Taped on January 8, 1968. Perhaps the economy had not yet truly reached the point of crisis, but it was beginning to feel the strain of President Johnson's attempts to keep the guns and butter coming at ever faster rates. This splendid economics lesson from one of the country's leading teachers begins with a little historical biography (Friedman: "Keynes, himself, was very much of a scientist. I think he was wrong on various things, but he certainly had a scientific approach. And indeed, I've always regarded it as a great tragedy that Keynes died when he did. Because one of his great capacities was flexibility"), and then goes on to the importance of monetary policy, how we might better handle taxation and welfare, and much else. Summary by Firing Line staff.

Norman Mailer appears on Firing Line to promote his book, "The Armies of the Night." Mailer's book retells the 1967 March on the Pentagon which included Dwight MacDonald, Robert Lowell, and himself. Mailer discusses his support for Fidel Castro; the excessive propriety of left-wing intellectuals; the qualities of great men, and the journalistic inaccuracies of Time Magazine.