Listening in January 2022. Headphones in, shoveling snow. We got a foot of snow on the farm. Prepared to avoid the inevitable ketchup sandwiches due to the disgustingly stubborn cycle of authoritarianism...again. Sheesh! Get ready, stay ready. Good luck to all of you beautiful people who believe in bodily sovereignty, private property, and peace & freedom. I humbly pray that God blesses you and guides you and your family safely through the storm. Stay strong and know that you're not alone. There are millions of us.
@@TheHappyBachelorwith this wild election season in full swing my soul was yearning for common sense 😂 can never go wrong with a principled refresher course from Tom Woods. Hope you both are doing well! And as always, here's praying that someone in the body politic can hear these messages and pull us back from the brink of a wider war
well, at business school, we didn't tend to hate business, but, in non business matters I definitely saw plenty of slants. The most amazing slants while in a public school, in a wealthy town ironically.
Tom's story of Cambridge, Massachusetts is interesting and very like mine. When I was on Melbourne University campus, I read consistently posters by "Socialist Alternative", "Socialist Worker", "Resistance" and "Militant" calling for violent international socialist revolution, and denouncing the USSR, China, Cuba and other Stalinist regimes as state capitalism because the workers did not exercise direct control via instantly recallable soviet delegates. So abundant were these posters that I though most students believed in socialism, yet when reading about the then-recent closure of Richmond Secondary College my brother said to me that "Militant" had 20 members, "Socialist Alternative" had 50 members, and that "Socialist Worker"'s parent International Socialist Organisation had 30 members. I would have guessed from the abundance of posters that they had tens of thousands of members (I told me brother I guessed Socialist Alternative had 50,000 members rather than 50), that a majority of students were members of one of these groups, and that it was only mainstream propaganda that prevented the working classes from uniting globally to "smash capitalism" for a direct socialist democracy based around workers' councils.
Dr. Woods is a natural born educator. He's a very good writer,but as a speaker he is virtually without peer. His lectures remind me of Milton Friedman's " Free To Choose " and recordings of Murray Rothbard(both which can be found on UA-cam)in their clarity and wit. If only the whole country could hear him.
From the observations of my elderly neighbours and parents generation,(that's over 80years), the grocery market is the most pronounced. A&P and Safeways are the easy examples, here. the corner grocers where forced out by deep price cuts by these two. the distributers also went under do to the closing of their corner market customers. after the majority of corner sores went under, the prices went back up.
If you're not lying, your town would have the first actual example of a firm engaging in monopoly pricing without government intervention. That's worthy of a dissertation.
i have to disagree with the preditory price issue. in my town when the box stores came to town they drove out the local grocers and clothing stores, then drove up the prices.
One more thing, There is an Audio version of HA on UA-cam as well. When I read it I like to listen and read at the same time. This way I get both my eye's and my ear's involved which certainly helps me with understanding and retention on the book. I hope my tips help.
the "predatory pricing" you are talking about is exactly what Woods is saying - these companies are predatory pricers because they aren't jacking up the prices again - if they did new companies would just come back and undercut because the "monopoly" would have to recoup the losses incurred from the predatory pricing. Otherwise it's a natural monopoly, which. This is because their prices, service and quality cannot be beat - this is the ultimate benefit to the consumer, not bad
"@COMMUNISTPHILOSOPHY you might be misusing the term fascist." As Jonah Goldberg put it, the biggest difference between Nazism and doctrinaire communism was its focus on what we would now call identity politics.
There's no such thing as Nazis the term Nazi was invented by Soviets as a form of propaganda. National Socialist existed but Nazis never existed Hitler never refers to himself as a Nazi nor any of his people. Seriously the biggest issue with the United States is the fact that you guys are so thoroughly brainwashed by Soviet propaganda that literally you teach is Gospel after the war ended. You don't realize who created communism you don't realize that most of what you think you know about history is not accurate
If this were not how wages were determined then why would anyone be paid more than minimum wage, i.e. the minimum government mandates all employers must pay? Why don't all the employers just agree to pay nobody more than minimum wage? In fact, most people make more than minimum wage because there is a competitive market in labor. Most American workers can produce a lot more value than minimum wage, so companies must offer more than minimum wage to attract the best workers.
