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University," and our professors are ab biand john, here to tell students about what they should learn about economics. you can't do it all. first thing? >> first thing to learn is that intentions are not results. judge policies by results and not stated intentions. second, people in the public sector are just as self-interested and no more enlightened than people in the private sector. john: nice or vicious as everybody else. >> absolutely. john: they are doing the public good. they are different. >> that's what they say. john: other ideas are taught. higher taxes encourage work. carl smith, w...

Slow job creation. john: can you believe economic professors teach this stuff? >> i wonder if professor smith would double his teaching load if unc chopped the salary in half. i bet not. [laughter] john: there's a credit crisis, regulate the banks. you testified that dodd-frank is the cure. >> dodd-frank was passed in response to the financial crisis to protect consumers, but what we are seeing in practice is that consumers are having less access to credit and savings, and bank fees at record highs, and 3 million people shut out of the banking system. it's a law of unintended consequences. joh...

Our first professors tonight are eby mccloskey and don boudreau. you are here to tell students what they should learn about economics. you can't do it all. >> first thing they should learn intentions are not results. judge policies by their results and not by the state intentions. people in the public sector are just as self did interested and no more enlightened than the people in the private sector. >> nice or vicious as everybody else. they are doing the public good. they are different. >> that's what they say. >> some other ideas that are taught. higher taxes can encourage work. carl smith...

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