Ludwig von Mises | Murray N. Rothbard

Lecture presented by Murray N. Rothbard at the “Second Annual Advanced Instructional Conference in Austrian Economics” at Stanford University; June 25 – July 2, 1988. Includes an introduction by Llewellyn H. Rockwell, Jr.

Source: Ludwig von Mises | Murray N. Rothbard – YouTube

http://www.readrothbard.com/ludwig-von-mises-murray-n-rothbard

TRANSCRIPT
00:01
I’m Lew Rockwell I’m president of the
00:04
Institute and on behalf and Mrs.
00:06
Mises and the rest of our board I want
00:09
to welcome you all to our second
00:10
standard program it’s very appropriate
00:13
that we start off with we’ve got a lot
00:16
of stars here this week but I don’t
00:19
think there’s any question in that
00:21
Austrian economics as well as certain
00:23
other circles Murray Rothbard is the
00:26
star Murray got his bachelor’s and his
00:29
master’s and his PhD at Columbia
00:30
University where he said it under joseph
00:32
Dorfman and his dissertation on the
00:36
panic of 1819 later later publishing to
00:39
that title his professor for many years
00:43
at New York Polytechnic now is the SJ
00:47
Hall distinguished professor of
00:48
economics at the University of Nevada
00:51
Las Vegas Murray’s the author of 16
00:53
books hundreds of articles extremely
00:59
prolific scholar and right now is
01:03
working on a the first history of
01:06
thought from an Austrian perspective I
01:08
know though I think he’s up to about
01:11
page 8 or 900 in his manuscript adjusted
01:15
marks about thousand over a thousand XM
01:19
so the vice president for academic
01:23
affairs of the Institute were very
01:25
honored to have him associated with us
01:27
also editor of our review of Austrian
01:29
economics and is in charge of the all
01:32
the Institute’s scholarly programs help
01:34
me welcome please professor Murray and
01:36
Rothbard
01:43
thank you we speak today about women
01:52
Holomisa this is the eponymous our
01:57
founder of the Institute a name westerly
02:00
mistaken problem and one of the things
02:04
we sometimes been accused of as uh since
02:07
since the name Jesus is on the as i’m a
02:09
title of book institute a meeting or
02:12
must be religious cultists monthly
02:15
phrases often used and we know we’ll
02:18
just call this me on this video star of
02:19
the assumption meters were always buy on
02:21
every question just internally right on
02:23
almost every question so that has
02:28
independent thinkers we arrive at this
02:29
conclusion and the and it’s really
02:37
amazing how right he wasn’t so many
02:38
questions and he’s also he’s meeting her
02:42
beating her honoring him both was a
02:43
scholarly output the content of his
02:46
views also the person has person would
02:48
weigh his life of being as an exemplary
02:50
life that he conducted the it’s hard to
02:59
talk about the contributions of meets
03:01
this river they were tremendous and
03:02
almost impossible the capsule and
03:04
capsule item so we’re trying to do it
03:06
any rate he stole all of us as when he
03:12
cannot make a story and he wanted to be
03:13
that and never had an academic post so
03:18
we never never never had a full-time
03:19
paid academic post i should say i never
03:21
had a time the only of the archives and
03:24
do all kind of work and this by the way
03:29
sort of characteristic it means this
03:33
courier they had needed an austrian on
03:36
me in the eye
03:38
states that he have a full-time paid
03:39
academic post he just didn’t like this
03:42
wasn’t good enough and have a proper
03:44
publication record and it’s a process of
03:49
the tremendous indictment of academia
03:51
both in Europe and in the United States
03:53
the only place where I’d had an academic
03:55
post was in Geneva for Beth three years
03:58
I painted at pain academic posts i
04:01
should say so his occupation was that
04:05
economist of the Chamber of Commerce
04:06
which in which in Austria was like the
04:09
report something like a Department of
04:10
Commerce and sort of like a economic
04:12
parliament and your businessman
04:16
community elected delegates to this as
04:20
chamber and so from this position and he
04:25
became they the converse of a country is
04:29
when north or put it moving the major
04:34
economic advisor or government and
04:38
problem of course was that the the
04:40
Austrian government as all other
04:41
governments of 20th century but was
04:43
pursuing a course totally opposite of
04:45
what he cancelled but then he didn’t let
04:47
that stop on his assume the truth so
04:52
this is after World War one he was given
04:55
before and after World War one and his
04:58
major cash was trying to stop the
05:00
runaway inflation which their Austrian
05:02
government was in the process of
05:03
conducting okay and I some water what it
05:10
was and the Andean another another
05:16
financial economist named Rosenberg does
05:19
a two-man campaign at how to stop the
05:20
inflation and he wrote and as in his
05:25
McCullough notes and recollection my
05:27
collection is all about her favor he’s
05:28
very upset about he’s fleeing the Nazis
05:32
1940 and he said well maybe you
05:35
shouldn’t done this because maybe she
05:36
let the whole thing collapse I runaway
05:39
inflation were very beginning it was
05:42
what he succeeded in doing was stomping
05:44
it at a certain point towards before k
05:46
runaway inflation for the German that
05:48
happened in Germany
05:49
and stomping in 1000 of one or whatever
05:54
to the previous currency because he said
05:58
inflation continued anyway so the whole
05:59
process of capital consumption its
06:03
continued on without being any any kind
06:05
of a check so the sense he might have
06:08
done you might have done better this
06:11
sort of what the thing happened they
06:13
said of course he couldn’t do any better
06:14
any different so I think happening try
06:15
to do list he could have stopped it and
06:20
so his whole career was really this
06:21
process of bucking the tide who was
06:23
bucking the trend of the 20th century he
06:26
can oh makes it politics and methodology
06:28
in all aspects of global economy and I
06:34
say didn’t it didn’t slow him down one
06:36
iota fantastic oh so he wasn’t it did
06:38
not invent him at all because those of
06:41
us who were students in the United
06:44
States after he got the new york
06:45
university after i guess he started the
06:49
age of 65 or something like that and
06:51
continued on to evasion about 88 the
06:54
oldest retiring of the oldest living
06:56
active professor never better never
07:00
never denouncing it the world in general
07:02
or the economy whatever is always
07:04
extremely cheerful and constantly
07:06
turning out research project for the
07:08
rest of us reread five minutes to be
07:11
lecturing to right now is a good
07:12
research project for you it’s kind of
07:14
pitiful because the most of the people
07:16
there were and the in New York
07:18
University were packaging majors things
07:21
like that were there for an easy a nice
07:26
is coming over the United States from
07:27
