Jan 15, 2018
Show 2045 When Caution Kills, Shaming, Tragedy of The Commons, The Boom of Wealth. From Learn Liberty
This ACU show consists of several short segments from the YouTube channel Learn Liberty.
For a great archive of Learn Liberty videos visit- https://www.youtube.com/channel/UCFJNcE0iHj7P6dhp5iCZRLg
Learn Liberty Classics Playlist
Top Three Myths about the Great Depression and the New Deal
Historian Stephen Davies names three persistent myths about the Great Depression. Myth #1: Herbert Hoover was a laissez-faire president, and it was his lack of action that lead to an economic collapse. Davies argues that in fact, Hoover was a very interventionist president, and it was his intervening in the economy that made matters worse. Myth #2: The New Deal ended the Great Depression. Davies argues that the New Deal actually made matters worse. In other countries, the Great Depression ended much sooner and more quickly than it did in the United States. Myth #3: World War II ended the Great Depression. Davies explains that military production is not real wealth.; wars destroy wealth, they do not create wealth. In fact, examination of the historical data reveals that the U.S. economy did not really start to recover until after WWII was over. Published on Jun 17, 2011
Watch more videos: http://lrnlbty.co/y5tTcY
Is Price Gouging Immoral? Should It Be Illegal?
Published on Apr 18, 2012
If the power goes out during a hurricane, who should be able to get an emergency generator? If sellers knew the motives of each buyer, they could sell a generator to the customer who needs it to keep life-saving medication from spoiling instead of the customer who wants to watch TV. But sellers aren't mind readers. One way generators can be allocated efficiently is by allowing the sellers to increase prices in an emergency situation. If the generators that are available cost more than they normally would, the people who would be willing to pay a premium to get one may do so because their need is greater. Many people would say increasing prices on certain goods during such an emergency is "price gouging." Philosophy professor Matt Zwolinski argues that far from being immoral, price gouging may be the best way to allocate scarce resources in an emergency.
What Do Prices "Know" That You Don't?
Find LearnLiberty on Facebook: http://on.fb.me/VLLCWp If you want to do good for the world, Prof. Michael Munger has a piece of advice: Listen to the price system. He compares prices to a genie that knows everything in the world and tell you exactly what goods and services humanity needs most. He tells a story of two hypothetical farmers. One ignores the price system and tries to plant what the world needs most. Overwhelmed by the quantity and complexity of the data needed to figure out what crop is most needed, he eventually fails. The other farmer is selfish and profit-driven. He doesn't understand that the high soybean price reflects increased demand for a new soy-based product in Asia -- he just wants to make money. But by listening to the price system, he produces exactly what the world needs most. Learn More! In a podcast, Prof. Munger discusses how the market responded to shortages induced by Hurricane Sandy: http://www.econtalk.org/archives/2012... A 1989 chart from the CIA shows that how the Soviet Union failed to feed its citizens in the absence of a price system: http://chnm.gmu.edu/1989/items/show/182 Learn Liberty video explains the importance of the price system to a well-functioning economy: http://www.learnliberty.org/content/p... Academic article examines whether scarce resources are best allocated by the price system or central rationing: http://www.jstor.org/discover/10.2307... An economist explains how the price system led Wal*Mart to help the victims of Hurricane Katrina: http://www.youtube.com/watch?v=0TJ7Mk...
Published on Jan 3, 2013
Does Capitalism Exploit Workers? - Learn Liberty
The idea that capitalism exploits workers stems from Karl Marx's work in the late 1800s. Learn more: http://bit.ly/1HVAtKP. Although the definition of "exploitation" has changed since then, many still believe capitalist systems take advantage of vulnerable workers. Prof. Matt Zwolinski explains why capitalism actually tends to protect workers' interests. And Zwolinski contends that even if it were exploitative, increasing political regulation and control would actually make the problem worse. Increases in government make citizens more vulnerable to the state. Political officials are tempted to exploit this vulnerability for the benefit of the politically well connected. Unlike free market transactions, which are mutually beneficial, when politics is involved one party's gain usually comes at someone else's expense. Follow Professor Zwolinski on Twitter! http://bit.ly/VHN3xk
Published on Jul 19, 2012
Top Three Common Myths of Capitalism | Learn Liberty
Is being pro-business and pro-capitalism the same? Does capitalism generate an unfair distribution of income? Was capitalism responsible for the most recent financial crisis? Learn more: http://bit.ly/1HVAtKP Dr. Jeffrey Miron at Harvard answers these questions by exposing three common myths of capitalism. SUBSCRIBE: http://bit.ly/1HVAtKP Published on Aug 22, 2011
What Caused The Economic Boom of Wealth? - Learn Liberty
In this Economics Made Easy video, we talk about the history from where we started to where we are today, because of the economic boom of wealth in our modern society. Published on Apr 29, 2014
Externalities: When Is a Potato Chip Not Just a Potato Chip?
