Today’s podcast is titled, “Economic Theory and Fluctuations in Output and Inflation.” Dr. Kenneth J. Arrow, Professor of Economics Emeritus at Stanford University and 1972 Nobel Prize Winner in Economic Science and Professor John B. Taylor, Senior Fellow and Professor of Economics at the Hoover Institute, Stanford University, discuss economic theory and fluctuations in output and inflation. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Economic Theory and Fluctuations in Output and Inflation.” Dr. Kenneth J. Arrow, Professor of Economics Emeritus at Stanford University and 1972 Nobel Prize Winner in Economic Science and Professor John B. Taylor, Senior Fellow and Professor of Economics at the Hoover Institute, Stanford University, discuss economic theory and fluctuations in output and inflation. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 197 – Economic Theory and Fluctuations in Output and Inflation (Podcast)

Today’s podcast is titled, “Neurobiology.” Dr. Ron McKay, Chief of the Laboratory of Molecular Biology, National Institute of Neurological Disorders &amp; Stroke and Dr. Marshall Nirenberg, 1968 Nobel Prize Winner in Physiology/Medicine, discuss the medical science of neurobiology. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Neurobiology.” Dr. Ron McKay, Chief of the Laboratory of Molecular Biology, National Institute of Neurological Disorders &amp; Stroke and Dr. Marshall Nirenberg, 1968 Nobel Prize Winner in Physiology/Medicine, discuss the medical science of neurobiology. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 196 – Neurobiology (Podcast)

Today’s podcast is titled, “Robotics.” Chuck Thorpe, Principal Research Scientist at Carnegie Mellon University and Dr. Takeo Kanade, Director of the Robotics Institute at Carnegie Mellon University, discuss the economics of robotics, advances in technology, and roadblocks to innovation. They also expand on the many educational and entertainment purposes of robots. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Robotics.” Chuck Thorpe, Principal Research Scientist at Carnegie Mellon University and Dr. Takeo Kanade, Director of the Robotics Institute at Carnegie Mellon University, discuss the economics of robotics, advances in technology, and roadblocks to innovation. They also expand on the many educational and entertainment purposes of robots. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 195 – Robotics (Podcast)

Today’s podcast is titled, “Reflections on Sociology and Social Change.” Dr. Alex Inkeles, Senior Fellow, Hoover Institution and Dr. Robert Hessen, Senior Research Fellow, Hoover Institution, reflect on sociology and social change in the modern world. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Reflections on Sociology and Social Change.” Dr. Alex Inkeles, Senior Fellow, Hoover Institution and Dr. Robert Hessen, Senior Research Fellow, Hoover Institution, reflect on sociology and social change in the modern world. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 194 – Reflections on Sociology and Social Change (Podcast)

Today’s podcast is titled, “The Soviet Collapse.” Richard Pipes, Professor of History at Harvard University and Adam Ulam, Director of the Russian Research Center and Gurney Professor of History and Political Science at Harvard University, discuss the events and conditions which led to the collapse of the Soviet Union. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “The Soviet Collapse.” Richard Pipes, Professor of History at Harvard University and Adam Ulam, Director of the Russian Research Center and Gurney Professor of History and Political Science at Harvard University, discuss the events and conditions which led to the collapse of the Soviet Union. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 193 – The Soviet Collapse (Podcast)

Today’s podcast is titled, “Why is there Evil?” Ulysses Torassa, Journalist for the San Francisco Examiner and Dr. Roy F. Baumeister, Professor of Psychology, Case Western Reserve University, discuss the origins of evil and why it exists. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Why is there Evil?” Ulysses Torassa, Journalist for the San Francisco Examiner and Dr. Roy F. Baumeister, Professor of Psychology, Case Western Reserve University, discuss the origins of evil and why it exists. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 192 – Why is there Evil? (Podcast)

Today’s podcast is titled, “Teaching Economics from a Historical Perspective.” Professor Hanna H. Gray, President Emerita, University of Chicago and Professor Robert W. Fogel, Director, Center for Population Economics, University of Chicago Graduate School of Business, and 1993 Nobel Prize winner in Economics, discuss teaching economics from a historical perspective. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Teaching Economics from a Historical Perspective.” Professor Hanna H. Gray, President Emerita, University of Chicago and Professor Robert W. Fogel, Director, Center for Population Economics, University of Chicago Graduate School of Business, and 1993 Nobel Prize winner in Economics, discuss teaching economics from a historical perspective. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 191 – Teaching Economics from a Historical Perspective (Podcast)

Today’s podcast is titled, “Is There a Distinct American Culture?” Herb London, John M. Olin Professor of Humanities at New York University and John O’Sullivan, Editor for The National Review, discuss how to determine if there is a distinct American culture.Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Is There a Distinct American Culture?” Herb London, John M. Olin Professor of Humanities at New York University and John O’Sullivan, Editor for The National Review, discuss how to determine if there is a distinct American culture.Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 190 – Is There a Distinct “American Culture?” (Podcast)

Today’s podcast is titled, “Africa’s Agriculture Crisis.” Dr. Norman Borlaug, 1970 Nobel Peace Prize Winner and Founder of the International Wheat and Maize Institute, Dr. Robert Chandler Jr., Founding Director Emeritus of the International Rice Research Institute, and Dr. Nyle Brady, International Development Consultant for the World Bank and United Nations discuss Africa’s agriculture crisis. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “Africa’s Agriculture Crisis.” Dr. Norman Borlaug, 1970 Nobel Peace Prize Winner and Founder of the International Wheat and Maize Institute, Dr. Robert Chandler Jr., Founding Director Emeritus of the International Rice Research Institute, and Dr. Nyle Brady, International Development Consultant for the World Bank and United Nations discuss Africa’s agriculture crisis. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 189 – Africa’s Agriculture Crisis (Podcast)

Today’s podcast is titled, “New Statistics – Without Tears.” Peter C. Bruce, Director of the Resampling Project at the University of Maryland and Julian L. Simon, Professor of Business Administration at the University of Maryland present the history and ramifications of the new statistics of resampling. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Today’s podcast is titled, “New Statistics – Without Tears.” Peter C. Bruce, Director of the Resampling Project at the University of Maryland and Julian L. Simon, Professor of Business Administration at the University of Maryland present the history and ramifications of the new statistics of resampling. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.

