The Myth of "The Blessings of War"
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- čas přidán 30. 06. 2024
- We're discussing the myth of the benefits of war, which goes something like this: "Doesn't war, death and destruction have positive consequences for the economy? Just look at how many people have jobs due to rebuilding ruined cities and infrastructure".
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00:00 - The myth of post-war prosperity as a variation on the myth of broken window
01:57 - First mistake: confusing needs with demand
03:44 - Second mistake: confusing purchasing power with quantity of money
04:22 - Quick announcement
04:47 - Third mistake: confusing interests of individual industries with the interests of society as a whole
06:10 - The fourth mistake: confusing "building new stuff in place of the old stuff" with the development of the economy
07:52 - Summary
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#War #Wars
#Economics #Capitalism #Finance
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Thanks!
In a sense planned obsolescence is based on the same idea. If you make products that only last a short while then you can sell more. But it doesn’t benefit the consumer to keep buying it again and again and it doesn’t make the people richer. If anything it is a waste of resources.
Definitely agree here!... The two sectors I can see benefit from a war, though this doesn't justify war at all, are technology and science due to the need during the war of e.g. faster planes, stronger materials, new medicine... that otherwise would have taken much longer to develop....
Outstanding
Dan Carlin AND Austrian Economics? Yes, please.
thanks; so glad to come across of such a cool youtube channel - keep up the lord's work! (:
If a war would be better for an economy, countries will fight with each other for whole the time. It's not hard to imagine.
You failed to mention the reason Germany did so well:
Lack of government meddling, their economics minister allowed the people to do good.
The US did well because their competition had been destroyed while remaining socialist.
Broken window fallacy baby
So u r saying da whole world should be bombed to Develop more...vow.