Find LearnLiberty on Facebook: http://on.fb.me/VLLCWp If Art sells potato chips to Betty, both Art and Betty are happy with the transaction. Betty has chips, and Art has been paid for them. If Betty eats her chips loudly and it irritates Carl, then Carl bears a cost because of Art and Betty's transaction. Carl didn't have anything to do with the sale of the chips, but now he has to listen to them crunching. The cost Carl bears is called an externality. It is a cost that affects someone outside of the transaction. Prof. Michael Munger explains how externalities can arise and some options for resolving them. Published on Dec 20, 2012
Tragedy of The Commons - Learn Liberty
People living together must find some way to preserve common resources. Learn More: http://bit.ly/1HVAtKP. Unfortunately, there are strong incentives for people to exploit these resources when they are held in common by everyone. As Prof. Sean Mulholland at Stonehill College explains, the 'tragedy of the commons' occurs when individuals acting independently end up depleting shared resources, such as fisheries or pastureland. Prof. Mullholland discusses two potential solutions to this problem: public ownership, where the property is owned and administered by the government, and private ownership. He discusses the strengths and weaknesses to each approach and some key considerations for determining which institutions best protect useful resources. Published on Jun 29, 2011
Can Cops Search Your Cell Phone? | Learn Liberty
You’re at a party. The police show up. The next thing you know, a cop is asking to see your cell phone. What do you do? Subscribe for more: http://bit.ly/1HVAtKP. If you don’t know your rights, you could be putting yourself - and your future - at risk. In this must-see video, Professor Josh Blackman details the ways in which recent court rulings have been defining and limiting the boundaries of cell phone content searches. Your life is in your phone. Know how to save it. Published on Sep 2, 2014
Do Women Earn Less than Men? - Learn Liberty
Are women discriminated against in the workplace? Looking at the data, women on average earn an annual wage that is approximately 75% that of men, which many people believe is the result of discrimination. Learn more: http://bit.ly/1HVAtKP However, when Prof. Steve Horwitz analyzes the data more closely, he finds that women make certain choices, such as career selection and raising children, which tend to result in lower wages than men. These choices could be the result of personal preferences or sexist cultural expectations for women's work, though the relative influence of these two factors remains unclear. Published on Aug 30, 2011
Is Raising Minimum Wage A Bad Idea?
Economics: Is raising minimum wage to $15 a bad idea? Professor Don Boudreaux explains why raising minimum wage actually hurts the economy instead of improving an employee's chances of maintaining and getting a job. Learn more: http://www.learnliberty.org/ Published on Jan 14, 2016
What If There Were No Prices? Railroad Thought Experiment - Learn Liberty
What if there were no prices? How would you use available resources? Learn More: Learn more: http://lrnlbty.co/1XSscBY To appreciate why market prices are essential to human well-being, consider what a fix we would be in without them. Suppose you were the commissar of railroads in the old Soviet Union. Markets and prices have been banished. You and your comrades. Passionate communists all. Now, directly plan how to use available resources. You want a railroad from city A to city B, but between the cities is a mountain range. Suppose somehow you know that the railroad once built. Will serve the nation equally well. Whether it goes through the mountains or around. If you build through the mountains, you'll use much less steel for the tracks. Because that route is shorter. But you'll use a great deal of engineering to design the trestles and tunnels needed to cross the rough terrain. That matters because engineering is also needed to design irrigation systems, mines, harbor installations and other structures. And you don't want to tie up engineering on your railroad if it would be more valuable designing those other structures instead. You can save engineering for other projects. If you build around the mountains on level ground. But that way you'll use much more steel rail to go the longer distance and steel is also needed for other purposes. For vehicles, girders, ships, pots and pans and thousands of other things. Which route should you choose for the good of the nation? To answer, you would need to determine which bundle of resources is less urgently needed for other purposes. The large amount of engineering and small amount of steel for the route through the mountains, where the small amount of engineering and large amount of steel for the roundabout route. But how could you find out the urgency of need for engineering and steel in other uses? Find out more as Professor Howard Baetjer Jr. from Towson University explains market prices through the railroad thought experiment. Published on Nov 5, 2015