Episode 188 – New Statistics – Without Tears (Podcast)

The Free To Choose Media Podcast takes some of the greatest thinkers of the 20th Century and brings them right to your streaming device. Hear the ideas of Milton Friedman, along with several other Nobel Laureates, as they conduct speeches and hold conversations about the very freedoms we are still fighting for today. Come back each week to see why these truly are not just ideas for our time, but ideas for all time.

Very interesting lectures by Milton Friedman.

Milton Friedman

The Milton Friedman series is absolutely amazing. People need to hear this more than ever before!

Life changing podcast

Free To Choose Media Podcast

The Federal Reserve was originally created to bring stability to our financial and monetary system. However, despite multiple failures, it has widely escaped criticism. There is a myth that the Fed is there to protect us. But upon closer inspection, does it? If you ask Nobel laureate Dr. James Buchanan, the answer is clear, “The Fed more or less just inherited this legacy of being a monopoly in control of a monetary institution. It’s not a constitutional body. It has never been explicitly examined legislatively. And yet it gets away with all this without any criticism because the criticism is always on the congress or the president… They don’t concentrate on where the problem really originates. And certainly we now know from the economic histories that have been written about the 30s that the Great Depression of the ’30s was basically caused by the Federal Reserve’s failure to shore up the monetary system. And we know the great inflation in the ’70s was caused by that. We know the recession and slow recovery from ’89 forward was caused by that. And yet, how does the Fed insulate itself from public criticism? That’s a mystery.” Find out more behind this lack of criticism from Buchanan and Dr. David Fand in the latest episode of the Free To Choose Media Podcast.

The Federal Reserve was originally created to bring stability to our financial and monetary system. However, despite multiple failures, it has widely escaped criticism. There is a myth that the Fed is there to protect us. But upon closer inspection, does it? If you ask Nobel laureate Dr. James Buchanan, the answer is clear, “The Fed more or less just inherited this legacy of being a monopoly in control of a monetary institution. It’s not a constitutional body. It has never been explicitly examined legislatively. And yet it gets away with all this without any criticism because the criticism is always on the congress or the president… They don’t concentrate on where the problem really originates. And certainly we now know from the economic histories that have been written about the 30s that the Great Depression of the ’30s was basically caused by the Federal Reserve’s failure to shore up the monetary system. And we know the great inflation in the ’70s was caused by that. We know the recession and slow recovery from ’89 forward was caused by that. And yet, how does the Fed insulate itself from public criticism? That’s a mystery.” Find out more behind this lack of criticism from Buchanan and Dr. David Fand in the latest episode of the Free To Choose Media Podcast.

Episode 30 – The Federal Reserve Myth (Podcast)

Is Capitalism humane? According to Milton Friedman, the question is irrelevant. Capitalism per se is not humane or inhumane; nor is Socialism. If we compare the two in terms of results, it is clear that only capitalism fosters equality and works toward social justice. The one is based on the principle of voluntary cooperation and free exchange, the other on force of position and power. In a free economy, it is hard to do good. You either have to use your own hard-earned money to do it or work hard to persuade others to your course. But by the same token, it is difficult to do harm because by preventing a concentration of power, capitalism prevents people from committing sustained, serious harm. Is capitalism humane or inhumane? It is neither. But it tends to give free rein to the human values of human beings. In this program, Milton states, “The argument used to be about strictly the form of economic organization: should we have government control of production and distribution, or should we have a market control? And the argument used to be made in terms of the supposedly greater efficiency of centralized government and of centralized control. Nobody makes that argument anymore…But the interesting thing is that nonetheless, there is widespread opposition to capitalism as a system of organization and there is widespread support for some vague system labeled socialism.” Hear what else he has to say on this question in the podcast above, Milton Friedman Speaks – Is Capitalism Humane?

Is Capitalism humane? According to Milton Friedman, the question is irrelevant. Capitalism per se is not humane or inhumane; nor is Socialism. If we compare the two in terms of results, it is clear that only capitalism fosters equality and works toward social justice. The one is based on the principle of voluntary cooperation and free exchange, the other on force of position and power. In a free economy, it is hard to do good. You either have to use your own hard-earned money to do it or work hard to persuade others to your course. But by the same token, it is difficult to do harm because by preventing a concentration of power, capitalism prevents people from committing sustained, serious harm. Is capitalism humane or inhumane? It is neither. But it tends to give free rein to the human values of human beings. In this program, Milton states, “The argument used to be about strictly the form of economic organization: should we have government control of production and distribution, or should we have a market control? And the argument used to be made in terms of the supposedly greater efficiency of centralized government and of centralized control. Nobody makes that argument anymore…But the interesting thing is that nonetheless, there is widespread opposition to capitalism as a system of organization and there is widespread support for some vague system labeled socialism.” Hear what else he has to say on this question in the podcast above, Milton Friedman Speaks – Is Capitalism Humane?

