Free To Choose Media Podcast

When the Iron Curtain fell, Eastern European countries were left with the monumental task of building their governments and economies nearly from scratch. In today’s podcast, hear Robert Ebel, International Government Finance Economist, Milton Friedman, 1976 Nobel laureate in Economics, and Tom Hazlett, then Editor-in-Chief of The Wesleyan Review, discuss the pitfalls and triumphs of privatizing what were once solid socialist countries. Originally Recorded: 1993

Today’s podcast, originally recorded in 1978, is a discussion between legendary economist Friedrich Hayek and then economics graduate student Jack High. During the conversation, Hayek talks about his major influences in economics as well as his upbringing in the social sciences. As they dive into Hayek’s philosophical and professional development, they touch on famous names from history such as John Maynard Keynes, Ludwig von Mises, and George Stigler. Originally Recorded: 1978

Today’s podcast is a conversation originally recorded in 1994 about the teaching of sexual legal issues in law schools around the United States. Richard Posner, former Chief Judge of the United States Court of Appeals, Larry Lessig, former Assistant Professor of Law at the University of Chicago, and Tom Smith, former Director-General of the Social Survey at the National Opinion Research Center at the University of Chicago consider the long-term implications of the subject. Originally Recorded: 1994

This conversation between legendary economist Friedrich Hayek and former economics writer Elaine Carver Leijonhufvud includes an intimate look into the life of Hayek as a young man. During the discussion, the two talk about Hayek’s memories of traveling to America as well as his perception of the tension between religious and scientific thought. Originally Recorded: 1978

Physics is a complicated field, but when you start talking about the smallest particles we know of, things become even more complicated. Discover some of the guiding principles of the world of atomic particles and learn more about the complex systems in the human body. Former Nobel Prize winner in physics, Dr. Philip W. Anderson, and Princeton University Professor Shivaji Sondhi discuss the topic in today’s podcast. Originally Recorded: 1999

Today’s podcast features a conversation between former Professor of Economics at UCLA, Axel Leijonhufvud, and famous economist Friedrich von Hayek. During the discussion, the two converse about the people that influenced Hayek’s work and thoughts, eventually diving into social and economic trends as well as monetary theory. Hayek expands on his earlier days as a student, and a young man, identifying the people who shaped his thinking on the world. He also talks about what type of literature helped to push him in the field of economics, and if he had any conflicts with other intellectuals’ views at the time. …

This episode of the Free To Choose® Media Podcast features three prominent intellectuals in the field of neuroscience. Dr. Timothy Tully, former Senior Staff Investigator at the Cold Spring Harbor Laboratory, Dr. Eric Kandel, former Senior Investigator at the Howard Hughes Medical Institute and 2000 Nobel Prize winner in Physiology/Medicine, and Dr. Patricia Goldman-Rakic, Professor of Neuroscience at the Yale University School of Medicine. They discuss the results of their experiments on short- and long-term memory while discussing the history of our knowledge of the topic. Originally Recorded: 1993

Today’s podcast features former United States Court of Appeals, Seventh Circuit, Judge Richard Posner, and former Nobel Prize winner Gary Becker. The two use their time to discuss the challenges confronting those who apply market analysis to social questions. Using examples like drug use, sexually transmitted diseases, and addiction, they discuss the possibilities of using economics to solve these problems while thinking about the government’s role in dealing with them. Originally Recorded: 1994

Today’s podcast is the second of a two-part conversation, originally recorded in 1978, between former Professor of Economics at UCLA, Armen Alchian, and famous economist Friedrich von Hayek. Continuing from last week’s episode, the two talk further about Hayek’s economic history and background with unique personal and professional stories from his past. Hayek discusses his interests in Adam Smith and his personal relationship with John Maynard Keynes. He also discusses several of his books and his work habits, both reading and writing. Originally Recorded: 1978

Today’s podcast is the first of a two-part conversation between former Professor of Economics at UCLA, Armen Alchian, and famous economist Friedrich von Hayek. This conversation provides a uniquely personal and entertaining look on Hayek’s life and works as they dive into past events and relationships Hayek formed along the way. Originally Recorded: 1978

This 2006 conversation between former Secretary of State George P. Shultz and the founder of Free To Choose Network, Bob Chitester, takes a deeper look at Shultz on a personal level. Throughout the conversation, Shultz speaks about his hobbies, childhood, parents, and upbringing through high school. Shultz talks about his interests in high school as well as how he got into economics, ultimately leading him to his career in government. Originally Recorded: 2006

