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Hoover's Lazear: Low rates are not working

CNBC's Rick Santelli and the Hoover Institution's Ed Lazear discussed the September jobs number, interest rate policy and global trade.

On trade: "The benefits from trade are spread very diffusely across the population, while the costs are very concentrated," Lazear said.

On interest rate policy: "The notion you can fix the economy with very low interest rates I think is not empirically validated," he added.

Lazear is a senior fellow at the Hoover Institution and a professor of economics at Stanford University's Graduate School of Business. He previously served at the White House from 2006 to 2009 as chairman of the President's Council of Economic Advisers.

This extra interview is for CNBC PRO subscribers only.