Episode 3 – Milton Friedman Speaks – Is Capitalism Humane? (Podcast)

Julian Simon

With a human population larger than any point in history, we are consuming more natural resources than at any point in history. So, how can we ever expect to maintain this pace without running out of resources? As it turns out, the people who seriously sound these alarm bells are forgetting one thing. Throughout history, bigger problems have produced bigger solutions. Had those initial problems never arisen, neither would have the solutions. As noted scholar Julian Simon put it, “We need our problems. In some fundamental way we need bigger and better problems. That’s not to say we should run out and create any problems because we manage to create problems pretty well, but we do need our problems. If problems didn’t arise, if population hadn’t grown so that people ran short of food, if we still had 10 million people on earth as we had perhaps 10,000 years ago when people were still living an average of 30 years or less at birth we wouldn’t have had this fancy lunch that you and I had today. But instead we’d be out chasing rabbits and digging roots.” Listen to the rest of his practical thoughts on how population and economics influence each other in the latest episode of the Free To Choose Media Podcast, Julian Simon.

With a human population larger than any point in history, we are consuming more natural resources than at any point in history. So, how can we ever expect to maintain this pace without running out of resources? As it turns out, the people who seriously sound these alarm bells are forgetting one thing. Throughout history, bigger problems have produced bigger solutions. Had those initial problems never arisen, neither would have the solutions. As noted scholar Julian Simon put it, “We need our problems. In some fundamental way we need bigger and better problems. That’s not to say we should run out and create any problems because we manage to create problems pretty well, but we do need our problems. If problems didn’t arise, if population hadn’t grown so that people ran short of food, if we still had 10 million people on earth as we had perhaps 10,000 years ago when people were still living an average of 30 years or less at birth we wouldn’t have had this fancy lunch that you and I had today. But instead we’d be out chasing rabbits and digging roots.” Listen to the rest of his practical thoughts on how population and economics influence each other in the latest episode of the Free To Choose Media Podcast, Julian Simon.

Episode 34 – Julian Simon (Podcast)

If we are to define the role of government in a free society, we must first specify the needs a government is expected to provide. Defense from foreign enemies and protection of property, including the enforcement of private contracts, are clearly legitimate functions of government. But when we come to two other functions of government—providing a substitute for voluntary cooperation when it appears impossible to achieve, and providing for irresponsible individuals— the justification is much less clear-cut. In a free society people should be able to take risks but should not be able to force others to pay the consequences. If the proper limitations of government action were observed, the government would not do many things it now does. We should not resort to government regulations until we have adequately explored the possibilities for coordinating our activities through voluntary means. If we understood the implications of our own values, we would not allow ourselves to be “front men” for values we oppose, merely because we are confused about the meaning of freedom and the legitimate role of government in a free society. As Milton Friedman puts it, “It’s often forgotten that a corollary to freedom of speech is freedom to listen. Freedom of speech does not mean the right to force anybody to listen to what you have to say. Freedom of speech means the freedom to stand up, and hire a hall and offer to speak, and let anybody come who wants to listen to you. (It’s) a very sharp contrast to that kind of freedom is the freedom that was suggested back in the days of World War II by Franklin Roosevelt, when he spoke of the four freedoms and spoke of the freedom from want. That’s a very different kind of freedom.” Hear what else he has to say about the role of government in the podcast above, Milton Friedman Speaks – The Role of Government in a Free Society.

If we are to define the role of government in a free society, we must first specify the needs a government is expected to provide. Defense from foreign enemies and protection of property, including the enforcement of private contracts, are clearly legitimate functions of government. But when we come to two other functions of government—providing a substitute for voluntary cooperation when it appears impossible to achieve, and providing for irresponsible individuals— the justification is much less clear-cut. In a free society people should be able to take risks but should not be able to force others to pay the consequences. If the proper limitations of government action were observed, the government would not do many things it now does. We should not resort to government regulations until we have adequately explored the possibilities for coordinating our activities through voluntary means. If we understood the implications of our own values, we would not allow ourselves to be “front men” for values we oppose, merely because we are confused about the meaning of freedom and the legitimate role of government in a free society. As Milton Friedman puts it, “It’s often forgotten that a corollary to freedom of speech is freedom to listen. Freedom of speech does not mean the right to force anybody to listen to what you have to say. Freedom of speech means the freedom to stand up, and hire a hall and offer to speak, and let anybody come who wants to listen to you. (It’s) a very sharp contrast to that kind of freedom is the freedom that was suggested back in the days of World War II by Franklin Roosevelt, when he spoke of the four freedoms and spoke of the freedom from want. That’s a very different kind of freedom.” Hear what else he has to say about the role of government in the podcast above, Milton Friedman Speaks – The Role of Government in a Free Society.

Episode 4 – Milton Friedman Speaks – The Role of Government in a Free Society (Podcast)

Friedrich Hayek

Armen Alchian

Today’s podcast is the first of a two-part conversation between former Professor of Economics at UCLA, Armen Alchian, and famous economist Friedrich von Hayek. This conversation provides a uniquely personal and entertaining look on Hayek’s life and works as they dive into past events and relationships Hayek formed along the way. Originally Recorded: 1978

Today’s podcast is the first of a two-part conversation between former Professor of Economics at UCLA, Armen Alchian, and famous economist Friedrich von Hayek. This conversation provides a uniquely personal and entertaining look on Hayek’s life and works as they dive into past events and relationships Hayek formed along the way. Originally Recorded: 1978

Episode 58 – Friedrich Hayek and Armen Alchian Part 1 (Podcast)

Gary Becker

It’s impossible to predict the behaviors and actions of any one individual. So how can economists ever hope to understand the effects a shift in policy will have on the consumers within the economy? While individuals behave irrationally, groups give us more insight into understanding behavior and the impact those decisions will have on economics. For economist Gary Becker, one of those fundamental groups is family, “One of the things that families do is to care for their children, to invest in their children, to teach their children morals, skills, and other forms of behavior. Human capital deals with the acquisition of education, training, health, and other skills by individuals that improve their capacities to earn money, to acquire skillful jobs and to otherwise perform well in modern, or less modern, societies.” Listen to his conclusion of the economic effects these choices have in the latest episode of the Free To Choose Media Podcast.