Austria the not understanding American
07:29
grading system because you have to be
07:31
American dyed-in-the-wool America Yankee
07:34
her sailor crees grading system so he
07:38
didn’t know what A’s and B’s and want to
07:39
stop wars even give he gave everybody a
07:41
automatically I told me can’t do that so
07:44
then he he signed it all terminated so
07:47
every every other person in a and B
07:49
alphabetically I said you can’t do that
07:52
either some finally decided what I’ll do
07:53
is to give everybody an automatic be
07:56
anybody who submits a paper of any sort
07:58
regardless of the merit of I guess in
08:00
I was a pretty good filtering devices
08:02
most people not submit paper nor any
08:03
sort so so anyway the bulk of the class
08:09
the fifty to sixty percent of any
08:12
average seminar didn’t understand was
08:15
going on at all he’s still there there
08:17
for an easy be very least he was a
08:20
cheerful and then let that discourage
08:24
endless pursuit of productive students
08:29
he and we hadn’t had an arranger
08:34
obsessed the university was not paying
08:35
salary since was paid for by supporters
08:38
by business group of businessman of
08:40
foundation the university comb visiting
08:44
professor he did have PhD students under
08:47
him but they allow the University
08:50
graciously allowed non-paying people
08:51
like ourselves or sort of means Sen
08:53
types to stay there come back from year
08:55
after year I wouldn’t of course so with
09:00
this kind of strange situation I had
09:01
eight or ten depending on the year seven
09:04
or eight or ten News Sen auditors and 10
09:07
or 12 or 15 or whatever our packaging
09:11
majors know the worst are certain
09:12
exceptions there were some good people
09:13
coming through NYU PhD under and those
09:16
there were few and far between so
09:20
generally I say you toss out he’d given
09:23
an hour’s summon aren’t lecture and was
09:27
very interesting was sort of the via
09:29
topic for the year like methodology or
09:31
money or banking or whatever and each
09:33
each session each weekly session he gave
09:36
us all a slice of his full doctrine over
09:39
sort of cross section of a doctorate and
09:41
so you can come in anytime you didn’t
09:42
have to come week after week and because
09:47
some of the auditors were coming you
09:48
know every five weeks or something like
09:50
that like whether when they hit town you
09:52
could you could pick up you can
09:54
understand the whole session the host
09:56
the whole lecture because each one was
09:57
sort of a encapsulation a different
10:00
facet so they’re different like a
10:02
diamond different facet of us general
10:05
doctrine and it was great stuff
10:11
and they were that I say the word good
10:14
people coming out of this and good
10:16
scholars but it was very very rare and
10:19
so I find the kind of depressing
10:21
situation except one point I put this in
10:24
my book or not anyway at one point I had
10:27
been a Columbia so the lifelong Columbia
10:29
attendee sort of like the levers of mr.
10:32
Stanford and David Gordon mr. you see oh
10:35
I was called white mister colombia and
10:38
so it’s the Columbia thick the economics
10:43
students assignment might leaves us up
10:45
for a talk about his crazy use lightly
10:48
they fare etc and those of those pack
10:51
was about 150 people in there and he he
10:56
was talking about laissez-faire in agra
10:58
bench and in the one question I remember
11:01
for the question period they somebody
11:02
said well presser meetings aren’t you
11:04
also advocating intervention because you
11:05
two are advocating the government repeal
11:08
olesen veterinary laws is not also under
11:10
mentioned particularly moronic pointed
11:13
many unfortunately libertarian also make
11:15
and beezus i don’t think i’ve ever heard
11:19
this question before he said well he
11:23
said in the same way you could say that
11:25
if somebody’s run over by oral by a
11:27
truck is lying there bleeding in the
11:29
ground dr. rushes over to save him the
11:31
doctor is also a divini a person just
11:34
like the truck did and i think it’s a
11:36
very good rip off the rig analogy so
11:40
after the same bill bryson well how’d
11:42
you like this is like the session
11:44
present mean he said when they said they
11:45
said i like my new york NY u– students
11:47
better so it made me show guys don’t
11:50
like me but there wasn’t it you know he
11:51
saw he was in much better much better
11:54
ambiance my you none of these characters
11:57
or columbia the i think to look at me
12:04
since I said contributions they’ve been
12:07
under weighted tremendously they I think
12:09
Cleary money and credit one of the great
12:12
books 20th century the magnificent work
12:16
every every passage is worth studying
12:18
and trim
12:20
came out of that of not only new
12:23
material new productive or creative
12:26
insights but also in size have not been
12:28
picked up by worth not seeking out
12:29
mainstream economics one of the problems
12:31
this is a general inside history of
12:34
economic thought the basic view of
12:37
history is stored in general that’s just
12:38
economic for but history of social
12:40
thought for topic for political thought
12:42
or other one of the standard views i
12:45
call the wig theory history for what is
12:48
there any new insight a new truth come
12:50
to get automatic almost automatically
12:52
incorporated her general mccannon so in
12:55
that case of there’s no point of course
12:57
if this is true if any new good stuff
13:01
that comes out it’s incorporated the
13:03
standard philosophy or economics or
13:05
whatever then becomes no point in
13:07
reading anybody before the current
13:08
journal article right because in other
13:10
words all good stuff has already been
13:11
incorporated all thus the draw scence
13:14
has been sloughing off it’s been
13:16
carefully tested and sifted of them
13:18
thrown out there’s no point there for
13:20
anybody going beyond 1988 and reading
13:22
anything before the current journal and
13:25
fortunately i think with Kuhn and other
13:27
story Andrew Sciences has been
13:29
unfortunately blasted away I don’t know
13:32
this blasting is reverberate is most of
13:35
the four corners of this scholarly
13:37
universe but it’s pretty clear that the
13:40
this does not happen it doesn’t even
13:41
have the hard sciences a coon point of
13:44
that stuff does not get automatically
13:47
accepted i’ll come back to this at the
13:49
end of the week tour about future
13:51
awesome economics truths has not yet
13:52
automatically accepted any true this is
13:56
true not just in social sciences not
13:58
just a philosophy but even in physics
13:59
even something worse allegedly hard hard
14:02
laboratory whatever physics it’s not
14:05
sure that all truth gets automatically
14:07
accepted that’s the fusion 44 because
14:09
it’s something new it’s different and
14:11
gets resisted in case of case of physics
14:17
and astronomy to our light on 18th
14:19
century for example the new science the
14:21
