The Myths of Market Failure | Thomas J. DiLorenzo
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- čas přidán 19. 07. 2019
- Recorded at the Mises Institute in Auburn, Alabama, on 17 July 2019.
Mises University is the world's leading instructional program in the Austrian school of economics. Mises.org/MU19
Thomas DiLorenzo has recently been named the new president of the Mises Institute. Congratulations Mr. DiLorenzo on your new position and for a job well done.
DiLorenzo's lessons always resonate the heck out of me. I find his to be some of the most important lessons coming from the wonderful Mises Institute.
I found this lecture to be hilarious, you just cannot believe how insane and divorced from common sense positions certain intellectuals gravitate towards to
Every government action, to one extent or another, is a Market Failure.
Every single democrat needs to listen to this. How they can continue to think that government can do it better, despite a century of evidence that says otherwise, baffles me.
Adam Smith explained it all. Economics seems to be a description of what has happened, and a vague guess at to what will happen.
That was a lot of words to say "tankies dumb" 🤣
Market failure happens when things won't turn out the way I want to
Technology has taken care of the free rider problem with private roads .
Brought to you by Herbert Hoover @
Dvorak keyboards were too fast for the manual typewriters and the keys would jamb. QWERTY is, by design, slower.
"Dvořák" keyboard :)) Czech one, funny to see it...
Good news about nukes running on floppys its a little hard to hack. At this point its also probably easy to prevent malware or whatever getting on it.
Just going to leave a fair warning to all the academic economist out there. If you have not been introduced to Austrian Economics before, although this lecture does uphold a tenant of the Austrian School (advocating for free market), the organizing party, Mises Institute, is a think tank that is heavily aligned with right wing American politics. Not dismissing any part of this lecture at all, but if you are using this video as a guide to your paper/thesis, I would advice you to also look up criticisms on the previously mentioned tenant, as there is no shortage of examples on non-self correcting market failure.
The Lighthouse Story (
Strange critique regarding lighthouses. Surely an Austrian economist using a praxeological approach would run into the same problem? Using deductions from action axioms does not require any knowledge of how lighthouses operate in reality. In fact most critiques of Austrian economics are along these lines, that there is no way to know whether the theory, despite being logically sound, has any bearing on reality.
Plenty of socialists believe markets work well for a wide range of things (center for a stateless society agrees for example). The power of private contracts are interesting (beekeeper association) kind of like the power of union contracts with an employer or tenant contracts with a landlord. It seems like open and free group negotiation between parties is an important thing to facilitate agreement and understanding.
hold up. just remove ip laws. the were correct abt the monopoly on ideas lmfao
If its an Austrian school why isn't the leading institution in Austria instead of Alabama?
Austrian Economics uses theory only went convenient. They'll ignore things like sticky prices, sticky wages, and the animal spirit and revert back to theory, but when discussing things like the free rider problem, all of a sudden, they have a problem with theory.