It’s impossible to predict the behaviors and actions of any one individual. So how can economists ever hope to understand the effects a shift in policy will have on the consumers within the economy? While individuals behave irrationally, groups give us more insight into understanding behavior and the impact those decisions will have on economics. For economist Gary Becker, one of those fundamental groups is family, “One of the things that families do is to care for their children, to invest in their children, to teach their children morals, skills, and other forms of behavior. Human capital deals with the acquisition of education, training, health, and other skills by individuals that improve their capacities to earn money, to acquire skillful jobs and to otherwise perform well in modern, or less modern, societies.” Listen to his conclusion of the economic effects these choices have in the latest episode of the Free To Choose Media Podcast.

Episode 35 – Gary Becker (Podcast)

What is the legitimate role of government in a free society? Most agree that there is one, albeit small. The Constitution lays out these roles, but they are ignored and trampled on year after year. Laws are passed, programs are implemented, and taxes are collected all in the name of progress. Yet most conflict directly with the liberties granted and restrictions imposed by the Constitution. The problem is not going away and seems to be getting worse. History is on our side. When governments have overstepped, the results have not been kind. Dr. Walter Williams puts these concerns in an economic perspective. “When you hear Presidents talking about, or people asking Presidential Candidates “What’s your economic plan,?” I find that rather amazing because the bosses in Eastern Europe had economic plans and the Soviet Union had economic plans and China and Cuba and North Korea. And if you ask what’s a common characteristic of all these economic plans, they’ve been failures. They’ve led to lower standards of living and lower human rights protections. And, low and behold, we have Americans asking for the same thing.” Join Dr. Williams and Dr. James Buchanan as they discuss how our rights are slowly being taken away in the latest episode of the Free To Choose Media Podcast.

What is the legitimate role of government in a free society? Most agree that there is one, albeit small. The Constitution lays out these roles, but they are ignored and trampled on year after year. Laws are passed, programs are implemented, and taxes are collected all in the name of progress. Yet most conflict directly with the liberties granted and restrictions imposed by the Constitution. The problem is not going away and seems to be getting worse. History is on our side. When governments have overstepped, the results have not been kind. Dr. Walter Williams puts these concerns in an economic perspective. “When you hear Presidents talking about, or people asking Presidential Candidates “What’s your economic plan,?” I find that rather amazing because the bosses in Eastern Europe had economic plans and the Soviet Union had economic plans and China and Cuba and North Korea. And if you ask what’s a common characteristic of all these economic plans, they’ve been failures. They’ve led to lower standards of living and lower human rights protections. And, low and behold, we have Americans asking for the same thing.” Join Dr. Williams and Dr. James Buchanan as they discuss how our rights are slowly being taken away in the latest episode of the Free To Choose Media Podcast.

Episode 38 – Constitution Crisis (Podcast)

“Will Social Security be around when I’m old?” It’s a question that has been asked and sparked countless discussions for decades. As the years go by, the numbers change but the discussion remains the same. Is there a model already in place that will allow payers to see an actual return on their money? Or will we just keep finding ways to rob Peter in order to pay Paul? Originally recorded in 2003, Economist Casey Mulligan says that one solution, privatization, is not simply a catch-all term as believed by some, “Well, there’s two kinds of privatization I like to think about.  One is the kind of privatization we’ve seen in a few countries around the world, where we lay out really a seventy five-year plan for the economy, and at the end of that trajectory what happens is elderly people pay for themselves. The government doesn’t pay them anymore.  The second kind of privatization I see involves such a plan and actually sticking to it.  And those are two very different things. We don’t have much experience in the world with a country actually following through with these seventy five-year plans- which can easily happen- and has happened- is after the plan we’re getting closer to the end of the plan, political forces and other forces change the plan in such a way that the elderly still collect funds from the government, and the young still pay to support those programs.” Listen to the 2003 discussion between Milligan and Kevin Murphy as they explore the economic realities of the issue in the latest episode of the Free To Choose Media Podcast, Social Security. Original Record Date: 2003

“Will Social Security be around when I’m old?” It’s a question that has been asked and sparked countless discussions for decades. As the years go by, the numbers change but the discussion remains the same. Is there a model already in place that will allow payers to see an actual return on their money? Or will we just keep finding ways to rob Peter in order to pay Paul? Originally recorded in 2003, Economist Casey Mulligan says that one solution, privatization, is not simply a catch-all term as believed by some, “Well, there’s two kinds of privatization I like to think about.  One is the kind of privatization we’ve seen in a few countries around the world, where we lay out really a seventy five-year plan for the economy, and at the end of that trajectory what happens is elderly people pay for themselves. The government doesn’t pay them anymore.  The second kind of privatization I see involves such a plan and actually sticking to it.  And those are two very different things. We don’t have much experience in the world with a country actually following through with these seventy five-year plans- which can easily happen- and has happened- is after the plan we’re getting closer to the end of the plan, political forces and other forces change the plan in such a way that the elderly still collect funds from the government, and the young still pay to support those programs.” Listen to the 2003 discussion between Milligan and Kevin Murphy as they explore the economic realities of the issue in the latest episode of the Free To Choose Media Podcast, Social Security. Original Record Date: 2003

Episode 45 – Social Security (Podcast)

The welfare state is an attempt to “do good” with someone else’s money. The aim may be worthy but the means are faulty. The problem is that you do not spend someone else’s money as carefully as your own. More to the point, it’s impossible to “do good” with someone else’s money without first taking it away from someone else. That implies coercion—the use of bad means to corrupt the good ends of the welfare state. Welfare programs implicitly encourage competition for government funds and create unfortunate divisions and antagonisms in our society that erode individual freedom. We must find other means—voluntary cooperation and private giving, for example — to achieve our objective. In this episode, Milton Friedman poses the question, “Why it is that the noble objectives which have animated the growth of the welfare state have produced results that disappoint almost everybody- regardless of whether they were initially in favor or initially opposed to the various measures; and finally, ask ourselves what if anything is the alternative to it and what can we do about it?” Find out where he thinks the problems of this noble intention truly lie in the podcast above, Milton Friedman Speaks – What is Wrong with the Welfare State?.

