what were their approaches and how are they different than milton friedman? o 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 opposition was to very significant government control of an economy. when it comes to joh

milton friedman has had a massive career that has mattered. if you want to understand the conservative movement of today, milton friedman and you know, and his wife there they were a team there. they're remarkable in that regard. the chicago school for a limited time it was about it did not believe in keynesian economics did not believe in this you know great, gathering debt or spend money. and it did not believe that a good currency to help the dollar prevail should be a lot of federal expenditure or it was more about less government is more government to the point when the friedman did their book it was right when ronald reagan was getting elected and reagan worshiped mel milton friedman and would call for things like abolishing of the department of energy, the jimmy it just created and abolishing a food and drug administration and sizing down government. and he was very pure about that in sense that he was against the iraq because it's money government getting us into something he really was a laissez they were laissez faire capitalist and

useful to understand, because i am an economist by training, and in my 30 years ago the name milton friedmanrope, a professor at a large business school, who said that capitalism is sick, on the other side. that’s how scientific thoughts also talk about this, and it’s even known who poisoned him, milton friedman just did this 60 years ago, who - supposedly - came up with a very simple formula that the only goal of business is to earn profit for shareholders, all the social utility is gone, but in reality , of course, we need to move a few more steps earlier, so our great karl can be seen and studied, but he formulated a lot of interesting things, ilyavich . also an economist by training, also an economist by training, yes, i think that’s absolutely correct, knowledge is never superfluous, you can’t treat this material as something that generally determines, unfortunately, it largely determined the 20th century, but i hope not what determines the future of humanity, after all, yeah, capitalism is a certain system, yes, socio-economic, for which the important, characteristic, mandatory, privat

he leveraged milton friedman's from 1955 to separate the financing of education from the delivery of services with school vouchers and distilled it down into a rallying cry. funds students not systems. cory deangelis is a senior fellow at the federation for children and a visiting at stanford university's hoover institution. he's been labeled the school choice evangelist and called the effective advocate for school choice since milton friedman. he's a regular on fox news and frequently appears in the wall street journal. he is also the executive director of the educational freedom institute, a senior fellow at the reason foundation, adjunct scholar at the cato institute, and a board member of the liberty justice. he holds a ph.d. in education policy from the university, arkansas, and most importantly for our discussion today. he is the author of the parent revolution rescuing kids from the radicals ruining our schools. receives some great endorsements for his. and i have no doubt that if milton friedman alive today he would have also provided an endorsement of cory's book. so please

that’s how scientific thought also talks about this, and it’s even known who poisoned it, so milton friedmanat 60 years ago, who supposedly came up with a very simple formula that the only purpose of business is to make a profit for shareholders, that’s all the social utility... it’s gone, but in reality, of course, we need to move a few more steps earlier , to study our great karl, to study, but he formulated a lot of interesting things, also an economist by training, also an economist by training, yes, i think that is absolutely correct, there is no such thing as superfluous knowledge, you cannot treat this material as something that in general determines, unfortunately, in many ways determined the 20th century, but i hope not that determines the future of humanity after all, yeah, capitalism is a certain system, yes, socio-economic, for which the important, characteristic, obligatory, private property, free, free market, competition, in fact, marx had it... it’s still a kind of economic abstraction and with the help which we describe, well, it’s clear that this ideal capitalism is nowhere

and when i thought about milton friedman writing a book of capitalism of freedom or hayek writing a book called the road to serfdom, which is about how, if you had too large of a state you would wind up on the road to authoritarianism. mm hmm. they were writing about freedom and the relationship between, quote, free enterprise and political freedom. mm hmm. and i just thought they gotten it so wrong, and they had had much influence in the policy dialog. mm hmm. and unfortunately, not only of the dialog in the policies, the laws, the legal framework that we had. mm hmm. and so, in a way, the economic doctrine. in the last 40 years has been neo liberalism. hmm hmm hmm. which is neo ming's liberalism is free. mm. and it was about freeing banks to do whatever they wanted and freeing firms to do whatever they wanted. and i thought that set of ideas was really what had brought us to the current set problems, the inequality that you and i both have written about, the slowing of economic growth. mm hmm. and to our political problems, which in turn undermine our economy. hmm. on the first page of

but with lags that can belong invariable as milton friedman famously said.cation that is if you wait until inflation gets all the way down to to 2% you are probably way too long. because the tightening that you're doing or the level of tidings that you have is still having affects which would are probably drive inflation below 2%. we have been very clear you with the wait for inflation to get all the way down to 2%. our test has been for the past quite some time that we want to have greater confidence in inflation was moving sustainably down toward our 2% target. and what increases that confidence in that is more good inflation data. lately we've been getting some of that. >> okay. he's a week, let's talk about who we is. the fomc for those who don't follow washington acronyms stand for what? >> if the federal open market committee. >> and who is on that committee? >> it's a little bit, kittery, our structure is. we have seven governors in washington come all nominated by the president and confirmed to staggered 14 your terms and with 12 reserve bank preside

growth, labor markets and ultimately inflation with lags that can be long and variable, as milton friedmanamously said. the implication then is if you wait until inflation gets down to 2%, you have probably waited too long because the tightening that you are doing and the level of tightness you have is still having effects which will probably drive inflation below 2%. we have been clear that you would not wait for inflation to get all the way down to 2%. our test has been for the past quite some time, we would like to have greater confidence that inflation was sustainably moving down to our 2% target, and what increases the confidence in that is more good inflation data. lately, we have been getting some of that. david: so, you go back in history when inflation began to arise after covid, at some point people said, including you, it was transitory. in hindsight, what do you think people missed about the nature of the inflation? why was it more enduring than people initially thought? chair powell: so this is a question that people will be writing papers about and debating on after all of us