idea of science was considered unsung
14:24
scholarly undisciplined up are the
14:26
university system so they had to be how
14:28
to be inculcated in the nuoc a cannon
14:30
he’s popped up the university is only
14:32
accepted it much later so and the point
14:38
that think Thomas Kuhn points out which
14:40
struck me as very interesting way of
14:42
putting it the oxygen was discovered
14:45
independently in late 18th century by
14:47
Lavoisier and France and Joseph
14:49
Priestley in England and Joseph
14:51
Priestley even though he’s a radical
14:52
person in general I was a radical finger
14:55
for looking type ready to blast away any
14:58
accepted the falsehood priestly denied
15:01
to the end of his life that he ever
15:03
discovered oxygen not truly said no no
15:04
no it’s I just discovered some deep
15:06
logistic ated air this so wrapped up
15:09
with a phlogiston theory should in the
15:11
previous paradigm we refused to
15:12
acknowledge his own the worth of his own
15:14
Discovery very rare history of thought
15:17
it’s not very often the people
15:19
underweight their own contributions but
15:22
he did it is locked into this old
15:24
paradigm so even the case of chemistry
15:28
seemingly to say on controversial
15:30
discipline it’s not true the truth
15:33
automatic yes accepted new truth a case
15:37
of course of the social sciences or
15:39
philosophy there’s no laboratory
15:41
experiment though we can’t look at the
15:43
microscope and say yes yes it’s true or
15:45
whatever it can absorb the ellipses and
15:47
so it’s even it’s much more difficult
15:48
for truth the win its way plus the fact
15:52
you have a force ideological bias
15:53
overcome and political biases of course
15:55
distorted even more makes any more
15:58
difficult hit me and so we have we have
16:03
Mises contributions battling all these
16:05
particular Lee’s specific elements
16:07
throughout his life the theory money in
16:10
credit he records that the book he was a
16:13
member about Bob Eric’s famous seminar
16:15
and which is on the frontier of Austrian
16:17
thought and they spent I think two years
16:20
or two turned off and I wish at least
16:22
two terms discussing means theory my
16:24
name credit be a big bombshell to think
16:27
theory marginal utility can apply to
16:29
money this was a little no wall stree I
16:32
never done this before and the other
16:34
side I was incorrect was after
16:37
considering this at some length they
16:39
decided can’t be done and it doesn’t
16:42
have to be done so
16:44
Jesus then set out of course form his
16:47
own school of law if you want to put it
16:49
that way he obviously not say okay but I
16:51
could bum ba bag I fine i hereby final
16:53
my own school of thought but what
16:55
happened he started working on this on
16:56
his own of course people then began to
16:57
it be attracted to it they couldn’t
17:00
believe that the serum on utility could
17:02
apply to money okay he did it and the
17:06
driver tremendous achievement just as he
17:11
began to do it only a few years after
17:13
that of course than the marginal tool
17:15
Ethier gets tossed out all together
17:16
because of Hickson Hicks an allen claim
17:20
they can’t be measured and since you
17:22
can’t bet since mutuality is a
17:24
measurable item therefore we have to
17:26
throw out utility altogether come up
17:28
with something else of course means
17:29
ensure more utility not measurable
17:31
doesn’t have to be measured as purely
17:33
ordinal this is based on the worker was
17:35
fellow bon viveur qian Austrian crunch
17:38
tool and in a book which I think only
17:42
meeses read i don’t know i’m from Oliver
17:44
ah saying I don’t think anybody else in
17:45
this room is read this book the great
17:47
work at German the first one to show the
17:49
margin ability is not measurable it’s
17:51
strictly ordinal I think came at 1906
17:55
any rate other things the meanest came
17:59
up with in the book were the person
18:01
purchasing power parity doctrine I think
18:04
the scholastics had him he really put a
18:06
for the first time in modern we can all
18:09
mix that underpin a when the feel of
18:14
fire currency the Teton one run tendency
18:16
is for the purchasing power for the
18:18
exchange rate of the fixed point of the
18:19
purchasing power ratios and the
18:21
currencies even though he never
18:23
acknowledged for this is always had a
18:25
good stop Kessell discover of this
18:27
casella version came up 34 years later
18:30
are and there was very different way it
18:33
was already sort aggregate of an unsound
18:36
and Mises never credited for this point
18:40
the UH he also had a great discussion
18:43
the index number of problem try
18:46
restarting so there’s a son of the
18:47
viewer but never mentioned and cranking
18:51
everything Fisher’s index number concept
18:55
which of course won the field and
18:58
attacked the equation of exchange in
19:00
other another great section my theory
19:02
money crowd ever to be ever talks about
19:04
theyíve viscera rates it and all the
19:07
stuff sort of goes flies by never
19:10
mentioned in economics texts the and of
19:17
course then the reasons is present a
19:20
cycle theory if she starts unless he
19:22
doesn’t flake splendid their money
19:24
Incredibles there at the end so the
19:26
intimations of what he was going to do
19:28
much few years plus is pointing out that
19:33
pushing power of the dollar or any part
19:36
of any currency is not it’s not a
19:39
capping some bubble in it and can be
19:40
averaging index number but it’s not an
19:42
average it’s an array it’s full array of
19:45
every good so if you say the what’s the
19:47
what’s the purchasing power of the
19:48
dollar it’s not some indexes everything
19:51
you can pilot a dollar array of anything
19:52
you possibly you buy with it so the
19:54
purchasing power of the dollar right now
19:56
is whatever you know one one tenth of a
19:59
hatter one candy bar use me for candy
20:02
bar not too long ago anyway you just
20:05
list the little things which you
20:06
thinking by the dollar in that array as
20:08
the purchasing power of Atomics not
20:09
anytime you start averaging an end
20:10
actually distort the situation so and he
20:18
this i think the theory money credit was
20:20
quite popular in the german-speaking
20:22
world for one thing he was also
20:24
restoring lee the whole idea of a
20:25
quantity theory might quantity money
20:27
being important mostri hadn’t been
20:30
having been dominated by the german
20:32
historical school JH means is cool and
20:34
hike again i’m nice to feel like the
20:35
perfect description all these guys that
20:37
historical school institutionalist anti
20:39
economists where’s people not only who
20:41
don’t believe their economic law other
20:43
think there can’t be such a thing
20:46
and again fully the victim of trent of
20:50
translation of english one of the
20:52
problems in history thought in general
20:55
is british domination at least until
20:57
world war two we have a situation where
20:59
england speaks and everybody sneezes or
21:01