The Most Dangerous Monopoly: When Caution Kills
"The Most Dangerous Monopoly: When Caution Kills" by @LearnLiberty ► Get Learn Liberty updates in your inbox! http://LearnLiberty.org/subscribe Everyone wants the items they buy to be safe to use or consume. Howard Baetjer of Towson University explains that when products undergo third-party certification processes to determine their safety, market forces are able to optimize the amount of testing conducted and consumers can use the information provided by certification firms to make their own decisions. It is difficult to say how much testing is enough: another test can always be run on a product, but at some point the benefit of the extra testing outweighs the costs. In a free-market system, competition among certification firms allows the market to work as it should and prevents both under- and over-testing of products. Conversely, when the government holds the monopoly on safety standards, products are likely to be over-tested, delaying their entry into the market and making them more expensive. Sometimes the costs of such delays cannot be quantified; lives can be lost while life-saving medicines are held up in safety-testing processes. Check out Prof. Baetjer's book that inspired this video: http://www.freeourmarkets.com/book/ Animated by Tomasz Kaye: http://www.patreon.com/tomaszkaye ► Learn More http://www.amazon.com/Free-Choose-A-P... [resource]: Chapter 7, "Who Protects the Consumer?" http://www.amazon.com/Free-Our-Market... [resource]: Howard Baetjer book, specifically Charpter 6 "Market Forces Regulate" http://www.youtube.com/watch?v=wwBg-X... [video]: Alex Tabarrok lectures on the harm caused by the bad incentives for the FDA http://fdareview.org/ [resource]: The Independent Institute questions whether the FDA is safe and effective with a body of research that dives in to the history of the FDA Some resources to back up particular claims: http://www.ul.com/global/eng/pages/ab... [source]: UL website - About Underwriters' Laboratories http://www.ul.com/global/eng/pages/co... [source]: UL offers a page of "Additional Resources" that lists other institutions that provide certification or establish safety standards: http://www.cato.org/pubs/pas/pa-288es... [analysis]: Noel Campbell's Cato policy review -"Replace FDA Regulation Of Medical Devices With Third-Party Certification" Published on Jan 28, 2014
Marxism Explained in 2 Minutes, with Deirdre McCloskey - Learn Liberty
“Marx was the greatest social scientist of the 19th century…” says Professor Deirdre McCloskey. “But he got everything wrong.” Learn More: http://www.learnliberty.org/blog/bern... SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: Bernie Is Not A Socialist and America Is Not Capitalist (blog article): Marxism isn’t the only political ideology that we frequently misuse. Learn why we’ve been mislabeling Bernie Sanders and America. http://www.learnliberty.org/blog/bern... That Time Ludwig von Mises Called Milton Friedman a Socialist…Really. (blog article): A fun history tidbit. Learn what drove Ludwig von Mises to accuse Milton Friedman of being a socialist. http://www.learnliberty.org/blog/that... Why Government Fails and Why Ideas Matter (policy report): In this article from Cato, Professor Donald Boudreaux argues that ideas in themselves matter. https://www.cato.org/policy-report/no... TRANSCRIPT: Dave Rubin: The word Marxist, I think people have no idea what they're talking about. Socialism, they don't know what they're talking about. Deirdre McClosky: No no, they don't. Dave Rubin: Most of these words, most of these words most people don't know what they're talking about, but Marxist I find to be the one that people really just have no concept on what they're talking about. First, can you just define what a Marxist is? Then just tell me a little bit about your journey? Deirdre McClosky: Marx's was ... Now here's when I get my right wing friends just, they go nuts. I say, Marx was the greatest social scientist in the 19th century, without compare. All my friends at the Hoover Institution go, "Ah," and then I say, "But he got everything wrong," and then my friends in the left go, "Ah" Which is why I haven't got any friends. Dave Rubin: The life of a classical liberal. It ain't easy. Deirdre McClosky: It ain't easy. Dave Rubin: Well you're pissing off people on both sides. Deirdre McClosky: Pissing off people on both sides. Now, the basic idea of Marxism of course is that history has a particular pattern, and that ideas come from that pattern, from that material pattern that the class struggle is central. "The history of all hitherto existing societies," To quote The Communist Manifesto is the history of class struggle. If you believe that and you believe that ideas are just epiphenomenal, that they just come from your class position, which is what Marxist are supposed to think. Then you'll be a follower of Marx. Oddly, about 1890 to about 1980, nice symmetry there, most intellectuals in the West were some kind of Marxist. Even the conservatives were. Even the conservatives believed that material interests were what determined ideas. Where as my claim and the claim of a growing number of historians and especially historians is a no-no. Ideas themselves have an influence, an independent influence. The idea that all men and women are created equal is a terrifically powerful idea. It's that egalitarianism of 18th century liberalism that I'm trying to reinvigorate. LEARN LIBERTY: Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/. Published on Feb 6, 2017
