Please welcome the Nobel laureate in economics Milton Friedman.

Right?

Over here.

Why is it we have so many a millionaires in everything in the United States,

and we still have so many impoverished people who try to get up into the world,

where all these big men are up on top making oodles and oodles of money.

They don't eat it. They can only eat that much, you know, sleep in a bed.

And what do you as well do they do? If they don't eat it and they put it under their pillows?

That's right. No. They keep investing it.

Well, do they invest it in factories?

Yes. Do some of that money end up in machines?

Yes. Do those factories and machines provide ordinary working people with jobs or not? Where do you suppose the improvements and productivity come from except

from the investment by people of their savings?

Of course we've got a lot of people who are poorly off.

But if you look at it over time, if you get a sense of proportion,

the well-being of the ordinary people has been the main thing that has been improved

by economic progress and economic growth and development.

Welcome to Current Affairs. My name is Nathan Robinson. I am the editor-chief of Current Affairs Magazine.

Today we are going to be talking about the buried moral assumptions underlying modern economics.

My guest is Jonathan Aldred. He is fellow and director of studies in economics

at the Emanuel College, Cambridge, and a lecturer in the Department of Land Economy. He is the

author of two books. First, the skeptical economist revealing the ethics inside economics,

...