Is the attraction then why do we have so many millennial zz and so many people attracted to this idea that so many of them have no historical knowledge of whatsoever go ahead thomas in baltimore was mostly because people like David Henderson and myself have been snuffed out of the academic world there are still hundreds of classical liberals in american academe but were outnumbered by hundreds of thousands of others and the young people are taught what economists call the nirvana fallacy they pose socialism as some sort of utopian ideal and compare that to the real world and of course the real world always comes up short when you compare it to utopia and thats basically the methodology thats used and its even used widely in the economics profession with all the theories of socalled market failure and so even if you take economics you dont really get well grounded in how markets work and the importance of private property and private enterprise. Was in most economics departments in my o
Return fire with rockets. Oh in the welcome the. Specter of socialism 30 years after the fall of the berlin wall socialism is now remarkably popular what explains this how to explain why so many successful and even privileged people with the socialism to solve social problems maybe its because liberalism itself is failing. Socialism im joined by my guest in new york hes an economist and writer as well as a Senior Research fellow at the American Institute for Economic Research his research focuses on policy and technology in baltimore we have. Thomas de lorenzo is a professor of economics at university of maryland in baltimore as well as a senior fellow at the mieses institute his latest book is the problem with socialism and in monterey we cross to David Henderson he is an emeritus professor of economics with the Naval Postgraduate School in monterey as well as a Research Fellow with the Hoover Institution at Stanford University he is author of the joy of freedom and economists honestl
Talking millennial socialism im joined by my guest mexico in new york hes an economist and writer as well as a Senior Research fellow at the American Institute for Economic Research his research focuses on policy and technology in baltimore we have thomas de lorenzo hes a professor of economics at Loyola University maryland in baltimore as well as a senior fellow at the mieses institute his latest book is the problem with socialism and in monterey we cross to David Henderson he is an emeritus professor of economics with the Naval Postgraduate School in monterey as well as a Research Fellow with the Hoover Institution at Stanford University he is author of the joy of freedom in economists honestly are gentlemen crosstalk rules in effect that means you can jump in anytime you want and i always appreciate thomas let me go to you 1st in baltimore i dont i dont really think on this program we need to speak about the failings of socialism i think were all on the same page on that here my poi
Capitalism is the status quo is exactly what we have right now and you know the occupy wall street protesters back during the financial crisis they were protesting capitalism they thought they were they were actually protesting the nexus of sort of big business and Big Government together and sort of power that that yields the 2nd fallacy is that if we want to do something as a society to help someone or to organize ourselves in some way that that is either you know this nation state this government thats going to do it or its not going to be done at all and you know my colleague ed string is the president a you are literally wrote the book on private governance and there are so many other options and thats one thing we have to definitely let people know about ok but you know thomas what we hear a lot in the meter go ahead jump in thats the whole point of the program thomas in baltimore go ahead. Well. Its its been a lot of the young people who are ron paul followers they were his foll
Let me go to you 1st in baltimore i dont i dont really think on this program we need to speak about the failings of socialism i think were all on the same page on that here my point in this program is here no i dont want to waste time on that because i its obvious ok historically it obvious on its face here but thomas what is the attraction then why do we have so many millennial zz and so many people attracted to this idea that so many of them have no historical knowledge of whatsoever go ahead thomas in baltimore. It was mostly because people like David Henderson and myself have been snuffed out of the academic world there are still 100 classical liberals in american academe but were outnumbered by hundreds of thousands of others and the young people are taught what economists call the nirvana fallacy they pose socialism as some sort of utopian ideal and compare that to the real world and of course the real world always comes up short when you compare it to utopia and thats basically