This 2006 conversation between former Secretary of State George P. Shultz and previous Nobel Laureate winner Gary Becker takes a hard look at the politics behind several economic areas from the International Monetary Fund to energy. The two discuss Shultz’s view on these important areas, including Shultz’s personal views on the establishment and role of the International Monetary Fund and what can be done to start shifting the country off of oil dependency. As they continue, they move into the area of the politics of immigration and what Shultz views as potential solutions to some of the problems caused by …

This 2006 conversation is the ninth of eleven conversations with former Secretary of State George P. Shultz and features former Stanford University Hoover Institution research fellow Robert Conquest. This conversation includes an intimate look at U.S. relations with the Soviet Union during the Reagan era. Throughout the discussion, the two share stories from the past and delve into more recent relations between Russia and the United States at that time. Originally Recorded: 2006

This podcast, the eighth of eleven conversations with former Secretary of State George P. Shultz, features Shultz and former Assistant Secretary of State for African Affairs Chester Crocker. Originally recorded in 2006, the conversation centers around the importance of individuals in influencing history. The two discuss what an individual can contribute within a framework of abstract forces such as technological development and economics. Shultz discusses his views on an individual’s impact relating it back to his years with Ronald Reagan. As they talk, the conversation moves into how these factors impact the global movement towards more open societies. Originally Recorded: …

This conversation with George P. Shultz is the seventh of eleven conversations with the former Secretary of State. Originally recorded in 2006, Shultz speaks with a former National Security Council member and colleague in the Reagan administration, Richard Pipes. During the conversation, the two talk about their time in the administration and specifically discuss how they feel their time impacted world history. Shultz shares insight into Reagan’s conversations with Mikhail Gorbachev while discussing several issues such as divisiveness in the U.S. at the time and Shultz’s activities as an emeritus professor. Originally Recorded: 2006

In this 2006 conversation, the sixth in a series of eleven, former Secretary of State George P. Shultz talks with former State Department legal advisor Abraham D. Sofaer. Having been colleagues in the Reagan administration, the two discussed their years together and talked about Shultz’s 1984 speech on terrorism. They further investigated what it means to be prepared to use force in defense of the country, and used personal examples from the Reagan era to illustrate the concept of self-defense in preventing international terrorism. From Iran to Lebanon and Syria, follow along as the two talk about how the Reagan …

Former Secretary of State George P. Shultz and former Stanford Professor Emeritus Henry Rowen discuss foreign policy and national security, particularly the organizational question of the proper roles of the State Department and the White House in running U.S. foreign policy. Shultz begins by detailing his experiences at the State Department and how they worked inter-departmentally with other areas of the government. The discussion then moves on to individual people and their roles within the administration at the time. Shultz continues to expand upon how the government grooms candidates for positions who end up in various companies outside the government …

In this wide-ranging conversation, former Secretary of State George P. Shultz and Economist David Friedman discuss the ways in which the world – especially the world of ideas – has changed over Shultz’s lifetime. This discussion dives into the ways in which peoples’ understanding of concepts like socialism are not what they were in the Cold War era. Using personal experiences, the two discuss the changing perceptions in the world about property rights, the role of government and even marriage. Originally Recorded: 2006

Former Secretary of State George P. Shultz and Hoover Institution Fellow Shelby Steele discuss Shultz’s role as Secretary of Labor in the Nixon administration. Shultz also further reveals personal experiences in the Reagan administration that formed his thinking on civil rights and discrimination. As the discussion carries on, Shultz describes the difficulties he had in the Nixon administration dealing with race and immigration. As Shultz says during the discussion, “It’s a big problem because we’re a welfare state and people come to the health system. They come to the welfare payments and not just to work and that’s an issue. …

In this conversation with his granddaughter, Kelly Shultz, former Secretary of State George P. Shultz talks about his goals when he was her age and about to enter Princeton. They discuss family gatherings, his experiences as a young Marine, and the important lessons learned in sports. Originally Recorded: 2006

