Today’s podcast is titled “The Coming Generational Storm.” Recorded in 2006, Dennis McCuistion, former Clinical Professor of Corporate Governance and Executive Director of the Institute for Excellence in Corporate Governance at the University of Texas at Dallas, syndicated financial columnist Scott Burns, co-author of the book The Coming Generational Storm, and Peter G. Peterson, co-founder of the Blackstone Group, discuss America’s looming financial crisis due to unfunded liabilities in Social Security and Medicare. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.
Is There a Better Way to Regulate Markets?
In our last post, we explored how many frustrating market situations aren’t examples of capitalism failing, but rather of capitalism being prevented from working through cronyism and regulatory capture. This raises an important question: If excessive government regulation creates problems, does that mean we should have no rules at all? Not quite. The issue isn’t regulation itself. It’s who does the regulating and how it happens. Consider healthcare, which perfectly illustrates our point about heavily regulated industries. It’s plagued by sky-high prices, limited options, and often poor patient satisfaction. It’s also one of America’s most heavily regulated sectors. At the …
Tyler Perry’s Rule: Never Change Your Market
From homelessness to a multi-billion dollar entertainment empire, Tyler Perry’s entrepreneurial journey is nothing short of extraordinary. In a revealing conversation about his path to success, which you can watch below, Perry shares insights that every business owner should hear about understanding your market and staying true to your vision. Perhaps the most striking aspect of Perry’s success is his unwavering commitment to his core audience. “I never succumb to [pressure to change who you are to attract someone or something],” he explains. “I always believe in serving my audience, super-serving them.” This dedication to understanding and meeting the needs …
Is Capitalism an Inherently Rigged System?
“The system is rigged.” It’s a common complaint, and at first glance, it’s hard to argue with. We’ve all experienced it: the internet service provider with terrible service but no real competition. The airline that loses your luggage but faces no consequences. The big tech platform that seems immune to user complaints. If capitalism is supposed to be about competition and consumer choice, why do these situations persist? The answer is pretty simple: many of these frustrating scenarios aren’t actually examples of capitalism at work—they’re examples of capitalism being prevented from working. Remember what we established in our earlier discussions …
Episode 234 – “Classical Liberalism” (Podcast)
Today’s podcast is titled “Classical Liberalism.” Recorded in 2024, Dennis McCuistion, former Clinical Professor of Corporate Governance and Executive Director of the Institute for Excellence in Corporate Governance at the University of Texas at Dallas, and Richard Epstein, Tisch Professor of Law at NYU, Senior Fellow at the Hoover Institution, and Professor of Law at the University of Chicago, discuss the historical origins of classical liberalism, what it means, and why it’s important to understand. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.
Where Did Capitalism Come From?
When we talk about economic “systems,” it’s easy to imagine them as grand designs, carefully plotted out and implemented from the top down. But capitalism isn’t like that at all. Remember what we established in our last post: capitalism is fundamentally about individuals owning and controlling their property. And if individuals truly own something, only they get to decide what to do with it. This raises an interesting question: If capitalism is based on individual decisions, how could it possibly be imposed by anyone, government or otherwise? The answer is simple—it isn’t. Long before anyone coined the term “capitalism,” people …
Reid Hoffman’s AI Strategy for Business Owners: Why Moving Fast Creates Value and Reduces Risk
In a compelling address at the University of Bologna, Reid Hoffman challenges a common misconception about AI adoption: that waiting for perfect solutions is the safest path forward. Instead, the LinkedIn co-founder and venture capitalist argues that engaging with AI now is crucial for business success—and that managing risk comes through active engagement, not cautious observation. Drawing from history, Hoffman offers an illuminating parallel: Imagine if early automobile pioneers had waited to solve every potential traffic problem before developing cars. “The answer is not to slow down technology, but to accelerate it,” he emphasizes. “Technology is a tool. And the …
What is capitalism, economically speaking?
It might seem like a silly question, and the answer depends on who you ask. From an economic view, though, it doesn’t look terribly complicated. Certainly, the dictionary definition is straightforward. Capitalism is an economic system defined by the private ownership of capital. But there’s a lot of assumed knowledge in a definition like that, so let’s define some terms. Private ownership simply means something is owned by individuals or companies rather than the government. While this concept seems straightforward, it can get a bit confusing when we talk about “public” versus “private” companies. In economics, “private” means exactly what …
Episode 233 – Consumer Behavior (Podcast)
Today’s podcast is titled, “Consumer Behavior.” Recorded in 1995, Nobel laureates in Economics, Professor Ronald Coase (1991) and Professor Gary Becker (1992), both from the University of Chicago, discuss the strengths and limitations of utility theory in explaining consumer behavior and broader social phenomena. Listen now, and don’t forget to subscribe to get updates each week for the Free To Choose Media Podcast.
The Growth Mindset: Why Successful Entrepreneurs Focus on Creating Value, Not Capturing It
In a business climate often fixated on competition and market share, some of the most successful entrepreneurs take a radically different approach. In one segment from a much longer conversation with Lex Fridman, Elon Musk challenges young people and those early in their entrepreneurial journey with a deceptively simple insight: focus on creating value, not capturing it. “Try to be useful… are you contributing more than you consume?” This fundamental question cuts to the heart of sustainable business success. While many aspiring entrepreneurs obsess over their slice of existing markets, truly transformative businesses expand possibilities for everyone involved. This might …