I don't know what the problem you face reading it, as I found it an enjoyable and enlightening read. If you you want something that is less scholarly and yet still enlightening, I would recommend Man, Economy and State by Murray Rothbard as an introductory read into Austrian economics and philosphy. Good luck
In a free market, which includes a competitive labor market, wages will approach the discounted marginal productivity value (the amount of extra value the worker produces minus what could be made if the same money were saved). If a boss were paying a worker worth $40 an hour only $10 an hour then his competitor would stand to gain 25 an hour in extra value by offering the same worker $15. This process continues to bid up wage offers until they approach that marginal productivity value.
Look up a UA-cam member called PraxGirl. She breaks down some of the basic concepts he discusses into a way which might be more palatable to you. Although I agree it can at times be hard to hear, the writing should still be treated like a fine wine. Take a little sip and enjoy it, think it through your head, and reflect upon the ideas. When you are ready for another sip then go back to it. Brilliant work.
The thing with public school is that your teacher generally changes each year (and each subject), but at home school it's probably going to be the same person, and what are the chances your mum or dad is a friggin' semi-expert in anything let alone every thing a good to great education would require. I'd go further as I suspect that there is a strong correlation between home schooling and a very closed view of the world (religious bias...), which would work against being a good teacher.
Richard Davis Not quite. Not "increments" but "constants" of mass and measurment. One CC or one ML of pure Water has a mass of 1 gram at standard temperature and pressure (STP)... One Meter is the length of the path travelled by light in vacuum during a time interval of 1/299,792,458 of a second. en.wikipedia.org/wiki/Metre
Richard Davis You can't do science without constants- reference points, standards, benchmarks. Of course, on the micro atomic level, all bets are pretty much off since the Heisenberg Principle. "Now we know that we shall never know."
@Digali I was not talking about this video in particular but other videos that more people should watch that only have 2 or 3 hundred views. It was also kind of a joke.
as the distributers went under too, any remaining stores had to buy from the big guys distributers in town. clothing was another. not designer, but regular price point. zellers and sears, price wared the liitle guys out too. then raised the prices when they where gone. one must remember tbay's geographical area too. nothing in 8 hours in any direction. so consumers don't have the freedom of movement as elsewhere.
@COMMIE PHIL ...Conti. But if I had insurance and the co-pay was only $30.00 I’d go for it, leaving doctors to charge the 10 grand thereby driving up costs. I have house insurance but I don’t call my insurance to fix a leaky faucet and if I did, the plumber couldn’t charge $10,000.
As for predatory pricing, nice that one businessman one hundred years ago defeated it, but you have other examples where the giants actually succeded in outpricing the small guys using dumping prices. Look at Amazon. Look at every big software company. It is not bad now, because you have another power, the state, to cut at the edges, but imagine you would have a world parcelled between big dumpers also in areas like security or healthcare. You would get the same fear you have for the state and just transplant it to the big businesses. The problem is not that it is the state, the problem is that it provides services without which you cannot function. I am more afraid of my boss than of the Dutch Tax Authorities. I am quite sure that if I make the latter 'angry', I can at worst pay out a lot of money on some kind of fairly determined lawful schedule of repayments (I do no tax frauds, so all that can happen is that I forget to pay some taxes). If I make the former angry, I will lose all I have. Can be instantaneous, without any due process, without even real reasons or reasons I could influence (they want to employ their cousin instead of me) with some bosses!
Good Lord! an actual witness that shows predatory pricing exists and has devastated my city's business community. seriously, what are the actual chances of that on UA-cam? 150 000 in 6 billion lol
@COMMUNISTPHILOSOPHY Re: it was used in the sense of an analogy, are you a literalist or something ? No, I use metaphors and analogies, but I can’t fit “libertarianism is fascist individualism" into any kind of metaphorical context. As far as literalism goes, I believe we should say what we mean and mean what we say.
They don't have an entitlement. That's ludicrous. It's obviously foolish for people to read those books or believe idiotic ideologies (Such as communism), but they have a right to read those words and think those thoughts. Absolutely no one is entitled to prevent other people by force from reading books they don't agree with.
love ya Tom, but hearing the Rockefeller apologia kinda made me sick to my stomach. The dude's literally set the standard for crony capitalism and globalism.