Today’s Free To Choose Media podcast episode features a conversation with former Secretary of State George P. Shultz. Shultz speaks with University of Chicago Law Professor Kenneth Dam and talks about his long and varied career in academia, government and business. During the discussion they expand upon Shultz’s views on terrorism, negotiation, Israel/Palestine, and the connection between open political systems and open economic systems. This personal talk dives further into Shultz’s experiences with the Reagan administration and what has transpired since his time as Secretary of State. Originally Recorded: 2006

The lines between science fiction and science fact are beginning to become strangely blurred. Technology is rapidly catching up to the stuff of imagination seen in movies. Could the confirmation of life on another planet be next? That question, and the research into it, have moved more into the mainstream over the years. Have we even invested the correct technology to connect with another civilization? What would happen if we ever did make contact? Nobel laureate, Dr. Charles Townes lays out the effect a first contact could have on humanity, “This is the thing that many people argue that well …

“Will Social Security be around when I’m old?” It’s a question that has been asked and sparked countless discussions for decades. As the years go by, the numbers change but the discussion remains the same. Is there a model already in place that will allow payers to see an actual return on their money? Or will we just keep finding ways to rob Peter in order to pay Paul? Originally recorded in 2003, Economist Casey Mulligan says that one solution, privatization, is not simply a catch-all term as believed by some, “Well, there’s two kinds of privatization I like to …

An open marketplace plays a part in more areas than most people realize. The role is often overlooked in the areas of segregation and discrimination. Supporters of free markets support the right to associate with whoever you wish, while at the same time abhor individual liberties being taken away based on race or an association to other groups. So where is the line? Can the two ever truly within a free market, absent of coercion? Originally recorded in 1987, economist Jennifer Roback had studied the economics of discrimination for years. What role does the free market have in alleviating discrimination? …

Individuals act on self-interest. No, that doesn’t mean that people are only motivated by selfish materialism. It comes down to an understanding that actions made today will have consequences tomorrow. Those decisions drive our economy. They are based on the best choices someone can make today, which will provide the best future for themselves and their loved ones. So where do charity and altruism fit into that economic worldview? Nobel laureate Dr. Gary Becker says they play into each other more than people think, but an important distinction should be made, “Even a bunch of selfish individuals, under appropriate circumstances, …

We’ve all read a bad novel at one point or another. You’ve probably thought to yourself that you could do better. Well, you’re not alone. Writing a full novel can be a painstaking and time-consuming process. It’s more difficult than people think, but not impossible. Have you ever wondered exactly what goes into writing some of your favorite novels? The frustrating, satisfying, and therapeutic properties of the writing process are all covered by a panel of authors in this week’s podcast. Author, Joe McNamara explains how his personal experiences fueled his writing, “My characters were able to say things about …

While individuals remain the ultimate units within a society, their organization into families is often overlooked, even sacrificed. Human beings are social in nature and depend upon one another for survival. Nowhere else is this more evident than with the upbringing of children. Is it possible that by promoting the rights of some, while sacrificing the right of others, the family unit is suffering? Journalist Midge Decter thinks so, but that does not mean the end is near. “Because sometimes to tell the truth and we all know it, families can be a royal pain in the neck, but because …

How life on our planet started and where it is going is an uncertainty that continuously plagues scientists. Even as science moves forward, the topic is ripe for exploration and discussion. Divine intervention, the luck of the draw, or a chain of repeatable chemical reactions? What are the forces that established life on Earth? What are the forces that drive it today and where can we expect it to go from here? The topic clearly lends itself to more questions than answers. Nobel Prize winner Christian de Duve attempts to answer these questions, “I don’t think something as complex as …

European countries in the Eastern Bloc were faced with a dilemma after the fall of Soviet Russia. They were tasked with transitioning from a centrally planned economy to a market-based one. That proved more difficult for some than for others. How quickly those countries should make the transition was also a hot topic of debate. Gently nudge the economy along, or rip off the bandage and change everything all at once? Nobel laureate Gary Becker lays out his main reason to fast-track the process, “In any country when you experience rapid change, the window of opportunity to make major changes …

What is the legitimate role of government in a free society? Most agree that there is one, albeit small. The Constitution lays out these roles, but they are ignored and trampled on year after year. Laws are passed, programs are implemented, and taxes are collected all in the name of progress. Yet most conflict directly with the liberties granted and restrictions imposed by the Constitution. The problem is not going away and seems to be getting worse. History is on our side. When governments have overstepped, the results have not been kind. Dr. Walter Williams puts these concerns in an …

