The Capitalism and Freedom in the Twenty-First Century Podcast

Join economist David Henderson, a research fellow at the Hoover Institution and emeritus professor, as he dives into his journey in economics. He shares insights on property rights and the profound influence of thinkers like Armen Alchian and Harold Demsetz. Henderson discusses the balance between market and government failure, reflecting on his experiences at the Reagan Council of Economic Advisers and his shift to popular writing. With engaging anecdotes, he emphasizes the importance of communicating economic concepts to a broader audience.

George Tavlas, an influential economist and a key figure at the Bank of Greece, dives into the evolution of monetarism and its lasting impact on monetary policy. He explores the historical context of Chicago monetarism, the significant contributions of Milton Friedman, and the lessons learned from the eurozone's fiscal challenges. Tavlas discusses the rise and fall of monetary aggregates, linking the 2020 inflation spike to rapid money growth, and debates the merits of rules versus discretion in monetary policy, making a case for the enduring relevance of monetarist principles.

Cliff Asness, co-founder of AQR Capital Management and finance PhD from the University of Chicago, shares insights from his influential career. He discusses factor investing, emphasizing the importance of momentum and value strategies. Cliff reflects on his early days studying under Eugene Fama and the birth of factor research. He reveals intriguing comparisons between private and public equity returns, critiques the efficient markets hypothesis, and highlights the role of machine learning in investing. His thoughts on market elasticity add a compelling layer to the conversation.

In a deep dive with Jay Bhattacharya, the former Stanford professor and current NIH Director, the discussion spans his vision for transforming the NIH into an innovation powerhouse. He addresses the replication crisis in science, emphasizing the need for reliable findings and new funding models for replication studies. Bhattacharya also highlights changing metrics for scientist productivity and revitalizing public trust in health research. He explores AI's role in biomedical advancements and unveils a new policy to reduce animal testing, advocating for ethical research alternatives.

Jon Hartley and Arthur Laffer discuss his origins as an economist, including his relationships with George Shultz and Milton Friedman, the 50-year history of the Laffer Curve, the shape of the Laffer Curve, the effects of the Tax Cuts and Jobs Act on fixed investment and revenue, and much more. Recorded on August 12, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Christopher Waller discuss monetary policy at the Fed, r-star, and the stance of monetary policy, the 2025 Federal Reserve framework review, quantitative easing and the size of the Fed balance sheet, the early 2020s inflation, and how payments are evolving since the passage of the GENIUS Act. Recorded on August 28, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Cass Sunstein discuss the current state as of 2025 of behavioral economics and ideas presented in Nudge (such as government nudge units), administrative law and regulation (cost-benefit analysis and regulatory budgets), Constitutional Law and separation of powers, political philosophy and liberalism. Recorded on August 12, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Liz Truss discuss the former UK Prime Minister’s upbringing and her early interest in economics and politics, her pro-growth policy vision for the United Kingdom, her premiership and the 2022 UK gilt crisis, the state of free speech in the UK and the anglosphere, the Starmer Labour government, the role of the UK and its allies in the world amidst the rise of China, and the future direction of politics and the economy in the UK. Recorded on July 21, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Richard Epstein discuss Richard’s career as a legal scholar, the takings clause, state monopoly power, Richard’s property-driven theory of constitutional interpretation (how it contrasts with the originalism of Antonin Scalia and Robert Bork as well as living constitution theories), the Coase theorem, and classical liberalism versus anarcho-capitalism. Recorded on July 16, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Join Thomas Hoenig, former Vice Chair of the FDIC and President of the Kansas City Fed, as he shares invaluable insights from his extensive career in banking and economics. He discusses the fallout from the global financial crisis and examines the moral hazard linked to deposit insurance after recent bank failures. Hoenig critiques quantitative easing and its unintended consequences, while also addressing current challenges faced by the Federal Reserve amidst rising national debt. His expert analysis makes for a compelling conversation on financial regulation.