Why is fractional reserve lending not at the heart of all these conversations? Protecting people from fraudulent activity is supposed to be the job of government. Yet, government continues to allow banks to lend money they do not have to people who do not deserve to have it. Until we can end fractional reserve lending the "elite" will always have an advantage. People keep pointing to the symptoms of our economic troubles, without looking at the root cause, being the exponential rise of credit.
Im wondering if im gonna watch this or not. Its 2 minutes in and already ive heard a couple of mistakes. Capitalism is about best serving the market. Capitalism is about serving your fellow man. Capitalism is about finding new ways to do things, cheaper, quicker, less labour, more efficiently. Rather than having 70-80% of people working the land we now have 2-3%.
In his example of the man undercutting his rivals he forgets to mention the people now get a cheaper product.
@NicosMind How many of these new way things of doing things would have happened post war without government interference in markets, though? Most the consumer products we take for granted today trace their genesis to government R&D spending. As do robotics based production methods that make things cheaper.
@DavidByrne85 You clearly know nothing about economics. Private enterprise has always been the drivers of the economy and R&D. In the industrial revolutionthe UK government spend nothing while the German and French governments had spent heavily in order to compete. Even now with as much as government has entered the research field(out to help special interests on the public purse), private sector R&D runs 60-70% of a countries total R&D.
@NicosMind Hey who really does know about economics? Certainly not professional economists. Why not play the ball? We aren't talking about 1790, & there's a big difference between somebody inventing the steam engine in his shed and the coordination needed for next generation robotics, nono-tech & so on. So the analogy doesn't tell us much. (cont.....)
....The figure of 60-70% tells us more. But still not how the spending's distributed. It's one thing for Apple to fund research for the next Ipad. Those are steps along a well lit path. But it's another for them to fund the kind of speculative, general research which creates paths like NASA on the first computers for instance. Often that effort isn't commercially viable, but it's the thin edge of a wedge which eventually becomes many tech based consumer products.
@David Your comment came up as spam and i never saw it. You have to also consider that much of goverment research is done for private companies, and they even do stuff themselves to retard research in order to keep out competition. Im talking here about owning the patent to marijuana(im not joking) so pharma doesnt have to worry about small players cutting in on their business.
Google this number and see what i mean 6630507
Many businesses have done research for the hell of it too
@DavidBy 2 comments of yours i never seen. "professional economists". Well i dont get paid for it but id say im a dam sight better than many. Last count i had 60 books in my library and probably have about 80 now. And to give you a clue how dedicated i am im reding Herbert Hoovers Memoirs the Great Depression Years because theres 2 versions of history and im interested in finding out the truth.
Ive replied about research in the other comment but heres a little extra ?v=R8DwAM9OAbw
@NicosMind Absolutely right, I find it a complete outrage that he can say he follows Adam Smith, yet he believes the "votes" of the collective consumers are somehow wrong. Capitalism is democratic at its very roots and anyone who believes otherwise is most certainly an arrogant left wing academic who believes they can run our society top down.
@2leet2cheet Have you ever read Frederic Bastiat's The Law? To paraphrase that "How can any law be just, that allows people to do through government, that which would be considered illegal or immoral when done individually"
Also youve got a great wee miny description of capitalism there. Peoples money are their votes and what they spend it on decides whats built and whats needed. Thats the most democratic way of doing things rather than government give money to special interests
@NicosMind While I've never read Frederic Bastiat, I have heard that quote. Great quote and I will be adding "The Law" to my reading list. Again I completely agree, yet I find myself frustrated by the fact that far too few hold these views.
@2leet2c Its a great wee book. Only around 50 pages but its a must read for anyone. Its hosted free online if you can read off the screen or its cheap enough off Mises.