@COMMIE PHIL Re: not really, millions in the US cannot avail themselves of medical care. Because of third payer systems, if I went to a doctor in a free market system for a really bad hang nail, and he said he could perform an operation for it at only $10,000 I’d tell him where to go & see another doctor. More...
@COMMUNISTPHILOSOPHY Yes it does. Profit ist the return on an uncertain investment. And no, capitalists cannot take small risks and make huge profits because any such opportunity would be seen by a myriad of investors - which in return would lower profit i.e the dividend. And from an political and moral standpoint it makes perfect sense that an individual that is capable of satisfying the wants and needs of millions of people shoud be rewarded accordingly.
@COMMUNISTPHILOSOPHY How can voluntary interactions (I pay you x dollars to do y and you agree to the terms) be "exploitation"? If we're not both better off after the deal than before then no deal is struck. Only with coercive state power can true exploitation occur.
yes you can come to my neighbourhood and explain away the empty corner groceries and clothing stores that are on literally every corner. then you can explain Tim Horton's ultimatum the the local coffee shops to sell or be driven out of business. Granted, they at least offered to buy the business, but come on. that's not predatory? I agree with Woods on everything but this issue.
So I have a copy of _Human Action_ by von Mises. And it is absolutely and totally unreadable. I have no idea what the content is because reading more than a page causes me to become comatose. Anybody got a rewrite of HA that acutally involves good writing?
Workers make a wage that approaches their productivity. If person A can make 1,000 shoes in one day and person B can only make 10, how could a manager pay person B the same as person A? Yes, the workers' salaries will never be equal to their productivity because managers also have to be compensated for the work they do investing, organizing, coordinating, and so forth. Marxism always overlooks importance of middlemen. A product's no good if it can't reach consumers.
@COMMUNISTPHILOSOPHY don't mean to keep bothering you, so this is the last one. If you do respond, I'd be delighted to keep our conversation going. -frum If you hang around economics comment threads, you’ve probably seen this, it’s a Rap Off between Lord Manard Keynes and Friedrich A. Hayek. It’s put out by Econ-Stories with the aid of an economics professor at George Mason. It's well produced and I think it’s worth a look, if you’re really interested in economics. watch?v=GTQnarzmTOc
@COMMUNISTPHILOSOPHY Certainly slavery was wrong and its abolition correct, but Libertarians aren't advocating a return to slavery. In a market economy however, the mercantilist principle of "for one to gain another must lose" does not hold. If I make shoes and you make pants and I trade you a pair of shoes for a pair of pants then we are both better of the end than we would have been if neither had specialized. Government, on the other hand just redistributes wealth without creating.
kdurston1 - the only way that predatory pricing you speak of qualifies, is if the price is higher than it was previously. If it is still cheaper then everyone has benefit but those driven out. In order to drive people out the new companies must do it by efficiency created by scale which is how entire countries became prosperous in the first place. If we still had to hand make bricks we would be living in the 1900's. Although at the time it would have been said, the idea we prevent the factory making of bricks so as not to send any of the small scale hand makers out of business is over all, nonsensical. People still buy hand made and not factory made, in fact there is now a premium on such products. This is due to an increase in wealth of society which can now afford in some cases, to pay extra for "originally made" products. it is capitalism that allows a society to generate that wealth and the more wealth there is, the more of the original "producers" can spring up and charge way above mass product prices.
This ex banker is leading the charge for smaller government? Really? After 2008 you show your face in public and ask for less government. The nerve of this man.
You mean the event caused by government through them guaranteeing and encouraging stupid practices like sub prime mortgages? Sounds a lot like the policies in the 30s he was complaining about
@COMMUNISTPHILOSOPHY I guess you could draw a parallel between Hume’s empiricism with Hayeks understanding of why central planning always fails (and it does) and that is; no single person or any assembly of people, short of all participants in the economy, can know each and every transaction within an economy, this is a kind of knowledge that can be “known” by the masses. The only way that price points can be discovered and resources can be properly allocated. watch?v=r3QZ2Ko-Fog
@COMMUNISTPHILOSOPHY You replacing the idea of corporatism with capitalism. Capitalists entrepreneurs bring new ideas and undertake large amounts of risk to create a company out of thin air. The workers in a system may produce the wealth directly (i.e. physically create the substance), but the entrepreneur who comes up with the ideas behind it is more responsible and more deserving of the majority of profits.