whatever anyone i guess both of us knows
21:02
everybody sneezes so the theory becomes
21:05
a part of the generally accepted
21:07
doctrine somehow all economics emanates
21:10
from anyone and I don’t think she’s
21:13
accepted necessarily on a continent but
21:15
somehow this gets to be the so nobody
21:17
ever talks about anything else and
21:18
nobody translates anything else has a
21:19
key I don’t know if it’s any and I want
21:23
to disillusion anybody here but most
21:25
almost all English and American scholars
21:28
cannot read any other foreign language
21:30
including nature I’ve got Britain
21:32
extremely weak in foreign languages to
21:34
almost everybody else including those
21:36
who specialize in history of a country
21:37
in question my dad so that the friend of
21:44
mine who taught learn study Russian
21:48
history at City College of New York
21:51
distinguished place swears on a stack of
21:53
Bibles of the Russian story thus didn’t
21:56
it doesn’t know Russian so so even
22:00
though they even the case of a person is
22:02
a specialist in the area the knowledge
22:04
of the language is weak especially the
22:06
bones were just sort of general scholars
22:07
so therefore if it doesn’t get written
22:10
in English it doesn’t exist and that’s
22:12
what happened visas theory money credit
22:14
it was translated only in 1934 20 21 22
22:18
years effort was published just in time
22:21
for the Keynesian revolution sweep the
22:22
board everybody north so was a virtually
22:25
poor timing and is also the translation
22:29
is ideological in other words was
22:30
translated by some of the supervision of
22:33
lionel robbins all those they were
22:34
Australian amis SE and it got translated
22:36
Hayek and got Hayek and Mises translated
22:40
in the early 1930s mainland without
22:41
without him doing it that probably
22:43
wouldn’t been translated until nineteen
22:45
fifties or sixties so that’s another
22:47
thing who gets to read what depends on
22:49
what gets translated what Ken’s
22:50
translated a pentagon ideology of a pea
22:52
organization of people doing the
22:54
transfer
22:54
translations of pain in the neck goes
22:56
was a hot danger other pests so it’s not
23:00
something you nobody’s wrote well I
23:02
wouldn’t say no but very few people set
23:03
out in life to be a professional
23:04
translators that people work at the UN
23:07
perhaps and they’re not usually scholars
23:09
so so at least they have to be organized
23:12
and somebody’s got to do them and
23:13
usually it’s a doesn’t get done so and
23:19
one of the things i should i should say
23:20
to that typical both of change of the
23:23
meeses i have this in my booklet canes
23:27
revealed the theory of money credit in
23:28
the short note in the economic journal
23:30
which i call your attention and he said
23:33
something like this is very interesting
23:34
book it’s also reasonably highest
23:36
enlightened heist enlighten nature or
23:38
something like that whatever that means
23:40
buddy said is disappointed it because
23:42
nothing there’s nothing new when it to
23:44
nothing new or original in a book period
23:46
sort of kill lat and in the theory and
23:49
the fees on money in 1931 about 18 years
23:53
later or something Keynes’s ruminating
23:55
one of his footnote he said yeah we can
23:56
he he doesn’t know German really well
23:58
enough he doesn’t know German well
23:59
enough to understand any new ideas in it
24:01
he understand an idea or he already
24:04
knows but can’t understand any new ideas
24:06
ok so here this guy has the effrontery
24:08
of hutzpah to review a book in German
24:12
attack it for not being new every
24:15
Democrat said 20 years later Missy can
24:17
understand and he can go on mon to
24:20
counter standing in any new ideas in
24:21
German so that’s typical I think of
24:24
canes and and and Hayek writes that what
24:31
a what a lot of heartache the world went
24:34
through because Cain didn’t know German
24:36
Wallin offered what I think that sort of
24:38
misses the point it wasn’t just the
24:40
canes in the hurricane was a sort of
24:41
person who would review a book in
24:42
Germany made his know the language now
24:45
you’re right the with the with the
24:53
integration of margie with application
24:56
margin chulita money mises discovers or
24:58
a cash balance approach to the demand
25:00
for money approach and i think was the
25:03
first one to do it i had a big fight i
25:05
wrote i wouldn’t work on visas
25:07
palgrave dictionary and all my stuff
25:10
emporia of sale through a problem they
25:11
are camisas seen a lot of flak and the
25:15
the editor has an expert on Marshall
25:16
said you wrote about that because I was
25:19
saying Cambridge School adopted every
25:22
different very aggravated version of the
25:24
man from money theory but it’s
25:25
considerably later to go in Robertson he
25:27
pay this guy said no no Marshall had it
25:29
in 1914 or something like that and some
25:32
testimony before Palma I don’t want to
25:35
argue with them because the thing is
25:36
that I something and beezus proceeded
25:38
Marshall didn’t matter so I made them I
25:40
say okay I didn’t say in the article
25:42
last the final version that that the
25:46
Beezus discovered demand for money
25:49
before that I just said he’d sort of
25:50
independently in Cambridge School let it
25:52
go at that unfortunately what happened
25:54
was he had also some other problems they
25:55
thought the ark was too promesas kind of
25:58
a strange critique because the whole
25:59
poor a dictionary agent I was his
26:02
structured settlement on way time when
26:04
everybody gets to do his thing other
26:06
words a Marxist get a 50-yarder on marks
26:09
from favor of it and the Keynesian get
26:12
Oracle’s on Kenyon’s etc etc the most
26:15
rain has got you know a dozen or
26:16
something articles pro Austrian articles
26:18
everybody gets his gizzard his corner of
26:21
the economic universe so they write they
26:24
were they won they want to make a lot of
26:25
just the changes but he they were so
26:28
happy I guess I gave in on this marshal
26:29
point that I forgot about the other
26:30
changes the rest of the sail through so
26:32
I guess is some lesson to be learned
26:34
from this fight him an unimportant point
26:38
over us the stuff sail through any rate
26:41
in addition to this the Austria is not
26:45
accepting the the older Austria is not
26:49
accepting integration of a money field
26:52
after world war one of course we have a
26:54
whole trend of social science on the
26:57
world and general going against me that
26:59
means its doctrines we have a socialism
27:01
nationalism communism and any
27:06
intervention is in a general and also of
27:08
course positivism which means meeses
27:11
with air forces us sources but it’s
27:14
never positive night lame the Vienna
27:16
and and he was combating all these
27:19
people are very front because the he was
27:20
battling in favor of economic truth his
27:26
the be incredibly the logical positivist
27:29
used to be called a vienna circle when I
27:31