The welfare state is an attempt to “do good” with someone else’s money. The aim may be worthy but the means are faulty. The problem is that you do not spend someone else’s money as carefully as your own. More to the point, it’s impossible to “do good” with someone else’s money without first taking it away from someone else. That implies coercion—the use of bad means to corrupt the good ends of the welfare state. Welfare programs implicitly encourage competition for government funds and create unfortunate divisions and antagonisms in our society that erode individual freedom. We must find other means—voluntary cooperation and private giving, for example — to achieve our objective. In this episode, Milton Friedman poses the question, “Why it is that the noble objectives which have animated the growth of the welfare state have produced results that disappoint almost everybody- regardless of whether they were initially in favor or initially opposed to the various measures; and finally, ask ourselves what if anything is the alternative to it and what can we do about it?” Find out where he thinks the problems of this noble intention truly lie in the podcast above, Milton Friedman Speaks – What is Wrong with the Welfare State?.

Episode 5 – Milton Friedman Speaks – What is Wrong with the Welfare State? (Podcast)

Individuals act on self-interest. No, that doesn’t mean that people are only motivated by selfish materialism. It comes down to an understanding that actions made today will have consequences tomorrow. Those decisions drive our economy. They are based on the best choices someone can make today, which will provide the best future for themselves and their loved ones. So where do charity and altruism fit into that economic worldview? Nobel laureate Dr. Gary Becker says they play into each other more than people think, but an important distinction should be made, “Even a bunch of selfish individuals, under appropriate circumstances, can lead to results that are in the public welfare. So for example, an entrepreneur, who may be perfectly selfish in my concept, not worried directly about the well-being of others, because of what he or she does and because of competitive forces, etc., may well, of course, improve the well-being of others, but that’s not altruism in my concept. I say that’s the basic result that Adam Smith saw. And the greatest result, I think, in social science is that a collection of private selfish individuals may in their collective actions contribute to the public well-being, but you want to sharply distinguish from Adam Smith to the moral sentiments who really did deal with altruism.” Hear the rest of the conversation with Becker and political scientist Aaron Wildavsky and find out what they say these concepts can teach us about society and economics in the latest episode of the Free To Choose Media Podcast. Originally Recorded: 1993

Individuals act on self-interest. No, that doesn’t mean that people are only motivated by selfish materialism. It comes down to an understanding that actions made today will have consequences tomorrow. Those decisions drive our economy. They are based on the best choices someone can make today, which will provide the best future for themselves and their loved ones. So where do charity and altruism fit into that economic worldview? Nobel laureate Dr. Gary Becker says they play into each other more than people think, but an important distinction should be made, “Even a bunch of selfish individuals, under appropriate circumstances, can lead to results that are in the public welfare. So for example, an entrepreneur, who may be perfectly selfish in my concept, not worried directly about the well-being of others, because of what he or she does and because of competitive forces, etc., may well, of course, improve the well-being of others, but that’s not altruism in my concept. I say that’s the basic result that Adam Smith saw. And the greatest result, I think, in social science is that a collection of private selfish individuals may in their collective actions contribute to the public well-being, but you want to sharply distinguish from Adam Smith to the moral sentiments who really did deal with altruism.” Hear the rest of the conversation with Becker and political scientist Aaron Wildavsky and find out what they say these concepts can teach us about society and economics in the latest episode of the Free To Choose Media Podcast. Originally Recorded: 1993

Episode 43 – Self-Interest (Podcast)

George P. Shultz

Bob Chitester

This 2006 conversation between former Secretary of State George P. Shultz and the founder of Free To Choose Network, Bob Chitester, takes a deeper look at Shultz on a personal level. Throughout the conversation, Shultz speaks about his hobbies, childhood, parents, and upbringing through high school. Shultz talks about his interests in high school as well as how he got into economics, ultimately leading him to his career in government. Originally Recorded: 2006

This 2006 conversation between former Secretary of State George P. Shultz and the founder of Free To Choose Network, Bob Chitester, takes a deeper look at Shultz on a personal level. Throughout the conversation, Shultz speaks about his hobbies, childhood, parents, and upbringing through high school. Shultz talks about his interests in high school as well as how he got into economics, ultimately leading him to his career in government. Originally Recorded: 2006

Episode 57 – George P. Shultz Conversations: Bob Chitester (Podcast)

What effects did world events, such as world wars and depression, have on the economies of nations such as Germany, and the former Soviet Union? As hyperinflation raged, the real value of currency in these nations became a question mark. Countries today are still ravaged with the same problem. As revolutions erupt and regimes change, the effect on purchasing power is hard to ignore. How can the problems of “out of control” inflation be solved? As Milton Friedman describes the issue, “Country after country has seen its monetary system blow up in its face, and subsequently, it’s had to do something about it. And we’ve had a kind of revolution. Now, right now, this is a very interesting subject because of the problems of the other kind of revolutions that have been taking place… in Eastern European countries. Where all of a sudden a communist system which has lasted, in Russia’s case, for seventy years, in these other countries for forty years, has blown up in their faces. They had a monetary system which was part of their whole centrally planned, centrally designed system. And now they are desperately seeking what to do about that monetary system.” Join Milton, along with Daniel Gressel, to dig into this problem in detail during this episode of the Free To Choose Media Podcast, Monetary Revolutions.