Is there a more market-based approach to government? Regardless of the outcome of elections, there seems to be a growing number of Americans who are dissatisfied with the result no matter which party is in control. Congressional control flips at a rate you can nearly set your watch to. What are Americans looking for? They’re looking for another way. They’re looking for a solution that the two-party system cannot provide; a choice of candidates that doesn’t force them to sacrifice a portion of their principles. Former CATO President, Ed Crane sums it up, “In my view, there’s a huge disenfranchised …

Where do science and culture meet? The rise in popularity of science fiction has shaped popular culture as of late, but remains a source of controversy in society as a whole. This divide traces back to the days when religion, not necessarily evidence, ruled the day. Still, after all this time, science is treated as an evil by some as opposed to a basis of rational thought. Why? With how far we have come since the days of Galileo and DaVinci, why is science still treated with disdain or indifference by some? Gregory Benford, Professor of Physics at UC Irvine …

It’s impossible to predict the behaviors and actions of any one individual. So how can economists ever hope to understand the effects a shift in policy will have on the consumers within the economy? While individuals behave irrationally, groups give us more insight into understanding behavior and the impact those decisions will have on economics. For economist Gary Becker, one of those fundamental groups is family, “One of the things that families do is to care for their children, to invest in their children, to teach their children morals, skills, and other forms of behavior. Human capital deals with the …

With a human population larger than any point in history, we are consuming more natural resources than at any point in history. So, how can we ever expect to maintain this pace without running out of resources? As it turns out, the people who seriously sound these alarm bells are forgetting one thing. Throughout history, bigger problems have produced bigger solutions. Had those initial problems never arisen, neither would have the solutions. As noted scholar Julian Simon put it, “We need our problems. In some fundamental way we need bigger and better problems. That’s not to say we should run …

What is liberalism? What is conservatism? The divide between the two opposing ideologies has widened recently, but why? It may have to do with the two sides not only believing that they are right, but believing they have the duty to impose their views on the other half. We’ve moved from an era from which politics and religion were separate. Now, we are walking the border of politics becoming religion. Will that shift result in a culture war, or are we already there? As theologian Dr. Kenneth Craycraft Sr. puts political ideology in terms of religion, “The problem is that …

Humans are irrational beings. Choices differ from person to person, and even from lab experiments to the real world. So, with all that differentiation, how can economists expect to understand how market forces will impact the decisions that individuals make? It turns out that most individuals go about making decisions the same way, but the results of these decisions vary wildly. Nobel laureate Gary Becker attempts to explain how that process works, “To me, maximizing utility simply means the following: that consumers can order all the opportunities they have available to them…possible choices. They can order them so they prefer …

The vast majority of people agree that we should be doing what we can to help protect the environment, but are we doing it the right way? Regulations may be based in science, but they’re created by bureaucrats with only one singular focus. Whose job is it to look at the impact of these regulations on a larger scale? And is the situation being presented in a way to intentionally scare the public? Dr. Walter Williams would say so, as well as professor of environmental science Dr. Fred Singer, “We have in the federal government, agencies that look at things …

The Federal Reserve was originally created to bring stability to our financial and monetary system. However, despite multiple failures, it has widely escaped criticism. There is a myth that the Fed is there to protect us. But upon closer inspection, does it? If you ask Nobel laureate Dr. James Buchanan, the answer is clear, “The Fed more or less just inherited this legacy of being a monopoly in control of a monetary institution. It’s not a constitutional body. It has never been explicitly examined legislatively. And yet it gets away with all this without any criticism because the criticism is …

When the Soviet Union collapsed, countries in the Eastern Bloc were faced with a huge challenge. They needed to take their socialist societies and convert them into capitalist ones. How did they change a country where most property was state-owned into something that was based on private property? Each country handled it differently and the results are not surprising. Despite these challenges in the early 90’s, Milton Friedman remained optimistic, “The hopeful thing about this is that the inefficiency of the former system is so great that the new system can make great progress even though they have very inefficient …

What can nature teach us? It’s a question that mankind has investigated since the beginning of time. We’ve learned so much, but there’s still even more that we don’t know. That’s why people like David Attenborough dedicate their lives to studying the world around us. The lessons that David has learned over the years have filled multiple hours of television programming and even more publications and writings. One particular opinion of his, on the role of zoos in our society, stands out in today’s focus on the ethical treatment of animals. “I think the zoos have two very important functions. …