@COMMUNISTPHILOSOPHY Re: "libertarianism is fascist individualism" An oxymoron, and an impossibility, Fascism is born of Socialism (National Socialism), individualism is a tenet of Classical Liberalism, born of the age of enlightenment these concepts are, without question, antithetical to one another.
The only good thing to come from Thomas Woods horrible book was this awesome NYTimes review that just teared it apart. www.nytimes.com/2005/01/26/opinion/the-difference-between-politically-incorrect-and-historically-wrong.html
@COMMUNISTPHILOSOPHY ...conti. 2) In the Soviet Union, resources were so misappropriated that the proletarian had virtually no access to goods at all, just access to lines and waiting lists. The Party Member, however, had access to “hated” dept stores simply by presenting their party card. Talk about oppressors and the oppressed!
@COMMUNISTPHILOSOPHY The argument we're having goes back to Locke and Hobbes. Have you seen the Three Minute Philosophy on Locke and Hobbes? Watch it, this Ausie guy is really funny!!..... /watch?v=X-buzVjYQvY
@COMMUNISTPHILOSOPHY You see it is a good thing that someone can get incredibly rich by cutting the price of rice in half. Wouldn't you agree? How that profit is then spend certainly adds a moral perspective but that's not the issue, right.
@COMMUNISTPHILOSOPHY Hi Phil [osophy], I ran into this Thomas Sowell video on the economic fallacies of ""affordable housing" and thought of you... watch?v=bbPYedkDU8Y&feature=feedu
@COMMUNISTPHILOSOPHY Re: “One class represses another, NOT all people can be well off to the same, or similar, extent.” 1) in Marx’ time Monarchies still existed and class structure was more rigid. In a free society one might be in the lower class at 20and upper class at 50. More...
@COMMUNISTPHILOSOPHY The problem is the Marxist "labor theory of value," which is incorrect. The value of something is not determined by how much work went into making it but by how much someone else is willing to pay for it. If I spend all day making art no one likes but which I think is great should I have a right to force people to pay what i think my art is worth?
can you give me evidence of your intimate knowledge of the economic history of Thunder Bay Ontario Canada? If you live here, please respond with examples of the successful small businesses against the box stores? If you can't, then apologize for your brazen ignorance.
Fifty three lousy minutes to get through American history and he wastes more than 10% of it in self-congratulation and self-justification. GET ON WITH IT!!!
+Sublime Music Channel He spent just ~3 minutes introducing himself and getting friendly with the audience. That is standard public speaking good practice. And I wouldn't categorise anything he said as "self-congratulation and self-justification" - an audience wants to know things about the speaker.
Being homeschooled by Dr. Thomas Woods?
Best. Childhood. EVER.
Listening in January 2022. Headphones in, shoveling snow. We got a foot of snow on the farm. Prepared to avoid the inevitable ketchup sandwiches due to the disgustingly stubborn cycle of authoritarianism...again. Sheesh!
Get ready, stay ready.
Good luck to all of you beautiful people who believe in bodily sovereignty, private property, and peace & freedom.
I humbly pray that God blesses you and guides you and your family safely through the storm. Stay strong and know that you're not alone. There are millions of us.
Yeah, buddy! Hope you're still doing well and shoveling less snow this season 👍🏻
@@TheHappyBachelorwith this wild election season in full swing my soul was yearning for common sense 😂 can never go wrong with a principled refresher course from Tom Woods. Hope you both are doing well! And as always, here's praying that someone in the body politic can hear these messages and pull us back from the brink of a wider war
Very good and informative video, I wish all my teachers taught like this.
The Southern State Parkway! So true! LMAO! Thanks, Dr. Woods- you are proof that Harvard and Columbia still produce at least a few great minds.
They do no produce anything. The ppl there already had great minds
Wish I had Tom Woods for a teacher/professor when I was growing up!
The government ACTUALLY destroyed crops and pigs?
(smh) that's empire in action.
well, at business school, we didn't tend to hate business, but, in non business matters I definitely saw plenty of slants. The most amazing slants while in a public school, in a wealthy town ironically.