What effects did world events, such as world wars and depression, have on the economies of nations such as Germany, and the former Soviet Union? As hyperinflation raged, the real value of currency in these nations became a question mark. Countries today are still ravaged with the same problem. As revolutions erupt and regimes change, the effect on purchasing power is hard to ignore. How can the problems of “out of control” inflation be solved? As Milton Friedman describes the issue, “Country after country has seen its monetary system blow up in its face, and subsequently, it’s had to do something about it. And we’ve had a kind of revolution. Now, right now, this is a very interesting subject because of the problems of the other kind of revolutions that have been taking place… in Eastern European countries. Where all of a sudden a communist system which has lasted, in Russia’s case, for seventy years, in these other countries for forty years, has blown up in their faces. They had a monetary system which was part of their whole centrally planned, centrally designed system. And now they are desperately seeking what to do about that monetary system.” Join Milton, along with Daniel Gressel, to dig into this problem in detail during this episode of the Free To Choose Media Podcast, Monetary Revolutions.

Episode 23 – Monetary Revolutions (Podcast)

Richard Pipes

This conversation with George P. Shultz is the seventh of eleven conversations with the former Secretary of State. Originally recorded in 2006, Shultz speaks with a former National Security Council member and colleague in the Reagan administration, Richard Pipes. During the conversation, the two talk about their time in the administration and specifically discuss how they feel their time impacted world history. Shultz shares insight into Reagan’s conversations with Mikhail Gorbachev while discussing several issues such as divisiveness in the U.S. at the time and Shultz’s activities as an emeritus professor. Originally Recorded: 2006

This conversation with George P. Shultz is the seventh of eleven conversations with the former Secretary of State. Originally recorded in 2006, Shultz speaks with a former National Security Council member and colleague in the Reagan administration, Richard Pipes. During the conversation, the two talk about their time in the administration and specifically discuss how they feel their time impacted world history. Shultz shares insight into Reagan’s conversations with Mikhail Gorbachev while discussing several issues such as divisiveness in the U.S. at the time and Shultz’s activities as an emeritus professor. Originally Recorded: 2006

Episode 53 – George P. Shultz Conversations: Richard Pipes (Podcast)

In this wide-ranging conversation, former Secretary of State George P. Shultz and Economist David Friedman discuss the ways in which the world – especially the world of ideas – has changed over Shultz’s lifetime. This discussion dives into the ways in which peoples’ understanding of concepts like socialism are not what they were in the Cold War era. Using personal experiences, the two discuss the changing perceptions in the world about property rights, the role of government and even marriage. Originally Recorded: 2006

In this wide-ranging conversation, former Secretary of State George P. Shultz and Economist David Friedman discuss the ways in which the world – especially the world of ideas – has changed over Shultz’s lifetime. This discussion dives into the ways in which peoples’ understanding of concepts like socialism are not what they were in the Cold War era. Using personal experiences, the two discuss the changing perceptions in the world about property rights, the role of government and even marriage. Originally Recorded: 2006

Episode 50 – George P. Shultz Conversations: David D. Friedman (Podcast)

Unions offer protection to workers in some situations, but union membership represents only one fifth of the American labor force. And while some unions do benefit their members, it is generally at the expense of competing workers and frequently at the expense of the consumer. Government? Government provides some protection, but its efforts are minor. Some workers with only one possible employer—or with no possible employer— enjoy very little protection. The right answer to the question “Who protects the worker?” is that the worker is protected by employers; by the existence of other employers who can and will compete for his or her services if a present employer fails to provide decent wages and working conditions. The only real way to protect the standard of living of the American worker is to preserve a freely competitive labor market. So where did these protections come from in the past? As Milton put it, “It could not very well have been unions that were protecting the worker, since there were almost no unions… It could not have been the government that was pro­tecting the worker, because over that period government was very small. So it could not conceivably have been the government that was protecting the worker. Moreover, not only was spending low, but there was very little government involvement in the economy in any way. And it could not have been nobody who was protecting the worker, because that was a period of enormous progress for the ordinary worker.” So how are they protected, or do they even need protecting? Take a listen and find out in the podcast Milton Friedman Speaks – Who Protects the Worker?

Unions offer protection to workers in some situations, but union membership represents only one fifth of the American labor force. And while some unions do benefit their members, it is generally at the expense of competing workers and frequently at the expense of the consumer. Government? Government provides some protection, but its efforts are minor. Some workers with only one possible employer—or with no possible employer— enjoy very little protection. The right answer to the question “Who protects the worker?” is that the worker is protected by employers; by the existence of other employers who can and will compete for his or her services if a present employer fails to provide decent wages and working conditions. The only real way to protect the standard of living of the American worker is to preserve a freely competitive labor market. So where did these protections come from in the past? As Milton put it, “It could not very well have been unions that were protecting the worker, since there were almost no unions… It could not have been the government that was pro­tecting the worker, because over that period government was very small. So it could not conceivably have been the government that was protecting the worker. Moreover, not only was spending low, but there was very little government involvement in the economy in any way. And it could not have been nobody who was protecting the worker, because that was a period of enormous progress for the ordinary worker.” So how are they protected, or do they even need protecting? Take a listen and find out in the podcast Milton Friedman Speaks – Who Protects the Worker?

