I'm John Bachelors with Professor Richard Epstein at the Hoover Institution, writing most

recently defining ideas Joseph Stiglitz, the noblest on economics, a nessay, the road to freedom, economics, and the good society.

As Richard identifies this in his essay, Mr. Stiglitz has contention for the very famous

1994 book, The Road to Serfdom, hence the titles are similar.

As I understand this turns on, Mr. Stiegler's is unhappy with libertarianism.

And in particular, I go to a quote that Richard identifies in his essay. This has to do with what the

opinion is, Mr. Stegel's's opinion of Edward Hayek's opinion of freedom and one of wealth. The quote is this, that a person

facing extremes of want and fear is not free, writes Joseph Stiglitz.

Richard, you contend that that is an inaccurate statement.

How does that illustrate this dispute

between Hyac and Stiglitz?

Well, in the first pages of the Constitution of Liberty, but Hyde does is make the correct distinction.

Saying a restriction on freedom means that there's somebody else who will use your power, his power,

to prevent you from using your natural resources in the way in which you want.

It could be imprisonment on the one hand or could be blocking you from entering into certain

professions on the other.

And if those conditions apply, you're not free. If you're poor, but you still have your freedom, you have an opportunity to improve your lot. And in fact, the number of immigrants who come to this country with absolute nothing.

They're not unfree, they're free individual,

and they enter into various kinds of trades and occupations,

and some of them go from being worth nothing

to becoming billionaire.

It's also the case, if you have a free country,

...