. >> if you grew up reading milton friedman, you have nowhere to go home. >> i'll join your party. >> right. i wish you all the best. steve liesman, stephanie, andrew, appreciate your time today. >>> speaking of the election, a growing number of democratic donors say they'll withheld support for the party until joe biden drops out. megan is here with the names and numbers to know ahead of the president's tv interview tonight. >> it's a small but growing group of democratic donors calling on biden to step aside. netflix founder is one of the first to come out and say biden needs to resign. no checks for any democrats until biden is gone. whitney tilson is warning that biden will lose to trump, possibly in a landslide. just before i came out here, "the new york times" is reporting that a coalition of 168 business leaders are calling on bide on the step aside, as well. so it's drip, drip, drip and we're see thing grow. these are the folks who were speaking publicly. but i'm hearing donors who are worried, frustrated, a little angry. the feeling is how did we get here and how do we get pa

, which again is very different from the sort of economic philosophy of like a paul ryan or a milton friedman is reflected in this document and it really symbolizes the extent to which trump has taken over the party and shifted what it stands for. i mean, one line, we'll see if we hear more at the actual conventions as well, because this used to be the meat and potatoes of what the republican platform really was and their insults the demo well, and i will say i had this conversation with kevin roberts said of the heritage foundation recently and i said, you know, i noticed that when you talk about conservative principles you're not, you don't usually mention these things about small gov government and fiscal responsibility that i'm used to hearing from republicans. and he said it's not that we don't believe in those things. it's that we're in a national emergency that has to do with our border and our a culture and different. it's a different moment that we're in. and when we look at the war's going on overseas and so the argument i think that some of these populist servet it is make, is that

are engaged is useful to understand , because i am an economist by training, in my 30s the name milton friedmanng away , let’s study our great karl, and he formulated many interesting things. ilya aleksanovich, you are also an economist by training, also an economist by training, yes, i think that is absolutely correct, knowledge is never superfluous, you cannot treat this material as something that, in general, determines, unfortunately, in many respects determined the 20th century, but i hope not what will determine the future of humanity is, yeah, capitalism. a certain system, yes, socio-economic, for which important, characteristic, mandatory, private property, yes, free, free market, competition, in general, in fact, marx had it, it’s still... a kind of economic abstraction with the help of which we describe, well, it’s clear that this ideal capitalism does not exist anywhere, which it will change from country to country, from era to era, it is also clear that this is a kind of living fabric of reality, and there is our intellectual abstraction that is trying to describe what is happening,

big government inflation, they're fans of milton friedman hayek that's of genre, right?ple that are into a theory are i think are more in my school or concerned about big tech right so it's a different set of cce opinion on the i mean i, i mean, i have opinibu worth sharing like an inflation or whatever. i'm just like a person who, you know, n'out it. and so i don't like have a strong opinion because it's not my area. yeah. thi'm in the space. so it's just a very different set of motivations. but then. and th. and then the rivalry is that folks like you go onthen you talk about bitcoin and you guys talk about a theorem and the bitcoiners get mad. they're why are they getting the attention and they see it as like taking away from their attention. and then, you know, now they're so on on that's taking their attention. and so, younow, like anything where they're kind of arguing for attention and they have a different ideology a, i don't know, it's like and then it just becomes kind of silly. and that means and they attack us on twitter. and i think a sociology project fasci

milton friedman free to choose, maybe hikes road to serfdom may have pushed things a bit in the better direction and and even that is kind of speculative don't really get to see the world without those books written. i mean what i'll say is, i mean, i'm doing the best i can my honest assessment is probably only i get tens of thousands of readers. unfortunately i need tens of millions of readers. and that's life. i mean, i just do the best i can. let's a question here. we have microphones, please, for the microphone, so that the rest of the folks in the auditorium and the people online can hear you. and please give your name and your affiliation and please a question not a speech or filibuster served back here. my name is tim houston. i am active. very active. the nimbys of northern virginia. thank you, jim. bless you for arguments to convince the many, many people who believe that building more housing will increase prices. because i know so many smart who actually don't think of supply demand so i'm read your book yet so perhaps you have ways to say that to convince people. yeah so ma

why milton friedman and paul krugman is go with a nobel prize in science.s a science, it's dismal. how can those -- stiglitz -- makes no sense. is it true or not? do you know now? who's right? mary? do you know now? looking for jon fortt. jon fortt. >> thank you, one and all were when we come back, "lltrt wa see journal," inflation and the elections. greg ip. "squawk box" back after a quick break. the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. >>> welcome b