Critics of the free market system often point out that it is an unfair system due to it leaving some with wealth at the expense of oppressing others. What those critics often ignore is that exchanges in this economic structure are voluntary. Each side comes out of the interaction with their desired result. Since the seller is amassing wealth by helping others get the goods and services they need, isn’t that more moral than proposed socialist solutions? When it comes to the relationship between morals and economics, Dr. Walter Williams has this to say, “Unless you believe that there’s a …

Government regulation is a force that influences nearly every aspect of our daily lives. The intentions are usually well-meaning. They are created to fix a problem or a perceived market failure. The problem that we run into time and time again is that the fixes usually create another problem, while only putting a temporary patch over the initial problem. The response is usually another patch with the same result. In the words of Nobel laureate George Stigler, “The trouble is that normally the way (advocates) want to solve the problem is to create either a new agency, or a new …

What is money? For thousands of years currency was tied to a commodity, if the commodity itself wasn’t actually exchanged. Today, that relationship has drastically been altered. Money, as a human institution, has evolved from having a real value to only having a perceived value. Milton Friedman traces it back to one specific date. “It’s seldom that you can date precisely when there’s a major change in a human institution let alone in a monetary institution. But you know it’s an interesting fact that you can date precisely a really drastic change in the character in the monetary system around …

Are science and religion incompatible? It’s a conversation that tends to get heated very quickly. Science has answered several of our questions about the universe, but the theological debate keeps returning to one point, the beginning. As you could expect, a balanced discussion on the topic eventually leads to more questions than answers. “How the earth formed, how life arose from the earth, how man evolved. All of that is explainable in a very satisfying way. Does that prove that God does not exist? The trouble with drawing that conclusion is that when you step back to look at the …

What effects did world events, such as world wars and depression, have on the economies of nations such as Germany, and the former Soviet Union? As hyperinflation raged, the real value of currency in these nations became a question mark. Countries today are still ravaged with the same problem. As revolutions erupt and regimes change, the effect on purchasing power is hard to ignore. How can the problems of “out of control” inflation be solved? As Milton Friedman describes the issue, “Country after country has seen its monetary system blow up in its face, and subsequently, it’s had to do …

Money, wealth, and capital can move around the world in mere seconds. Within any economic structure, capital is the building block of prosperity. With relatively new ease of access to resources, how has that changed our society? Developing nations no longer need to start from scratch, or wait long periods of time to meet demand for certain items. This has fundamentally changed what is considered capital along with the way our world and our governments function. Author and Professor Richard B. McKenzie puts it in these easy to understand terms, “The big difference is not so much the need for …

Despite general agreement on the academic theory behind economics, the implementation of those findings into society usually leads to disagreement. There are simply too many variables within a society to achieve a consensus. So with the unpredictable nature of individuals, how can economists even begin to predict the results of their theories? Milton Friedman reflects on his process, “What we insist on is that you’re not able to predict random, irrational behavior. And therefore, the only kind of behavior that you can hope to predict is behavior that has some regularity. One individual may behave any way at all. But …

Welfare programs are often touted as the saving grace of those living in poverty. But, as with any governmental program there tends to be unintended consequences despite noble intentions. How have welfare programs changed the overall culture of those living in poverty? It’s a question that most people have never posed to themselves. Social scientist Charles Murray has researched that very question for years. He poses that these programs have changed the perception of those who have money and those who work hard. “One of the most tragic things that you encounter are the stories of the 16-year-old who goes …

Reforming healthcare is something that only gets more complicated with time. Rising costs, increased government involvement, and complex insurance policies only compound the problem further. These are problems that have been going on for decades with no clear resolution. But, what about looking at healthcare from an economic standpoint? Can market forces solve the problem? Noted economists Milton Friedman and Alain Enthoven once sat down to discuss exactly that. The start of the problem, they found, came when employers became primarily responsible for providing healthcare. What started off as government price controls has evolved into the system we have today …

What is the most basic unit of our society which our values and norms are built around? For James Buchanan, that unit is the individual. It was his view that individual liberty should be the fundamental building block of a society. Laws and systems should be built around the protection of those individual rights in an effort to preserve liberty. His research and ideas won him a Nobel Prize in 1986, but underwent a transformation over the years. “I didn’t understand- had no understanding at all- of how the economy works or how the market works. I’ve often referred to …