was going to columbia as when part of my
27:33
eternal Columbia trajectory or whatever
27:36
uh John Dewey he just faded out of the
27:38
picture he was already trailing clouds
27:40
of glory and it was a retired or
27:42
whatever on the do lights are sort of
27:43
getting eased that and logical
27:45
positivist woke up coming roaring in and
27:49
the and Mises told would make the more
27:53
of a story whose Fountainhead it
27:54
marvelous anecdotes he told a story what
27:56
time of the seminar or else it was in
27:58
the restaurant after the seminar if I
28:02
he’s booking with Mac schaller his
28:04
friend it was a German philosopher in
28:06
Vienna if you do a lot of walking in VIP
28:08
ever been at me and even I walk Indiana
28:10
which I really walk anywhere and so
28:14
working a night she’ll make sure I was
28:16
saying tell me what isn’t tell me what
28:18
is there about Vienna what is there
28:19
about this place what is there about the
28:20
climate of the end of the breeze all
28:21
these goddamn logical positivists and
28:24
Mises is typical muse se an answer so
28:26
what look look Maxie some Vienna there
28:29
are two million people or a 12 logical
28:31
positive so it can’t be the climate you
28:39
should call an anomalous the answer
28:40
Robert so and he starts in after having
28:46
a study a lot of monetary problems for
28:50
Austria doing a war and exchange rate
28:54
problems he gets ranger some money first
28:56
from the femur running credit on and as
29:00
a result of that he writes a couple of
29:02
English I think we gonna make journal an
29:04
Austrian and get hungry exchange rate
29:07
and they get strangers and socialism
29:09
which course were just coming up at that
29:10
time all these socialist governments
29:12
were popped up in the 1919 area era and
29:16
he writes his great article on economic
29:19
calculation or socialism and
29:21
compose enough of this book on socialism
29:23
which is a tremendous blockbuster and
29:25
those a socialist cared about theory a
29:27
lot we really care about the labor
29:28
theory of value how crucial hood work my
29:31
experience with current Marx’s they
29:33
don’t really care about theory at all
29:34
but those that really cared about an
29:35
arguing about a refined point and so
29:39
this is a big blockbuster for a limited
29:41
a for a while we have socialism just
29:43
everybody got his labor time your polish
29:45
money or whatever ever was and he
29:47
systematically went through the thing is
29:48
sure you can’t a socialist government
29:50
cannot calculate even satisfying the
29:53
goals of the ugly dictators himself much
29:56
less less consumers so this is a saving
29:58
the big blockbuster socialist for about
30:01
20 years trying to answer it and that
30:03
means would apply to and so forth he’s
30:07
even seeped in a receive dr. a colombian
30:09
i was going to columbia murder 1940’s we
30:12
knew about the only thing I knew about
30:13
Jesus and was the calculation of baked
30:16
and the story was was the accepted
30:19
received doctor at the time Jesus
30:21
brought up a point the owner him for
30:22
this for bringing up the point of
30:24
socialism can’t calculate and then well
30:27
and then guess borrone shows that
30:29
equation or enough equations to solve a
30:31
problem whatever that supposed to mean
30:32
and then Hayek said well and practice
30:36
socialism can’t calculate their vile
30:38
allegedly retreating to the point that
30:40
means a civil theoretically they can’t
30:42
calculate and then finally longer
30:44
solving the whole problem by saying play
30:46
the marketing of assume you’re part of
30:47
the market and this proposed to solve it
30:50
and so we all know about mazes we knew
30:52
the Mesa sits raised the question about
30:53
social intercourse is refuted twice sort
30:55
of that was the end and in actual
31:00
practice anew the original I guess
31:04
formulated this particular line later
31:06
retreated by the fifties or sixties we
31:09
was saying well maybe social really
31:10
can’t calculate but I was like that’s
31:13
too late for me this to be or what are
31:16
the palm on this today right of course
31:20
we know there’s all strange me know
31:21
those those those separation between
31:23
theory and practice the fact that you
31:24
can’t calculate means you also can’t
31:26
calculate in practice and vice versa
31:28
and there’s no there’s no property the
31:33
means of production therefore you can’t
31:34
you can’t have any price it means
31:37
anything flex any kind of scarcity or
31:38
cost so he was sort of honored in the
31:43
breach at that point interesting enough
31:45
and longer went back up Toland to become
31:47
a top economist at poland polish
31:49
government never polish communist
31:51
government never instituted a longer
31:53
planets wrong I don’t know who communist
31:54
government let her try this sort of
31:55
nonsense when you so tell the managers
31:57
act as if you’re the market and that’s
31:59
it and this one liner has never been
32:01
done the move away from socialism
32:05
socialist planning last 20 years have
32:07
been much different than trying tempted
32:09
to bring in a profit and loss and
32:12
decentralization or most of it the so
32:16
additional lat so he’s battling late
32:17
socials me talking about interventionist
32:19
I’m ensuring the interventions you can’t
32:20
work either it’s kind of productive
32:22
causes problems which the government
32:23
can’t solve which your government
32:25
creates more problems and this leads of
32:29
course in C or D show that socialism
32:30
can’t work since interventionism leads
32:33
either to repeal and back a free market
32:35
or on dat socialism there for me the
32:37
interventions we can’t work so by this
32:39
sort of logic interventionism was kind
32:41
of productive and can’t work if
32:42
socialism can’t calculate you’re stuck
32:44
little is a fair the only answer it’s
32:46
not a free market of the only answer so
32:48
to speak to a modern economic system so
32:55
he was forced was his marvelous books on
32:58
liberalism and patience the autopia
33:00
edition state and community our economy
33:04
he he pointed this out and he was the
33:10
type of being dogmatic and and believing
33:13
that what he said was true i don’t know
33:16
by way of any have any economist
33:17
philosopher or anybody else who says
33:20
something doesn’t think it’s true when
33:21
he says it I don’t know every everybody
33:23
thinks what they say is true otherwise
33:24
they don’t say it even moderates even
33:27
middle-of-the-road types they think what
33:28
they say is true also so the idea that
33:30
somehow if you’re excited extremists as
33:33
you being particularly don’t more
33:34
dogmatic the middle of the rotors it’s
33:36
not true at all that’s nothing the two
33:38
things are totally different one of the
33:39
sort of psychological and the other
33:41
worse if you
33:42
pure theory I remember one economist we
33:47
had our Colombian amber Albert II Lord
33:49
Hart sort of semi Austrian semi means to
33:52
me Keynesian or whatever and that was