Tom's story of Cambridge, Massachusetts is interesting and very like mine. When I was on Melbourne University campus, I read consistently posters by "Socialist Alternative", "Socialist Worker", "Resistance" and "Militant" calling for violent international socialist revolution, and denouncing the USSR, China, Cuba and other Stalinist regimes as state capitalism because the workers did not exercise direct control via instantly recallable soviet delegates.
So abundant were these posters that I though most students believed in socialism, yet when reading about the then-recent closure of Richmond Secondary College my brother said to me that "Militant" had 20 members, "Socialist Alternative" had 50 members, and that "Socialist Worker"'s parent International Socialist Organisation had 30 members.
I would have guessed from the abundance of posters that they had tens of thousands of members (I told me brother I guessed Socialist Alternative had 50,000 members rather than 50), that a majority of students were members of one of these groups, and that it was only mainstream propaganda that prevented the working classes from uniting globally to "smash capitalism" for a direct socialist democracy based around workers' councils.
Dr. Woods is a natural born educator. He's a very good writer,but as a speaker he is virtually without peer. His lectures remind me of Milton Friedman's " Free To Choose " and recordings of Murray Rothbard(both which can be found on UA-cam)in their clarity and wit. If only the whole country could hear him.
From the observations of my elderly neighbours and parents generation,(that's over 80years), the grocery market is the most pronounced. A&P and Safeways are the easy examples, here. the corner grocers where forced out by deep price cuts by these two. the distributers also went under do to the closing of their corner market customers. after the majority of corner sores went under, the prices went back up.
If you're not lying, your town would have the first actual example of a firm engaging in monopoly pricing without government intervention. That's worthy of a dissertation.
i have to disagree with the preditory price issue. in my town when the box stores came to town they drove out the local grocers and clothing stores, then drove up the prices.
One more thing, There is an Audio version of HA on UA-cam as well. When I read it I like to listen and read at the same time. This way I get both my eye's and my ear's involved which certainly helps me with understanding and retention on the book. I hope my tips help.
the "predatory pricing" you are talking about is exactly what Woods is saying - these companies are predatory pricers because they aren't jacking up the prices again - if they did new companies would just come back and undercut because the "monopoly" would have to recoup the losses incurred from the predatory pricing.
Otherwise it's a natural monopoly, which. This is because their prices, service and quality cannot be beat - this is the ultimate benefit to the consumer, not bad
As soon as he said that I scrolled down to find a comment on it. Glad to see it's already on top. :-)
"@COMMUNISTPHILOSOPHY you might be misusing the term fascist." As Jonah Goldberg put it, the biggest difference between Nazism and doctrinaire communism was its focus on what we would now call identity politics.
There's no such thing as Nazis the term Nazi was invented by Soviets as a form of propaganda. National Socialist existed but Nazis never existed Hitler never refers to himself as a Nazi nor any of his people. Seriously the biggest issue with the United States is the fact that you guys are so thoroughly brainwashed by Soviet propaganda that literally you teach is Gospel after the war ended. You don't realize who created communism you don't realize that most of what you think you know about history is not accurate
Wow.
That's a real gold.
If this were not how wages were determined then why would anyone be paid more than minimum wage, i.e. the minimum government mandates all employers must pay? Why don't all the employers just agree to pay nobody more than minimum wage? In fact, most people make more than minimum wage because there is a competitive market in labor. Most American workers can produce a lot more value than minimum wage, so companies must offer more than minimum wage to attract the best workers.
I don't know what the problem you face reading it, as I found it an enjoyable and enlightening read. If you you want something that is less scholarly and yet still enlightening, I would recommend Man, Economy and State by Murray Rothbard as an introductory read into Austrian economics and philosphy. Good luck
Great lecture though - if you are home schooled these days at least you have youtube lectures like this!
I love Tom Woods!
In a free market, which includes a competitive labor market, wages will approach the discounted marginal productivity value (the amount of extra value the worker produces minus what could be made if the same money were saved). If a boss were paying a worker worth $40 an hour only $10 an hour then his competitor would stand to gain 25 an hour in extra value by offering the same worker $15. This process continues to bid up wage offers until they approach that marginal productivity value.
Okay, I'm on my way. I've been looking for a dissertation topic.
Rockefeller saved the whales!!
Christian Escudero lol 😂😂 spin zone
Ironic
Nuke the whales
the bromine bit is gold
Dr. Woods is my homeboy.