Episode 13 – Milton Friedman Speaks – Who Protects the Worker? (Podcast)

Abraham D. Sofaer

In this 2006 conversation, the sixth in a series of eleven, former Secretary of State George P. Shultz talks with former State Department legal advisor Abraham D. Sofaer. Having been colleagues in the Reagan administration, the two discussed their years together and talked about Shultz’s 1984 speech on terrorism. They further investigated what it means to be prepared to use force in defense of the country, and used personal examples from the Reagan era to illustrate the concept of self-defense in preventing international terrorism. From Iran to Lebanon and Syria, follow along as the two talk about how the Reagan administration dealt with these situations at that time. Originally Recorded: 2006

In this 2006 conversation, the sixth in a series of eleven, former Secretary of State George P. Shultz talks with former State Department legal advisor Abraham D. Sofaer. Having been colleagues in the Reagan administration, the two discussed their years together and talked about Shultz’s 1984 speech on terrorism. They further investigated what it means to be prepared to use force in defense of the country, and used personal examples from the Reagan era to illustrate the concept of self-defense in preventing international terrorism. From Iran to Lebanon and Syria, follow along as the two talk about how the Reagan administration dealt with these situations at that time. Originally Recorded: 2006

Episode 52 – George P. Shultz Conversations: Abraham D. Sofaer (Podcast)

Money, wealth, and capital can move around the world in mere seconds. Within any economic structure, capital is the building block of prosperity. With relatively new ease of access to resources, how has that changed our society? Developing nations no longer need to start from scratch, or wait long periods of time to meet demand for certain items. This has fundamentally changed what is considered capital along with the way our world and our governments function. Author and Professor Richard B. McKenzie puts it in these easy to understand terms, “The big difference is not so much the need for capital, although capital is becoming more important in production processes than labor. Capital has become transformed; it’s become brain-powered; it’s become information. It used to be that capital was concrete and steel and mile-long plants. These plants were very immobile; very difficult to get up and move. As a result, governments could think of this form of capital as something like an oil well. They could put a head on it and drain it dry. When capital is in the form of brain power and information, it basically can be transformed into electrical impulses that can be sent around the world at the touch of a few keys on the computer, and at the cost of a telephone call.” How else has this technological surge transformed our world? Listen to the full discussion in the latest episode of the Free To Choose Media Podcast to find out.

Money, wealth, and capital can move around the world in mere seconds. Within any economic structure, capital is the building block of prosperity. With relatively new ease of access to resources, how has that changed our society? Developing nations no longer need to start from scratch, or wait long periods of time to meet demand for certain items. This has fundamentally changed what is considered capital along with the way our world and our governments function. Author and Professor Richard B. McKenzie puts it in these easy to understand terms, “The big difference is not so much the need for capital, although capital is becoming more important in production processes than labor. Capital has become transformed; it’s become brain-powered; it’s become information. It used to be that capital was concrete and steel and mile-long plants. These plants were very immobile; very difficult to get up and move. As a result, governments could think of this form of capital as something like an oil well. They could put a head on it and drain it dry. When capital is in the form of brain power and information, it basically can be transformed into electrical impulses that can be sent around the world at the touch of a few keys on the computer, and at the cost of a telephone call.” How else has this technological surge transformed our world? Listen to the full discussion in the latest episode of the Free To Choose Media Podcast to find out.

Episode 22 – International Movement of Wealth (Podcast)

We live under government domination of the market economy. We have come a long way from a truly free economy. Consider the number of markets to which new firms do not have free access. Consider the erosion of expression for business people. Consider the plethora of government regulations American business must contend with. Can these trends be reversed? It is harder to repeal laws than pass them. Private business is unfortunately shortsighted when it turns to politics. But count among the favorable signs the very inefficiency of government—and the American public’s growing recognition of this fact. Business can do relatively little to reverse this trend (though it can at least become more sophisticated and farsighted in political planning), but business people as individuals, as citizens, must seek to persuade the public that we are already on the road to a collectivist state, that if we continue it, we will lose prosperity and liberty. In Milton’s own words, “Make no mistake about it: human freedom cannot exist- human freedom has never existed-without a viable, healthy, free market economy. And that is what is being destroyed. That is what is being destroyed as much by its alleged friends, as by its announced enemies. This country remains predominantly a free country; it remains the freest major country in the world. There are some minor countries that have a greater degree of freedom, but among the major countries we remain the real stronghold of freedom. And yet, it is worth taking a few moments to look at how far we have come from a truly free economy, a truly free society.” So how far have we come? Find out in the podcast, Milton Friedman Speaks – The Future of Our Society.

We live under government domination of the market economy. We have come a long way from a truly free economy. Consider the number of markets to which new firms do not have free access. Consider the erosion of expression for business people. Consider the plethora of government regulations American business must contend with. Can these trends be reversed? It is harder to repeal laws than pass them. Private business is unfortunately shortsighted when it turns to politics. But count among the favorable signs the very inefficiency of government—and the American public’s growing recognition of this fact. Business can do relatively little to reverse this trend (though it can at least become more sophisticated and farsighted in political planning), but business people as individuals, as citizens, must seek to persuade the public that we are already on the road to a collectivist state, that if we continue it, we will lose prosperity and liberty. In Milton’s own words, “Make no mistake about it: human freedom cannot exist- human freedom has never existed-without a viable, healthy, free market economy. And that is what is being destroyed. That is what is being destroyed as much by its alleged friends, as by its announced enemies. This country remains predominantly a free country; it remains the freest major country in the world. There are some minor countries that have a greater degree of freedom, but among the major countries we remain the real stronghold of freedom. And yet, it is worth taking a few moments to look at how far we have come from a truly free economy, a truly free society.” So how far have we come? Find out in the podcast, Milton Friedman Speaks – The Future of Our Society.