33:54
class when he was with those they
33:57
actually fell he fell he had to announce
34:00
his ideology said I’m a
34:01
middle-of-the-road of phones of the
34:02
mouth on policy issues he was the middle
34:05
of our full of the mouth we can be
34:07
extremists is very quiet you can be
34:08
middle and rotor phones of the map the
34:10
two things are commensurable questions
34:16
means is also another contribution may
34:19
later on a theorem I cretin human action
34:23
sure this great great work great
34:24
masterpiece is correcting them Bob x
34:28
errors on interest and creating and
34:30
setting up the federal review of pure
34:32
time time preference theory of interest
34:34
and I had never accepted that even in
34:38
high action is Sen period never never
34:39
never accepted the Puritan preference
34:43
theory address and how it was a big
34:44
block from any of the Austrians and I
34:48
commend by the way Federer on that here
34:50
just in the capital interest and he fed
34:52
was working extraordinarily lucid and
34:55
clear and but well written and we’ll
34:59
sort out and then of course top of
35:02
everything else and have all these
35:03
things he’s facing political problems
35:05
the problems interventionism socialism
35:07
and promise of inflation and versus a
35:11
hard money in addition to everything
35:13
else he’s got the a proxy ology problem
35:15
other words he has a logical positivist
35:17
world facing him and when me sins are
35:23
doing methodologies he simply say what
35:24
what what sort of methodology the
35:26
earlier Austrian to use what sort of
35:28
methodology jb say use it’s efrain came
35:30
to inclusion what they use essentially
35:31
proxy ology without knowing it and he
35:35
set forth the proper methodology and
35:37
certain problema so this is the way
35:40
economics can drive a truth not by a by
35:44
testing anything there’s no test
35:46
available though test possible whatever
35:48
you do it through logic saying this is
35:49
true axiomatically people exist for
35:53
example people make choices people have
35:55
value
35:55
everything else follows from that and
35:57
that’s true everything else it used from
35:59
but it’s true period therefore apodictic
36:03
use a favor one of our favorite phrases
36:05
and beezus that predict agree true that
36:08
there for the people exist it’ll any
36:11
action takes place to time people choose
36:15
values and there and try to pursue them
36:17
etc etc I remember when I was ur my
36:20
first hired a book on Polly Polly
36:23
techniques book on Polly’s into his
36:25
third name change by this time was
36:27
originally called polytechnique cesare
36:28
Brooklyn when I taught there they then
36:30
change it they drop with red were
36:32
Brooklyn’s AFL was spoiling their image
36:35
and got the meta comme cela polytechnic
36:38
institute of new york i says many people
36:41
then call them piney then shift to the
36:43
court polytechnic university they got
36:45
the university in there no they really
36:47
undeserving any rate when i first got
36:49
into the social science department any
36:51
was had these crazy views and go the
36:53
rest of the apartment was a social
36:55
science department and we have I guess
36:57
three or four economists and so a bunch
36:59
of historians and other other people
37:01
psychologists and the only had these
37:05
nutty views they wanted to hire me one
37:07
because I was sort of their shield and
37:08
buckler against any kind of McCarthyite
37:10
attack since half the department Marxist
37:12
and I figure why we can’t be a commie
37:14
department got rothbard on the staff
37:16
here so any rate they so a1 think we had
37:21
a little seminar the first and last
37:23
seminar we ever had this department to
37:25
figure out what well but I mean one of
37:28
my views what is what one of my doctrine
37:30
sighs i started off the idea that people
37:31
acted another everybody like to have
37:34
motives that’s it I never this as far as
37:36
like God for two hours a challenge this
37:38
how do we know people have motives until
37:40
then the same people use the concept of
37:42
motive neural historical work of course
37:44
all the time no no people don’t have
37:46
motors go next I guess they were afraid
37:47
if they admitted that people had motors
37:48
and act that somehow they be forced them
37:50
to not being lazy a fair position so
37:53
then we never got past a phase page one
37:57
paragraph one
37:59
and anyway so app axiology in a sailor
38:03
meeses was running against the entire
38:05
intellectual outlook of a world not only
38:09
can only get all makes of course lionel
38:12
robbins makes your significant is really
38:15
proxy illogical work i mean their
38:16
differences of opinion on us between any
38:18
incursion i think was basically it’s
38:19
basically apraxia longer work diluted so
38:22
it’s sort of milk and waters proxy ology
38:24
plus dilution plus some water in there
38:26
but basically pathological and this was
38:30
the official methodology of economics
38:31
until Friedman’s article nineteen fifty
38:34
where the 53 or something before it’s
38:36
not that it’s not that actually
38:38
economist pursued the pricey logical
38:40
method in the united states and i’m at
38:41
least they pay lip service to it we want
38:44
of grumbling underneath but basically
38:45
they they said yes yes we have these
38:47
axioms and we deduce from it and of
38:49
course with friedman whole thing is of
38:50
the water the dam burst in it from when
38:52
i was all testing and papa who cares if
38:55
it’s false provided makes the correct
38:57
predictions that sort of stuff and came
38:59
in at after nineteen fifties because the
39:01
fight nobody printed can predict
39:02
anything didn’t seem to faze these
39:03
people at all so i told me yes yes me
39:08
predict and that’s it that’s all you
39:10
need so Jesus had a as I combat this and
39:14
I continued on another doing that very
39:18
patiently developing the theory and
39:20
human action and I and Syrian history
39:23
which is one of the great licked it
39:24
works showing a difference patiently
39:27
explaining the difference between theory
39:28
a theory is in one hand where history is
39:30
on the other and what the relationships
39:32
are between them and the interesting of
39:37
his brother is one of the was one of the
39:38
founding logical positivists Richard von
39:40
Mises and as well as an aeronautical
39:44
engineer who came and economics to this
39:46
kind of social science has a philosophy
39:48
through that and when Richard von Mises
39:51
book positivism came out I asked him and
39:54
imprudently asked when you so would you
39:56
say in your brother’s book I should not
39:58
have asked i didn’t realize Lee his
39:59
family history anyway he’s very sweet of
40:02
me so that he knew himself on me this
40:04
was full height he said I disagree with
40:06
output from the first sentence to the
40:07
last I was it so I still say however
40:11
that has
40:12
Beezus probability theory your most part
40:15
of human action which is I’ll talk about
