to remember us by. and then he said, i only had three members of the cabinet with me, only three. he said, i'm doing it ... he said, i had my doubts. he said, i'm doing it because it is the right thing. >> with his own congressional relations, left some t

we understand he is a pretty big fan of milton friedman.ured in a way that really gamed the rules around donations to nonprofits, donating appreciated property. if he had sold his company for $1.6 billion, he probably would have owed up to $400 million. by structuring it this way, having this trust to sell the anthony, it saves him a pretty hefty tax bill, and also preserves the amount of money available for leonard leo's new group. i should stress, this money all came after his network and leo remade the supreme court, building a conservative super majority there. this is all money that can be used for the future, building and. expanding the conservative movement amy: - [narrator] this is what the future of genetic engineering looks like. with advanced dna editing techniques, vaccines for deadly infectious diseases with no side effects are veloped in a matter of weeks. genes from any plant or animal can be combined to create new hybrid organisms resilient to climate change. this technique can even restore extinct species. doctors can detec

yes, moynihan was for it, but so was milton friedman, who had been the adviser, economic adviser to barry goldwater's campaign in 64, a prominent monitor assist, in the university of chicago, a conservative. so, so two had been -- who had been -- when he was in the congress. there was a lot of -- it was a bipartisan idea, a bipartisan idea. >> and then, in the 68 campaign, with jean mccarthy, who had campaigned on, it but when the time came for the vote, mccarthy didn't support it. >> it was richard nixon -- >> the liberal democratic -- >> somewhat like you would see in reverse today, yeah. and republicans were for it. you don't want to give credit to the other side, that was it. it was on the liberal side. >> nixon referred to moynihan, he referred to his our monument. that's how seriously he took this, how disappointed he was one it was not passed. >> our monument, this will be what remains to remember us by. he lamented to moynihan and said, you know, i had only three members of the cabinet with me, only three. he said, but i am doing it because, and he said i have my doubts, but he sa

this comes back to milton friedman essentially who famously argued we couldn't have the open border policy we had in 1910 when a lot of immigrants came in because of the welfare state. once you have a welfare state the immigration policy is completely different because now people can come in just for government transfers as opposed to before a welfare state, when people immigrate is mutual benefit to the workers coming in and the company hiring them benefits. there is only mutual gain before the person coming and also people hiring him. that's not necessarily the case in a welfare state which is the pressure a lot of people are concerned with, free healthcare etc. and people coming and don't contribute and draw on taxes. that's the real crux of the issue and i think the merit-based part of the immigration package, too bad it couldn't be pushed further because it is an important component in how he saw immigration policy overall. >> guest: i don't think there's any doubt that the system as it currently exists is broken, it was built for a different society, different economy in a different

milton friedman in the 1950s and 60s.kley was concerned making conservatism expected so he began drawing fences around his version of american conservatism going after anti-semitism in conspiracy theories, saying rand couldn't be part of his movement because their atheists think libertarian economist will be part of his movement because he was part of the catalyst atprivatizing everything. national security also played a part. buckley's conservatism was one that engaged national, america should be strong and powerful and also had to be engaged to roll back the standing army that meant or what defense of our troops alliances like nato and intervention like vietnam there earlier rights would've been skeptical if not outright opposed to so the conservatism bill buckley created in the last part was political working within the republic and party, traditional vehicle of america conservatism to turn it away from moderate republican -- so called me to toward conservatism so he played a big role in this campaign that culminated i

important thing the democrats have to understand because none of this is on the level, it's not a milton friedmanargument about how you build better economy, its political power and who has it and who they are trying to stop from getting it and it's wiser reaction from the right so aggressively since barack obama won the white house because that's the embodiment something they've had for a long time and happened before theyy were ready for it. >> this book came out before that, do you think -- you wrote about we should ram home over and over and you disagree a little bit but do you think this will stick the way democrats can use or do you think we have watched messaging on the as well? >> i think democrats have done a great job. person leading most of this was cheney, a bipartisan hearing but the first thing is you have to have people to hear you so the fact that the hearing got 20 million people to watch the first one, that is unbelievable, that's 6 million more people watching the hearing and game six in the nba finals. that's wild. i will say, this isn't in the book but i discovered during res

continue our discussion today by reviewing the works of friedrich hayek john maynard keynes and milton friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. he addressed what i call the knle

he and milton friedman were contemporaries. started the montpelier society together.at policies that we were following back then were going to lead to really bad outcomes. we all know the stagflation of the 1970s and how bad it was. the interesting thing is i would, i agree with the researchers that fiscal policies is a really, it is a pernicious thing. it helps cause inflation but you have to have the combination of easy money and big spending and big deficits. you know, after 2009, 2010, 2011, when we had qe1, 2 and 3, we had huge deficits but didn't have inflation. that is partly because m2 didn't grow. this time around m2 has groan 18% a year. the fed monetized the spending we did during the pandemic and that's why we ended up with the inflation we have. charles: right. >> only way to get out of it is to raise interest rates, tighten money, basically cause a recession. charles: but the problem though is that just a week going into this meeting, the biden administration layered on at least a trillion, maybe much more than this, 1 1/2 trillion dollars in additional

