#Debating Systemic Risk again: 2/4: Samuelson Friedman: The Battle Over the Free Market. by Nicholas Wapshott .
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 13 March 2023
⏱️ 9 minutes
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#Debating Systemic Risk again: 2/4: Samuelson Friedman: The Battle Over the Free Market. by Nicholas Wapshott .
https://www.amazon.com/Samuelson-Friedman-Battle-Over-Market-ebook/dp/B08589Z7M9/ref=sr_1_1?dchild=1&keywords=Nicholas+Wapshott+%2B+samuelson&qid=1627690920&s=digital-text&sr=1-1
In 1966 two columnists joined Newsweek magazine. Their assignment: debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics, which supported the management of the economy along lines prescribed by John Maynard Keynes’s General Theory. Milton Friedman, little known at that time outside of conservative academic circles, championed “monetarism” and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy.
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| 0:35.3 | This is CBS I in the world. |
| 0:36.6 | I'm John Boucher. |
| 0:37.5 | It's fun. |
| 0:38.9 | Fun to talk to Nicholas Wapshot, his new book is Sam Wilson Friedman, |
| 0:43.8 | the battle over the free market. |
| 0:45.6 | This is high, high and economics in the 20th century reaching into the 21st. |
| 0:52.2 | The 20th century, however, was darkened by the great risk. |
| 0:56.3 | The great war which bloodied the families of continental Europe and pulled US into the |
| 1:04.0 | tangle that we know resulted in the second war, a settling of scores that darken the earth. |
| 1:10.2 | At the same time, economics coming out of the first war into the great depression, |
| 1:16.5 | beginning famously, infamously 1929. |
| 1:20.3 | This is the period of youth and experiment by Milton Friedman and Paul Samuelson. |
| 1:26.0 | We begin with Paul Samuelson. |
| 1:27.4 | He was born in Gary, Indiana. |
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