Episode 15 – Milton Friedman Speaks – The Future of Our Society (Podcast)

If the government has the power and responsibility to promote equality of income, then how do we define the concept of equality? Jefferson, in his Declaration of Independence, meant equality before the law, a concept necessary precisely because people are not equal in tastes, values, or capacities. Later, equality came to mean equality of opportunity—the chance to run a fair race. Within a free market system, both definitions are consistent with other values: Efficiency, justice, and liberty. More recently, equality has come to mean equality of outcome. Equality of outcome cannot be mandated, cannot be insured. Any serious attempt to achieve it would destroy freedom. In Milton’s own words, “There is no way in any literal sense you can achieve equality of oppor­tunity, and yet the concept has a meaning and a significance. What we really mean by it, I believe, is not the literal sense that people shall have equal opportunities, because that’s impossible. What we really mean is something else…that every career shall be open to every individual who shall have the talent, and the ability, and the good fortune to have had the upbringing which would qualify him for it. The meaning of equality of opportunity, in this sense, is that there shall be no arbitrary obstacles placed to prevent people from achieving those careers, those positions, those opportunities for which they have the ability, and the capac­ity and the taste to qualify. In that sense, equality of opportunity, as we shall see, is also a necessary condition for freedom.” So how do we correct course? Take a listen and find out in the podcast Milton Friedman Speaks – Equality and Freedom in the Free Enterprise System.

If the government has the power and responsibility to promote equality of income, then how do we define the concept of equality? Jefferson, in his Declaration of Independence, meant equality before the law, a concept necessary precisely because people are not equal in tastes, values, or capacities. Later, equality came to mean equality of opportunity—the chance to run a fair race. Within a free market system, both definitions are consistent with other values: Efficiency, justice, and liberty. More recently, equality has come to mean equality of outcome. Equality of outcome cannot be mandated, cannot be insured. Any serious attempt to achieve it would destroy freedom. In Milton’s own words, “There is no way in any literal sense you can achieve equality of oppor­tunity, and yet the concept has a meaning and a significance. What we really mean by it, I believe, is not the literal sense that people shall have equal opportunities, because that’s impossible. What we really mean is something else…that every career shall be open to every individual who shall have the talent, and the ability, and the good fortune to have had the upbringing which would qualify him for it. The meaning of equality of opportunity, in this sense, is that there shall be no arbitrary obstacles placed to prevent people from achieving those careers, those positions, those opportunities for which they have the ability, and the capac­ity and the taste to qualify. In that sense, equality of opportunity, as we shall see, is also a necessary condition for freedom.” So how do we correct course? Take a listen and find out in the podcast Milton Friedman Speaks – Equality and Freedom in the Free Enterprise System.

Episode 14 – Milton Friedman Speaks – Equality and Freedom in the Free Enterprise System (Podcast)

European countries in the Eastern Bloc were faced with a dilemma after the fall of Soviet Russia. They were tasked with transitioning from a centrally planned economy to a market-based one. That proved more difficult for some than for others. How quickly those countries should make the transition was also a hot topic of debate. Gently nudge the economy along, or rip off the bandage and change everything all at once? Nobel laureate Gary Becker lays out his main reason to fast-track the process, “In any country when you experience rapid change, the window of opportunity to make major changes before the political forces arise, (is small). It’s clear that in Eastern Europe the Communist and people who had depended on the Communist system were thrown on the defensive as a result of the, basically, revolutions that went on in these nations. … We see that in some of these countries that are going slowly, in Romania, in Bulgaria, and some, in Poland which went rapidly in some respects, and in Russia and some of the other Russian Republics where they’ve been frozen – it’s been very difficult to do anything. So move quickly and have a chance to make changes that are irreversible before the political forces can organize.” Or, are some aspects of a market economy at least better than none at all? Join Becker as well as British Nobel economist Ronald Coase as they discuss their differing opinions on the matter in the latest episode of the Free To Choose Media Podcast, European Markets.

European countries in the Eastern Bloc were faced with a dilemma after the fall of Soviet Russia. They were tasked with transitioning from a centrally planned economy to a market-based one. That proved more difficult for some than for others. How quickly those countries should make the transition was also a hot topic of debate. Gently nudge the economy along, or rip off the bandage and change everything all at once? Nobel laureate Gary Becker lays out his main reason to fast-track the process, “In any country when you experience rapid change, the window of opportunity to make major changes before the political forces arise, (is small). It’s clear that in Eastern Europe the Communist and people who had depended on the Communist system were thrown on the defensive as a result of the, basically, revolutions that went on in these nations. … We see that in some of these countries that are going slowly, in Romania, in Bulgaria, and some, in Poland which went rapidly in some respects, and in Russia and some of the other Russian Republics where they’ve been frozen – it’s been very difficult to do anything. So move quickly and have a chance to make changes that are irreversible before the political forces can organize.” Or, are some aspects of a market economy at least better than none at all? Join Becker as well as British Nobel economist Ronald Coase as they discuss their differing opinions on the matter in the latest episode of the Free To Choose Media Podcast, European Markets.

Episode 39 – European Markets (Podcast)

The best podcast episodes of the most interesting stories and things. From skyping someone while they're in space, to tracking down and meeting a telephone scammer in person, to the story of a Galapagos. These episodes will keep you and all your friends entertained and captivated for hours. Learn something new in every episode! Add episodes you're interested into your queue below!

Best Episodes: Interesting Stories & Things

The best podcast episodes on parenting. Interviewing experts and talking through common issues surrounding parenting. This topic is filled with important lessons and insights for anyone listening. Add episodes you're interested into your queue below!