and stay cold or capitalism this idea that he champions it companies are no longer devoted to milton friedmanism and shareholder maximization, but now they're actually earnestly trying to solve our props. you think that that's all you know, just pr and i said, yeah basically and he said, you know, look, i i've been to dallas. he's on the board of trustees. he said that might be you know more right than not hey that might even be 60 or 70% right? but what about you know, and then he had you know garvey. clients of vaccine experts who've pioneered a way to distribute vaccines around the world including kovacs, which is basically an abject failure so he gave me some time i spent three days once in china with steve schwartzman at this unbelievable conference where we had an hour at the great hall the people with xi jinping and an hour with the premier league coach young, so i saw him up close. he took us to go see the schwartzman scholars the others. i don't want to give away, you know any sourcing jamie diamond i've bumped into over the years at davos. i've spent a little bit of time with him and t

you know, milton friedman trying, people write like i get it?i mean, the people that i'm talking about are the operatives who on balance, like lower taxes and on balance are for for, you know, abortion restrictions, you know, that are reasonable. but who know about all of the other damage that's being caused by him and who see it. and that's not their driving motivation. their driving motivation is winning a game. those are the people that i'm that i'm condemning. thank you. this is a bit of a switch. i wondered if you could reflect from kind of a moral point view on the limits of opposition research. yeah. are there things that you really, you know, would not reveal about someone, you know, simply to gain a political advantage? i don't think all opposition research bad in nature by nature. right. sometimes things need to be revealed, right? politicians are stealing, are corrupt, are sexually assaulting people. sometimes things need to be revealed and they aren't going to be unless the opposition looking into it. right. so i don't think that it'

figures like frederick hayek, milton friedman, fringe in the 1950s and 60s. buckley was very concerned in making conservatism respectable. and so he began drawing fences around his version of american conservatism . and going after anti-semitism , going after conspiracy theories . sayings that iran could be part of his movement because of her atheism. saying that the libertarians austrian economist could be part of his movement because he was an and arco capitalist. we would privatize everything,get rid of the state totally.national security also played a part in this . buckley's conservatism was one of engaged nationalism. america should be strong, america should be powerful and defend itself but it had to be engaged in the world to defeat and rollback thesoviet union and that the large military establishment, a standing army . that meant forward defense and forwarddeployment of our troops . it meant alliances like nato treatment interventions like vietnam all of which the earlier right would have been extremely skeptical if not outright opposed to so this i

>> i found a great quote from milton friedman last night, the famed economist, who said that any time, that can effectively just print more money. save got to stop spending money you don't have. when we stop doing that, we will bring inflation under control. steel and dissented from utah. you work saturday and sunday, i think we get a couple of comp days, senator! >> i would hope so. we didn't sleep at all during that time period. which made things especially grueling. but the worst part about it was knowing what my constituents have to face. poor middle-class americans, especially utahans, can handle this. >> ainsley: can you take a nap? >> absolutely. [laughter] >> steve: i think bernie might be napping out front. [laughter] >> ainsley: thank you, senator. ashley has had lines for us. >> we are awaiting the president and first lady's departure from kentucky where they will be visiting areas decimated by historic and devastating flooding. rain continues to fall during cleanup efforts, as well. doesn't biden will meet with the kentucky governor and victims affected by heavy floods. th

milton friedman said probablynt the most anti-black law in the statue books.out that they did not care. that got him rethinking about his ideology. my good friend david hurwitz wrote a book called radical son. used to work for black panthers. began to realize what was happening and what people were saying and how it was hurting people. he did a complete 180 and now is a very conservative activist with a think tank. >> you mentioned tom soul. -we ask every author that comes on this program their favorite book and what they are currently reading. here is what larry elder told us. the fountainhead, catcher in the rye, of human bondage, somerset mom, all parts of the hundred vanities, free to choose and every book by thomas soul. what is your relationship to him. >> i met him because of you. i met him because of c-span. i had a four hour a day radio show. c-span came in and said we want to broadcast your show live. i was on for four hours. i get a letter. dear larry. my wife and i watch the entire four hours. you were magnificent. you claimed free-market principle

milton and anna schwartz placed the blame squarely on the policies passivity and ineptitude of the federal reserve board, the guardian of the nation's monetary system. it is a complicated story, but in the judgment of friedmanand schwartz, it was the fed that was mainly for converting what they called a garden variety recession into a major catastrophe. since 63, friedman and schwartz's indictment of the fed has won considerable acceptance among economists and reinforcement from the principal historian alan. but as schwartz, meltzer and their monetarist are substantially. what should we now say about herbert. in all of american history, no president has been more conscientious, hardworking than he for three years and more. he strove without stint to induce the american people to shake off their confidence. repeatedly, he pleaded with banks to resume lending with depositors to stop and for moral action that would arrest the credit freeze. could it that his incessant labors not so much right or wrong as your relevant it reminds me of the greek mythological figure sisyphus forever condemned to push a heavy boulder up a hill every time he nearly reached the top. atop the rock would roll back and six of us would