Why economics is critical to your life | David Friedman
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- čas přidán 17. 10. 2022
- David Friedman reveals the critical lessons hidden in economics.
Watch the full talk at iai.tv/video/economics-matter...
Every day we are faced with gloomy news reports about the state of the global economy, but how much do we really understand the consequences that economics has on our day-to-day lives? In this video, trail-blazing anarcho-capitalist David D Friedman explores the fun side of economic theory and how getting the economy right can profoundly affect our lives.
#EconomicsMattersToYou #EconomicsHiddenLessons #Economics
David D. Friedman is one of the most renowned anarcho-capitalist theorists in the world. Son of Nobel Prize winning economist and father of modern economics, Milton Friedman, David has set out his own unique economic theory.
His book, The Machinery of Freedom, is the go-to text for those interested in anarcho-capitalism, and it makes up one of the most reputable defences of setting capitalism completely free.
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Will economics be able to forsee the future state of the world? To watch David Friedman's full talk visit iai.tv/video/economics-matters-david-friedman?CZcams&+comment
David’s analogy of spearmen holding against the cavalry charge was a brilliant example of rationality and how difficult it can be to achieve in mass.
his name spelled wrong in title
Yeah, you’re right.
Interesting ideas. Reminds me of Dan Ariely's predictably irrational.
Unsure about the presentation slides.
Milton Friedman has a great son
So not all of us were babies once upon a time? 🤔
Stalin was never a baby. Stalin was created by the Titans and they secretly abducted him and replaced him with a body double on his death bed. The Titans told Stalin, - The world is not ready for greatness so you will have to stay with us for "a while" and don't worry, we have a professional barber.
Side note: The petro-dollar structure of the global economy will be our demise if we don’t address that reality as it is. Ever wonder why green energy endeavours always fail? Everyone eats that’s why. The value of currency is so deeply intertwined with crude oil on this earth that Direct Air Capture (DAC) and the subsequent products that can be created from captured carbon is truly our last hope since crude oil is going nowhere. Anthropogenic climate change is the biggest problem humanity has ever faced mainly because humanity can’t collectively seem to face it. All this to say; there’s no economy on a dead planet… I hope someone of influence can see and consider this.
The "petro dollar" doesn't exist. Oil and gas production and consumption in the US, is less than 3 % of the US GDP. There is a dollar effect for small and poor exporters of crude oil, but this effect is not important for anyone that lives in a large and relatively free market, meaning, crude price is irrelevant for the US, China, Russia, Australia, Canada etc. ( long as there is no world war or large embargo ) but relevant for EU countries with high taxes and tariffs where energy can become very expensive and a big part of the GDP.
But why is crude not relevant for Russia ? Because, the cheaper that the Russian oil gets, the more they can sell. Same thing with the Russian ruble. If the ruble gets ousted from international trade ( and sinks in value ) this will stimulate the Russian economy. You just need to get big enough for the self stabilizing effects to take place, and Russia is ( unfortunately ) big enough where sanctions basically have zero effect in the long run.
The more you know...
To add. The US economy is a service economy with some ( limited ) production and the US is self sufficient in energy ( since 2012 ) which is almost unique when it comes to Western economies. You can try, but you will never beat the US economy, even if it can be made much more effective.
@@server1ok I’d love to learn more about this subject if you can refer me to some good sources to read. I’m a younger guy that’s feeling pretty hopeless for the future of humanity on this planet because after studying the climate data the implications are grim. If we don’t implement drastic change the very near future will be ‘eventful’ at minimum. From what I’ve been able to loosely understand so far is the ‘barrel’ of crude oil and its relation to the value of money globally seems to be heavily intertwined making it the biggest hurdle to overcome when trying to convert to renewable energy. Blatant greed in the oil and natural gas industries are also to blame. Regardless, to this day I stand by DAC being our last hope to mitigate the greenhouse effect with such a polluting global infrastructure in place as is. The plus side is there’s potential for good return on investment since many products can be made from that captured carbon. Governments would have to somehow create demand by incentives… or law at this point
@@Cardioid2035 The World and the US isn't the same thing when it comes to oil. As I said. The US isn't a "natural resource" economy. Same with the S&P, the Nasdaq and the Dow. Oil Companies have lost importance in the US ( oil Companies used to be 20 % of the S&P, today they are barely 5 % of the market ) and the US is self sufficient in all kinds of energy, incl oil.
When it comes to the environment, the most important number is the population of humans on Earth.
The climate crisis is multifaceted. If/when various climate issues are solved, this "bright future" will risk that the human population continues to grow, but the current human population is already on the brink of long term sustainability, probably already past a sustainable level with the current 8 Billion humans. To add. Solving C02 storage will never bring back the Dodo bird and it will never guarantee the % level of oxygen or solve other kinds of pollution and poisoning and it will never solve big Gov. or dictatorship or the poor state of education.
Lastly. Oil Companies are not greedy. Humans are greedy. That's why it's so hard to reform the Western welfare state even if the biggest victim of "free welfare" is the poorest guy. He will take the free money and he will never challenge himself. Every time the same result.
We are calling China "communist" but all of the Western countries are communist with taxes, tariffs and regulation that is many times higher than in China. It's a complete blindness. We are banning free market companies like Huawei and endorsing Western State sponsored companies
There is nothing to learn. You just have to unlearn everything.
Strong cognition--is reverse engineering. Currently, we do not have artificial intelligence, not even that of a roundworm. Therefore, it is premature to talk about nonverbal self-consciousness. More so about verbal self-consciousness.
Knowledge looks like this, a knowledge with very little experience in living.
I guess it's just a poor example, but in the example give of why armies run, in the case everyone but you run, you're dead and so are the runners, therefore making it not an unquestionably rational choice to run.