Shaming Someone Doesn't Change Their Mind - Learn Liberty
So you want to fight prejudice and change people’s minds? Step 1: Don’t insult them. Step 2: Have a real conversation. Learn More: https://www.youtube.com/watch?v=JTAp4... SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: Freedom of Speech: Is Offensive Speech Good For Society? - Learn Liberty (video): Professor Tom W. Bell argues that free speech allows us to argue against bad ideas. https://www.youtube.com/watch?v=JTAp4... How to Talk About Politics Without Sounding Like a Jerk (blog post): Professor Matt Zwolinski explains why political discussions are so difficult and often turn hostile. http://www.learnliberty.org/blog/how-... This Professor Will Challenge Your Perspective on Free Speech - Learn Liberty (video): Professor Deirdre McCloskey argues that free speech is crucial because it allows us to persuade people. https://www.youtube.com/watch?v=mkyk7... TRANSCRIPT: Alana Conner, a cultural scientist at Stanford, tells Vox that, "Telling people they're racist, sexist, and xenophobic is going to get you exactly nowhere." Social psychology tells us persuasion happens one of two ways: centrally and peripherally. The central route to persuasion uses reasoned arguments, getting someone to think deeply about an issue. If they're paying attention and they have something at stake, you just might persuade them. The peripheral route is less ideal. It skips reason and relies on superficial cues to do its job. For example, it might make appeals to popularity or authority. But shaming someone, telling them they're racist, sexist, or bigoted, falls into neither of these categories. It's not providing them with a reasoned argument and it doesn't appeal to them on an emotional level. In fact, shaming someone is more likely to get them to shut you out and form a negative impression of both you and your views, leaving you worse off than you were before. At best, shaming leaves bad ideas in the shadows where they can't be challenged and where proponents of those bad ideas can't be persuaded. Good ideas become tenuous. If you hold an idea only out of shame, then you likely never went through the process of understanding why it's a good idea, leaving you less able to defend it. Fortunately, there are persuasive ways to reduce prejudiced attitudes. Simply interacting with others, getting people to reflect on why they hold certain views, and asking them to take on new perspectives all appear to be effective ways of undoing prejudices. But when shame is the method, none of that can happen. This shouldn't be surprising. Calling someone a bigot is little more than an insult. It may feel gratifying and it may even be true, but if we want outcomes we should bear in mind that persuasion just doesn't happen that way. Shaming may be successful at shutting people up. Changing their minds, that's a different task entirely. LEARN LIBERTY: Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/. Published on Feb 1, 2017
Opportunity Costs: The Parable of the Broken Window - Learn Liberty
Some people argue that natural disasters and other acts of destruction create wealth and employment as we repair the damage they’ve caused. Professor Dan Russell explains that this fallacy fails to take into “opportunity costs” into consideration. Whenever we use a resource for one purpose, like fixing a window, we give up the opportunity to use that resource for another purpose. We only know if the use of a resource has created value if we compare it with the the alternate uses we had to forego. forego. SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: The Broken Window Fallacy (video): Art Carden explains the broken window fallacy https://www.youtube.com/watch?v=erJEa... Louisiana Floods Reveal Age Old Broken Window Fallacy (blog article): Don Boudreaux explains how many fell for the broken window fallacy in response to the recent flooding in Louisiana http://www.learnliberty.org/blog/loui... How a 19th century French pamphleteer preempted two centuries of economic fallacies (blog article): Christopher Todd Meredith explains Frederic Bastiat’s contributions to economics and political science, including the broken window fallacy http://www.learnliberty.org/blog/how-... TRANSCRIPT: The full transcript can be found at http://www.learnliberty.org/?p=8503 Published on Nov 17, 2016
Find LearnLiberty on...
Our Website: http://bit.ly/RBl3FH