40:16
much it’s really based on Richard
40:18
mummies as probability theory and it’s
40:21
going to that more this week but it’s
40:24
essentially destroys all probability
40:26
theory and Social Sciences including of
40:28
course most economics i think economic
40:31
theories rests on probability theory
40:32
like any kind of application at all and
40:35
but this essentially says all the
40:37
fractions you know bowl of fractional
40:40
little edge probability fractions are
40:42
meaningless unless they’re tested them
40:44
unless they’re perfectly derived so that
40:47
if you ever you say the probability of a
40:50
head coming up your Tulsa pointing five
40:52
hundred times the probability of had
40:54
coming up as one-half you can say it
40:56
because you know you tossed up quite a
40:58
bit at least it could be a loaded coin
41:01
which picture it’s not true of course
41:03
but you so say all rights if it’s not a
41:05
loaded coin tossing it in or less
41:08
asymptotically arrive at one-half they
41:10
probably closing ahead if you know this
41:13
by the way anytime little times
41:14
probability theory applied economics
41:16
they always say well it’s like a lottery
41:18
so you got a lot o you got a million
41:19
tickets you pull one ticket out there
41:22
for the probabilities one minutes and
41:23
what they are what they’re of course
41:26
ignoring the fact that life is not like
41:27
a lottery begins to sound like these Zen
41:31
Buddhist gurus you know my son life is
41:33
like a butterfly sort of fail life is
41:36
not like a lot of right but isn’t a
41:37
lottery you’ve got what do you got you
41:39
got you’ve got a certain number of
41:41
events he’s concerned number the
41:43
terminal events and each event is
41:45
homogeneous the other event and each
41:48
event is random there’s no relationship
41:50
whatsoever between the first time you
41:51
first time you pick the ticket let’s say
41:53
in a TED time pick it together first
41:55
course toss of a coin in the tenth time
41:57
so probability theory only works it was
42:00
kind of very rigorous triptych eynde of
42:02
assumption of course in real life ins
42:04
and economics and politics and reverse
42:06
ship totally different there’s no
42:08
something no homogeneity at all and
42:09
certainly no randomness everything in
42:11
phones and everything else today years
42:13
thing you’re stuck with but those social
42:16
science theory seems to make period
42:20
arm what’s the probability of George
42:22
Bush being elected president this year
42:24
well it’d take an infinite number of
42:27
1988 elections because a well let’s say
42:30
butch will be like a twenty-eight
42:32
percent of the time whatever obviously
42:33
whole thing’s ridiculous there’s no
42:34
infinite number 98 elections the
42:36
homogeneous event that’s not random
42:38
anyway these are some of the think these
42:41
amazing sort of tosses this out and
42:42
human action with a marvelous chapter
42:45
which I’ve section which I think should
42:46
be stressed and reread so I could go
42:51
along with this sort of like a home
42:54
phone almost a different a cornucopia of
42:56
material about Jesus one thing I should
43:00
say that has business cycle theory in
43:02
the twenties where it was based on and
43:04
his monetary theory based on the
43:06
currency school now much much divided
43:09
and Ben Britain and believe a hundred
43:13
percent reserve banking leave anything
43:16
else was was fraudulent and/or
43:19
inflationary and they and the currency
43:25
school tried to get to arrange the
43:26
monetary system of such a way as to the
43:28
three so the money supply would
43:29
automatically reflect the exact amount
43:31
of changes and gold supply I think they
43:33
were not very successful with this but
43:36
Mises very special he says in human
43:37
action that that they did that heart was
43:41
in the right place but unfortunately
43:42
didn’t realize for example the demand of
43:44
positives are part of money just as much
43:45
money as banknotes and also they trusted
43:50
the Bank of England sort of carry out
43:52
the MST job for them but basically
43:55
brought back the currency school
43:57
integrated that with a Vic selling
43:58
inferior for an interest and arrived at
44:02
the earth then pours out of his own
44:04
genius arrived at the business theory
44:06
business cycles and unfortunately it’s
44:09
been a sort of a falling off of interest
44:12
in my Austrians in the currency school
44:15
this point I’m trying to revive it
44:17
engaging when my typical Crusades are
44:19
trying to revive us he’s Sen doctrine
44:23
and that’s one of the problems I can
44:28
talk about that to this this week money
44:30
banking
44:32
so I would say again and me zhesan when
44:35
he gets in the world war after world war
44:37
two please the United States academia in
44:41
those days was filled with German and
44:43
Austrian or whatever refugees and
44:45
usually what carpet was rolled out for
44:47
them if there were marks us all branches
44:50
of marks in those days were so many
44:52
branches mark trucks Kia’s sucks
44:54
psychological Marxist stalling us what
44:57
are they also serve in between samee
44:59
malice or whatever and all of them got
45:02
top jobs in academia Harvard School for
45:05
Social Research Princeton whatever and
45:09
the Mises didn’t means didn’t get
45:12
anything and Hayek either its matter of
45:14
fact I don’t know probably people know
45:16
this part of it there was an article
45:19
William Volcker fund a lot of a little a
45:21
fat now totally forgotten somebody some
45:23
researcher industry the movement to do
45:25
something about because they were a key
45:27
to scholarship libertarian and
45:29
conservative scholarship from life’s a
45:32
19 late 40s until nineteen sixty-two
45:34
when they collapsed in a fit of hysteria
45:37
for those 15 years is so they were the
45:40
key to old scholarship and movement they
45:42
found scholars found an independent
45:43
isolated scholar and encouraging the
45:45
right stuff and any rate they finally
45:48
had a publishing house for about a year
45:50
before the forefront collapse anyway
45:53
they they were they made it public who
45:55
say to try and find not going to make
45:57
posts for reasons and Hayek they
45:59
couldn’t find a paid academic coach who
46:00
either means or high yet are you know
46:03
highly much less hater than me this was
46:05
one thing his style was different for
46:09
school is unintelligible most of the
46:10
time so if you’re if you’re on a
46:12
knowledgeable you get away with more
46:14
than if you’re clear and lucid and
46:17
second well he disliked me pushing over
46:19
the theory of action me a root of
46:20
serfdom was dedicated to the socialist
46:22
of all parties and really believed it hi
46:24
act really believe is dedicated to
46:25
socialism uh means never met again is
46:30
anything the socialists
46:32
so but even even with this difference hi
46:35
I didn’t get a pay you proceeded what
46:36
happened was he got a visiting
46:38
professorship anniversary Chicago not
