Jennifer Burns

How we should intervene or not in the economy and what the role of the Federal Reserve is, because he's saying the Federal Reserve is incredibly powerful. And finally, people start to believe it.

Yeah. Now I should say the Phillips curve is still out there. It's been expectations augmented and it is relevant in the short term. But Friedman's warning is still very much apt that if you get too focused on unemployment, you can let inflation out of the bag.

Yeah. Now I should say the Phillips curve is still out there. It's been expectations augmented and it is relevant in the short term. But Friedman's warning is still very much apt that if you get too focused on unemployment, you can let inflation out of the bag.

Yeah. Now I should say the Phillips curve is still out there. It's been expectations augmented and it is relevant in the short term. But Friedman's warning is still very much apt that if you get too focused on unemployment, you can let inflation out of the bag.

And so until very recently, the Federal Reserve's tradition has been focusing on inflation, believing that's fundamental and that will keep unemployment low rather than trying to lower unemployment at the cost of raising inflation.

And so until very recently, the Federal Reserve's tradition has been focusing on inflation, believing that's fundamental and that will keep unemployment low rather than trying to lower unemployment at the cost of raising inflation.

And so until very recently, the Federal Reserve's tradition has been focusing on inflation, believing that's fundamental and that will keep unemployment low rather than trying to lower unemployment at the cost of raising inflation.

Yeah, so Knight is talking about where does profit come from? And to his mind, it comes from the entrepreneurial function and the risk-taking function. And so he kind of weaves that into why, you know, capitalism works well. best and why it's the most effective allocation machine and why it assigns responsibility in a way he believes that a socialist system never could.

Yeah, so Knight is talking about where does profit come from? And to his mind, it comes from the entrepreneurial function and the risk-taking function. And so he kind of weaves that into why, you know, capitalism works well. best and why it's the most effective allocation machine and why it assigns responsibility in a way he believes that a socialist system never could.

Yeah, so Knight is talking about where does profit come from? And to his mind, it comes from the entrepreneurial function and the risk-taking function. And so he kind of weaves that into why, you know, capitalism works well. best and why it's the most effective allocation machine and why it assigns responsibility in a way he believes that a socialist system never could.

Now, Knight, though, is not a booster of capitalism. It could be in part because he's just a darkly pessimistic, kind of depressive guy. And so he's afraid that capitalism is going to collapse and socialism or fascism is going to take over or communism. And so he kind of descends into darkness there.

Now, Knight, though, is not a booster of capitalism. It could be in part because he's just a darkly pessimistic, kind of depressive guy. And so he's afraid that capitalism is going to collapse and socialism or fascism is going to take over or communism. And so he kind of descends into darkness there.

Now, Knight, though, is not a booster of capitalism. It could be in part because he's just a darkly pessimistic, kind of depressive guy. And so he's afraid that capitalism is going to collapse and socialism or fascism is going to take over or communism. And so he kind of descends into darkness there.

Friedman, as the more optimist, believes with Hayek that you can develop a different approach to capitalism that would preserve the price system, preserve allocation, but build in social supports, build in a social minimum, things like this. But there's a moment in his career where he's really struggling to figure out, like, how do I make this case for capitalism?

Friedman, as the more optimist, believes with Hayek that you can develop a different approach to capitalism that would preserve the price system, preserve allocation, but build in social supports, build in a social minimum, things like this. But there's a moment in his career where he's really struggling to figure out, like, how do I make this case for capitalism?

Friedman, as the more optimist, believes with Hayek that you can develop a different approach to capitalism that would preserve the price system, preserve allocation, but build in social supports, build in a social minimum, things like this. But there's a moment in his career where he's really struggling to figure out, like, how do I make this case for capitalism?

And basically, the whole sort of conservative movement or people who we later call the conservative movement are struggling to make this case. And he starts thinking about what makes capitalism work is that if you put forth effort, you get a reward. So then you could say, well, people get what they deserve under capitalism.

And basically, the whole sort of conservative movement or people who we later call the conservative movement are struggling to make this case. And he starts thinking about what makes capitalism work is that if you put forth effort, you get a reward. So then you could say, well, people get what they deserve under capitalism.

And basically, the whole sort of conservative movement or people who we later call the conservative movement are struggling to make this case. And he starts thinking about what makes capitalism work is that if you put forth effort, you get a reward. So then you could say, well, people get what they deserve under capitalism.

But then he kind of stops and he says, that's not really true because we're born with such different endowments and there's a huge quotient of luck, right? So some people are just in the right position and some people aren't. So if I say capitalism is moral because people get what they deserve, that's not really true.