Look up a UA-cam member called PraxGirl. She breaks down some of the basic concepts he discusses into a way which might be more palatable to you. Although I agree it can at times be hard to hear, the writing should still be treated like a fine wine. Take a little sip and enjoy it, think it through your head, and reflect upon the ideas. When you are ready for another sip then go back to it. Brilliant work.
I really love what he said in the end - YES, you stripped the govt to minimum and lo and behold, it didn't work. That is why liberalism evolved.
@Wcoltd I think alot of videos, especially ones like this, are like that its the same 15-20 people watching them 10-15 times.
that seems mildly off from 36,000 and not at all how that works
@Wcoltd I think alot of videos are like that its the same 15-20 people watching them 10-15 times.
The thing with public school is that your teacher generally changes each year (and each subject), but at home school it's probably going to be the same person, and what are the chances your mum or dad is a friggin' semi-expert in anything let alone every thing a good to great education would require. I'd go further as I suspect that there is a strong correlation between home schooling and a very closed view of the world (religious bias...), which would work against being a good teacher.
Mathematics! Bravo! Mathematics is the Music and Language of Science, which is pure objective knowledge. :)
Once the increments for measurement were agreed upon. An inch is an inch because we say it is an inch.
Richard Davis
Not quite.
Not "increments" but "constants" of mass and measurment.
One CC or one ML of pure Water has a mass of 1 gram at standard temperature and pressure (STP)...
One Meter is the length of the path travelled by light in vacuum during a time interval of 1/299,792,458 of a second.
en.wikipedia.org/wiki/Metre
*****
The meter and the second being what was agreed upon.
Richard Davis
You can't do science without constants- reference points, standards, benchmarks.
Of course, on the micro atomic level, all bets are pretty much off since the Heisenberg Principle.
"Now we know that we shall never know."
*****
Well now, an inch is still an inch, ain't it?
@Digali I was not talking about this video in particular but other videos that more people should watch that only have 2 or 3 hundred views. It was also kind of a joke.
Does anybody know what the intro music is from?
as the distributers went under too, any remaining stores had to buy from the big guys distributers in town. clothing was another. not designer, but regular price point. zellers and sears, price wared the liitle guys out too. then raised the prices when they where gone. one must remember tbay's geographical area too. nothing in 8 hours in any direction. so consumers don't have the freedom of movement as elsewhere.
Secede... and survive.
i wish
@COMMIE PHIL ...Conti.
But if I had insurance and the co-pay was only $30.00 I’d go for it, leaving doctors to charge the 10 grand thereby driving up costs. I have house insurance but I don’t call my insurance to fix a leaky faucet and if I did, the plumber couldn’t charge $10,000.
Ever!!!
As for predatory pricing, nice that one businessman one hundred years ago defeated it, but you have other examples where the giants actually succeded in outpricing the small guys using dumping prices. Look at Amazon. Look at every big software company. It is not bad now, because you have another power, the state, to cut at the edges, but imagine you would have a world parcelled between big dumpers also in areas like security or healthcare. You would get the same fear you have for the state and just transplant it to the big businesses. The problem is not that it is the state, the problem is that it provides services without which you cannot function. I am more afraid of my boss than of the Dutch Tax Authorities. I am quite sure that if I make the latter 'angry', I can at worst pay out a lot of money on some kind of fairly determined lawful schedule of repayments (I do no tax frauds, so all that can happen is that I forget to pay some taxes). If I make the former angry, I will lose all I have. Can be instantaneous, without any due process, without even real reasons or reasons I could influence (they want to employ their cousin instead of me) with some bosses!
Good Lord! an actual witness that shows predatory pricing exists and has devastated my city's business community. seriously, what are the actual chances of that on UA-cam? 150 000 in 6 billion lol
Cool story breh
@COMMUNISTPHILOSOPHY Re: it was used in the sense of an analogy, are you a literalist or something ?
No, I use metaphors and analogies, but I can’t fit “libertarianism is fascist individualism" into any kind of metaphorical context. As far as literalism goes, I believe we should say what we mean and mean what we say.
