This is the Cato Daily Podcast for Tuesday, May 18, 2010. I'm Caleb Brown.

At the dinner for the Biennial Milton Friedman Prize for Advancing Liberty columnist and Pulitzer Prize winner

George Will delivered the keynote address.

Yes, someone once said that the Chicago Cubs are to the World Series as the 10th Amendment is to constitutional law of a rare and inconsequential appearance.

Thank you, Ed, for that generous introduction

that proves that not all forms of inflation are painful.

It put me in mind of the Renaissance Pope who used to travel about Rome, being greeted by

crowds with cries of deossess, deossess, thou art God, thou art God.

The Pope said it's a trifle strong, but really very pleasant.

I want to thank all of the people in this room

for making Cato and its work possible. And I want to thank a few million more people who in recent weeks have toiled to demonstrate in a timely manner why Cato is necessary. I refer of course to the people of Greece.

Milton Friedman of Greece.

Milton Friedman, whose name we honor tonight, was honored often for his recondite and subtle

scholarship, but it was complimented by a sturdy common sense much in fashion

nowhere now.

About 40 years ago he found himself in an Asian country where the government was extremely

eager to show off a public works project of which it was inordinately and excessively fond.

It was digging a canal. And they took Milton out to see this,

and he was astonished because there were hordes of workers

but no heavy earth moving equipment.

And he remarked upon this to his government guide,

and the man said, well, mistreatment you don't understand. And he remarked upon this to his government guide,

...