46:39
only Economics Department turned him
46:41
down flat like lat but in the crazed
46:44
committee of social thought which is a
46:46
charming department now attack adjust
46:48
the sort of committee where you get a
46:49
job if you get a PhD from it ain’t no
46:51
job you can get because you’re an expert
46:53
in social thought what’s that okay so
46:55
that you can’t get it it’s very
46:56
difficult to get an academic post of a
46:58
PhD in a non existing department okay so
47:01
i hacked or to that department and just
47:05
sometimes I know two of his students who
47:08
got a PhD under a dedicated characters
47:11
they went to this but any right but his
47:13
salary was paid for not by the
47:15
university of chicago with my analyst
47:17
the book were funnelin her reading what
47:18
it was a little consortium of
47:19
businessman who paid for as a salary
47:23
meeses meters was an NYU graduate school
47:27
business which is much lower ranking vs
47:30
chicago and he was his salaries paid for
47:31
by the same group at Chicago and Hayek
47:35
doesn’t retirement a university of
47:37
chicago refused to pay any pension name
47:39
is pension and remember now they’ve
47:41
everybody gets a pension right everybody
47:42
cure new york city for example if you’re
47:44
a politician been fleecing the city of
47:46
millions eat your pension you may be in
47:48
jail you get your pension right so they
47:50
refused to pay high again a pitch and
47:52
that’s why hide went back to europe and
47:53
the case of Mises I don’t think the
47:56
pension that even brought up because he
47:58
wasn’t it wasn’t even that status but
48:00
any rate the an NYU the Dean original
48:06
Dean was very friendly to me sis and got
48:08
him in there allow them to get in
48:09
whatever after that however the
48:12
audiological tide turned the Dean was
48:14
always trying to discourage people from
48:15
taking a course that will take these
48:17
course or religious cultists he’s a man
48:19
this fall whatever and so nobody pays
48:22
attention was trying to scourge people
48:24
of course is easy for Dean’s discourage
48:26
students from taking a course however he
48:28
persisted and
48:30
uh not he wasn’t always a suitable
48:34
environment so any right I think I
48:37
really cater that Jesus was a exemplary
48:41
Nina’s person and and his contribution
48:44
is the scholarship and you get on
48:46
Mexican general on social science and
48:48
but in philosophy in general the that
48:53
says always trying to get us to do
48:55
research projects yes yes do that
48:57
there’s a great great subject great top
48:59
by creative work in and so forth and
49:01
sometimes this was heated not very often
49:03
that happen occasion and he said I don’t
49:10
say ever so I’m really bitter at all the
49:12
only tongue slightly whose it was I
49:15
think slightly depresses when Columbia
49:17
University which has its my beloved my
49:20
beloved x mr. Columbia not Monica clam
49:23
university had a its triple triple
49:27
Centennial where we caught three
49:28
hundredth anniversary 1954 and a 200
49:32
feet bison by Santana anyway I was set
49:36
up i guess in 1754 by grant up King
49:38
George and so call me invited all sorts
49:40
of big shots to it speak and including
49:43
all of all of measles former students
49:46
Hayek Moslem Morgenstern hablo etc etc
49:49
didn’t invite me to the movies were only
49:51
20 blocks away so that leads Craig’s
49:54
kind of bitter about that I certainly
49:56
don’t blame him for this that’s the only
49:57
time I ever heard of any any any better
49:59
any sense any very friendly to
50:05
deviationist those are former students
50:07
if there’s like high IQs astonished and
50:09
Hayek became a Papa right so they was
50:11
not in favor of it but he sort of
50:12
swallowed hard kept on and so in general
50:19
honest I think the it’s I’m saying i
50:23
think i would say to say I thing anybody
50:24
who actually took us course that means
50:26
its course for any length of time even
50:27
for one or two sessions remain in these
50:29
SE and forever because we never have
50:31
that was sort of enough to sustain us
50:33
the rest of our working lives thank you
50:37
very much
50:44
I’ll take a question okay okay if you
50:49
want to yeah hey questions or comments
50:52
or something different yeah William the
50:54
scanner article for a Blowfish grip on
50:58
bureaucracy yo needs another saying that
51:02
very few things have been written before
51:03
folica harvester from what kind of his
51:08
nieces I said the for those there every
51:11
vacuous I was grave my name isn’t book
51:15
bureaucracy a very short book anybody
51:17
said basically with their three kinds of
51:19
well first of all he said there were
51:21
three kinds of institutions as
51:23
profit-making there’s nonprofit private
51:25
nonprofit and there’s government and
51:28
that with in case of profit making sushi
51:33
a profit loss test now for what for both
51:35
capital investment in operation what do
51:38
you do when you have government
51:38
essentially magnificent point and he
51:41
makes there is a government you have to
51:42
be bureaucratic ain’t no such thing as a
51:44
non bureaucratic government there’s a
51:45
lot of socialist you know also against
51:47
bureaucracy let’s say yeah we read of
51:48
bureaucracies very and do something
51:50
about it what Mises point out was once
51:52
you have government there’s no profit
51:54
test since the government taxes tons of
51:56
white and gives us the different parts
51:58
of of itself you’ve got you have to have
52:00
your obviously to find out what the hell
52:01
is going on make sure these guys don’t
52:02
steal all of it you know a little you
52:04
have to have these crazy rules and and
52:06
sign the triple getting all that
52:08
otherwise all the money be just flowing
52:10
and flowing out so bureaucracy is
52:13
inevitable no one’s he wasn’t so much
52:14
attacking bureaucracy / saya saying much
52:16
you have government operation going to
52:18
have bureaucratic and efficient and all
52:19
the rest of it and that nonprofit
52:21
institutions have this problem and have
52:23
a sort of you know they have a looking
52:25
looking problem of the sort of thing
52:27
though obviously how’s that as
52:28
government I know one person was friend
52:30
of mine has converted two ladies a fair
52:33
means I seen as a mob why by standing in
52:34
line of registration line a hundred
52:36
college I believe
52:37
and another friend of mine he’s se I
52:40
kept working away out of the line winded
52:41
its way for two hours we’re just ready
52:43
to see what happened over but by the
52:45
time the guy got to look in the window
52:47
he’s converted some existential
52:50
conversion anyway it’s a great book of
52:53
night I recommend everybody reading that
52:54
and yes no much I think my brother I
52:58
mean teluk was interesting as it sort of
52:59
stories about coming on a State
53:01
Department this is really great
53:03
theoretical Oracle work yeah anyhow okay
53:12
thank you

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