This is John Patchler. Later on a conversation with Nicholas Wapshot, the author of a new book,

Samuelson Friedman, The Battle over the Free Market. This is an analysis of a column that ran a Newsweek in the 1960s between the Paul Samuelson

economist who represented Keynesian economics and the Milton Friedman economist who represented what he called

monetarism that is the Federal Reserve controlling the amount of money it's in

the economy.

Keynesianism spends money, lots of it, to revive or propel the economy.

Monitorism, as Friedman explained it, controls the amount of money to deal with the inflation monster.

This is a debate that went across all of the country and around the world out of Newsweek and herein Nicholas describes

Samuelson, his origins and what made him a multi-millionaire before he was 30.

Nicholas Wapshot, all of this later on tonight, Samoson Friedman, the battle over the free

market, which continues.

Washington likes to spend, that's Keynes, critics worry it's inflation.

He's offered a scholarship on the understanding that he doesn't continue at his institution, which is Chicago.

So he goes actually off to Harvard.

He gets a PhD thesis there, which actually wins

in the Nobel Prize many years later.

The people who came to judge the PhD thesis looked at each other

when they read it and said, well I suppose he's writers, we got no idea.

Samundsen was, he had two brains. He was so smart that he was, he understood things which no one else could do.

His judgment, that's what we're now discussing, whether he was right about his judgment.

But certainly he set the tone for the whole of economics.

If macroeconomics was invented by John Maynard Keynes, which it was,

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