They don't have an entitlement. That's ludicrous. It's obviously foolish for people to read those books or believe idiotic ideologies (Such as communism), but they have a right to read those words and think those thoughts. Absolutely no one is entitled to prevent other people by force from reading books they don't agree with.
love ya Tom, but hearing the Rockefeller apologia kinda made me sick to my stomach. The dude's literally set the standard for crony capitalism and globalism.
Sam Eash No one's perfect. That's why we study multiple viewpoints and arrive at our own conclusions.
It take two.
Sam Eash why do you blame Rockefeller but don’t even mention the politicians that played a much bigger and important part ?
@COMMIE PHIL Re: not really, millions in the US cannot avail themselves of medical care.
Because of third payer systems, if I went to a doctor in a free market system for a really bad hang nail, and he said he could perform an operation for it at only $10,000 I’d tell him where to go & see another doctor.
More...
@COMMUNISTPHILOSOPHY
Yes it does. Profit ist the return on an uncertain investment. And no, capitalists cannot take small risks and make huge profits because any such opportunity would be seen by a myriad of investors - which in return would lower profit i.e the dividend.
And from an political and moral standpoint it makes perfect sense that an individual that is capable of satisfying the wants and needs of millions of people shoud be rewarded accordingly.
@COMMUNISTPHILOSOPHY
How can voluntary interactions (I pay you x dollars to do y and you agree to the terms) be "exploitation"? If we're not both better off after the deal than before then no deal is struck. Only with coercive state power can true exploitation occur.
yes you can come to my neighbourhood and explain away the empty corner groceries and clothing stores that are on literally every corner. then you can explain Tim Horton's ultimatum the the local coffee shops to sell or be driven out of business. Granted, they at least offered to buy the business, but come on. that's not predatory? I agree with Woods on everything but this issue.
Big business is today the benefactor of all kinds of special government privileges.
So I have a copy of _Human Action_ by von Mises. And it is absolutely and totally unreadable. I have no idea what the content is because reading more than a page causes me to become comatose. Anybody got a rewrite of HA that acutally involves good writing?
puppetsock Try _Man, Economy, and State_. It's easier to follow than _Human Action_.
there Is a bob murphy's version. look for it!
Workers make a wage that approaches their productivity. If person A can make 1,000 shoes in one day and person B can only make 10, how could a manager pay person B the same as person A? Yes, the workers' salaries will never be equal to their productivity because managers also have to be compensated for the work they do investing, organizing, coordinating, and so forth. Marxism always overlooks importance of middlemen. A product's no good if it can't reach consumers.
@COMMUNISTPHILOSOPHY don't mean to keep bothering you, so this is the last one. If you do respond, I'd be delighted to keep our conversation going. -frum
If you hang around economics comment threads, you’ve probably seen this, it’s a Rap Off between Lord Manard Keynes and Friedrich A. Hayek. It’s put out by Econ-Stories with the aid of an economics professor at George Mason. It's well produced and I think it’s worth a look, if you’re really interested in economics.
watch?v=GTQnarzmTOc
@COMMUNISTPHILOSOPHY
Certainly slavery was wrong and its abolition correct, but Libertarians aren't advocating a return to slavery. In a market economy however, the mercantilist principle of "for one to gain another must lose" does not hold. If I make shoes and you make pants and I trade you a pair of shoes for a pair of pants then we are both better of the end than we would have been if neither had specialized. Government, on the other hand just redistributes wealth without creating.
Woods nervous?
kdurston1 - the only way that predatory pricing you speak of qualifies, is if the price is higher than it was previously. If it is still cheaper then everyone has benefit but those driven out. In order to drive people out the new companies must do it by efficiency created by scale which is how entire countries became prosperous in the first place. If we still had to hand make bricks we would be living in the 1900's. Although at the time it would have been said, the idea we prevent the factory making of bricks so as not to send any of the small scale hand makers out of business is over all, nonsensical. People still buy hand made and not factory made, in fact there is now a premium on such products. This is due to an increase in wealth of society which can now afford in some cases, to pay extra for "originally made" products. it is capitalism that allows a society to generate that wealth and the more wealth there is, the more of the original "producers" can spring up and charge way above mass product prices.
He sounds different
@Hxcorps Bromine
Remember when 7% unemployment was catastrophic 31:30 ? Today it's called a recovery.
and 8 years later its back to catastrophic because orange man had it
This ex banker is leading the charge for smaller government? Really? After 2008 you show your face in public and ask for less government. The nerve of this man.
