The second part of my interview with Milton Friedman is up at EconTalk.
The edited transcript of both podcasts is here.
Interview with Milton Friedman
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You did a great job drawing Friedman out on the mechanism by which the Fed is indirectly controlling the money supply; i.e. using the Fed Funds rate as the guide.
I remember trying to explain this to Krugman's shrinekeeper bobby over at DeLong's–before the host became Brad Scissor-Hands–and getting nowhere with him.
I just finished Part 2 of the interview, which was equally great.
Your brief discussion regarding economic illiteracy was extremely interesting. I, too, share your belief that greater economic literacy is fundamental to the success of our country in the long run (at least that's what I inferred).
Milton Friedman's response that rational ignorance is a desired outcome struck me at first, but the ensuing discussion about sugar subsidies, minimum wage, and price controls certainly gave me a lot more to think about. In the end, I didn't think that you two were so far apart.
And I definitely enjoyed his 'big picture optimism' in that if you look at the world century-by-century, you'll find two upward trends: higher standards of living and greater percentages of people living in freedom. Fantastic trends to keep in mind.
Again, great interview Russ.