You mean the event caused by government through them guaranteeing and encouraging stupid practices like sub prime mortgages?
Sounds a lot like the policies in the 30s he was complaining about
@COMMUNISTPHILOSOPHY I guess you could draw a parallel between Hume’s empiricism with Hayeks understanding of why central planning always fails (and it does) and that is; no single person or any assembly of people, short of all participants in the economy, can know each and every transaction within an economy, this is a kind of knowledge that can be “known” by the masses. The only way that price points can be discovered and resources can be properly allocated.
watch?v=r3QZ2Ko-Fog
@COMMUNISTPHILOSOPHY You replacing the idea of corporatism with capitalism. Capitalists entrepreneurs bring new ideas and undertake large amounts of risk to create a company out of thin air. The workers in a system may produce the wealth directly (i.e. physically create the substance), but the entrepreneur who comes up with the ideas behind it is more responsible and more deserving of the majority of profits.
@COMMUNISTPHILOSOPHY Re: "libertarianism is fascist individualism"
An oxymoron, and an impossibility, Fascism is born of Socialism (National Socialism), individualism is a tenet of Classical Liberalism, born of the age of enlightenment these concepts are, without question, antithetical to one another.
The only good thing to come from Thomas Woods horrible book was this awesome NYTimes review that just teared it apart.
www.nytimes.com/2005/01/26/opinion/the-difference-between-politically-incorrect-and-historically-wrong.html
@COMMUNISTPHILOSOPHY ...conti.
2) In the Soviet Union, resources were so misappropriated that the proletarian had virtually no access to goods at all, just access to lines and waiting lists. The Party Member, however, had access to “hated” dept stores simply by presenting their party card. Talk about oppressors and the oppressed!
@COMMUNISTPHILOSOPHY The argument we're having goes back to Locke and Hobbes. Have you seen the Three Minute Philosophy on Locke and Hobbes? Watch it, this Ausie guy is really funny!!.....
/watch?v=X-buzVjYQvY
@COMMUNISTPHILOSOPHY
You see it is a good thing that someone can get incredibly rich by cutting the price of rice in half. Wouldn't you agree? How that profit is then spend certainly adds a moral perspective but that's not the issue, right.
"This black stuff that just seems like it's annoying has an important use." American history in a nutshell.
I Thought the same thing. Tom left us some Based Department messages between the lines.
wow this is amazing, thank you
Dollarisdead09 for the vid gave me as a link and thanks to Misesmedia.
@COMMUNISTPHILOSOPHY
Hi Phil [osophy], I ran into this Thomas Sowell video on the economic fallacies of ""affordable housing" and thought of you...
watch?v=bbPYedkDU8Y&feature=feedu
@COMMUNISTPHILOSOPHY Re: “One class represses another, NOT all people can be well off to the same, or similar, extent.”
1) in Marx’ time Monarchies still existed and class structure was more rigid. In a free society one might be in the lower class at 20and upper class at 50.
More...
@COMMUNISTPHILOSOPHY
The problem is the Marxist "labor theory of value," which is incorrect. The value of something is not determined by how much work went into making it but by how much someone else is willing to pay for it. If I spend all day making art no one likes but which I think is great should I have a right to force people to pay what i think my art is worth?
Thank GOD Woods did not become mathematician.
Hilarious. See 25 or 26 min. mark.
me2
@COMMUNISTPHILOSOPHY
btw how is offering somebody a job exploitation? I dind't even get that back when I was a commie.
can you give me evidence of your intimate knowledge of the economic history of Thunder Bay Ontario Canada? If you live here, please respond with examples of the successful small businesses against the box stores? If you can't, then apologize for your brazen ignorance.
Fifty three lousy minutes to get through American history and he wastes more than 10% of it in self-congratulation and self-justification. GET ON WITH IT!!!
+Sublime Music Channel He spent just ~3 minutes introducing himself and getting friendly with the audience. That is standard public speaking good practice. And I wouldn't categorise anything he said as "self-congratulation and self-justification" - an audience wants to know things about the speaker.
I agree, he spent alot of time talking about himself
16 demokkkrats voted to unlike this lecture
That's a lie.