I think many dont hold the views for two reasons. Theyre brainwashed by state that if they hand over a large portion of their wage theyll live for "free". But this always costs much more and is a poorer service. 2nd is none of them know what capitalism is. Again brainwashed to think its big business rather than the peoples choice
Another good point that Dr. Frank makes is that survival of the fittest doesn't necessarily produce the best outcomes for society. It should be replaced by survival of the most politically connected. I think we can all agree that America needs more Chevy Volts!
Dr. Robert Frank is 100% correct about parasites that exploit the system at large. Society needs to take collective action and make Public Employees Unions illegal. They abuse and exploit the taxpaying collective that supports them.
India now has a middle class larger than that in the USA, and that happened in about 25 years after the economy underwent significant liberalization thanks to now PM Singh, who was born dirt poor, but with good parents. There are still lots of poor in India, as they had lots before liberalization, but there are less poor now. Main prob in India is ancient ways, not the liberal economy. Not against unions or safety regs, there are such in India, but the invisible hand is working there.
I can see the point of discussing these issues, and finding a solution for them but we all know they're never going to be implemented, not until we have another world war or something of similar impact - the only people who have the power to change the system are the ones who keep the current system in place for their own gain, who are they? Mankind.
this guy has understood the concept: tragedy of the commons. but he has not understood capitalism. Free markets without government intervention find a balance between cooperation and competition between people and organizations. Companies can merge to form monopolies, customers can merge to form buyer monopolies, companies can diverge because 1 big company becomes inefficient or because buyers require it. Capitalism solves tragedy of the common problems better than the government.
@TheStormPulse You got a serious problem of collective with customers merging to form a buyer monopolies. Too many of them leading to too much free-riding. Corporations, however, can form monopolies because the number is in their favor (they aren't as many of them as customers) and you end up having price distortions and therefore market distortions like Adam Smith argued.
@TheStormPulse Keep dreaming. Whole ancient history is history of "free markets" and capitalism. There were no regulators. And if you read a single article on that topic you will know how it went. Turn off romanticism and turn on your brain. Governments must be OPENED as well as big business practices but we wont get anywhere without them in high tech society. Capitalism concept as you imagine it is a delusion created though propaganda, just like Nazi's or USSR created their delusions.
@MarkoKraguljac I don't think you even know what capitalism means. They didn't build the pyramids so that they could then sell them for a profit and build better pyramids, get a fucking clue.
@ipwnorcs Ill educate you for free. Final goal of participants in unregulated, chaotic system (as through history) is not profit but power and control over others (due scarcity). Enemy of our wellbeing is scarcity, nothing else. What you perceive as capitalism is just an attempt to channel human activity (through "carrot" of profits). Sporting events do the same for physical aggression. It was useful for awhile but now is logically losing its ground in high tech, automated economy. Wake up.
@kingleonardo "Dignity and survival though job" is outdated, but heavily conditioned masses refuse to recognize that. That ignorance is further supported by those in power who use topic of "jooobs" as leverage for social control in increasingly chaotic system.
Our problem is not economy but politics and outdated social contract.
Solution is that ALL people need income irrespective of conventional employment.
Once that is recognized and implemented CAREFULLY most of our economic woes will vanish.
@polarbearanne when was that exactly? I assume you're talking about the prolonged economic prosperity of post WWII, which is when taxing was the highest it has ever been in america. top tax rate during the 50's rose as high as 87%.
@ontheotherhandx6 ..and rest of the developed world was shred to pieces having no alternative but to crown the new king - US of A.
Try to understand them.. when most people from US say capitalism they mean good life.. they dont really know what capitalism really is. Its easy to love it, even not knowing what it is, when you have whole world under your boot.
more government=less freedom, Government is involved now more then ever, look what we have SHIT! sooner or later people will realize if they havent alreaddy, government doesnt give a shit about them, its interested in its own power, expanding it whenever possible.
Why is fractional reserve lending not at the heart of all these conversations? Protecting people from fraudulent activity is supposed to be the job of government. Yet, government continues to allow banks to lend money they do not have to people who do not deserve to have it. Until we can end fractional reserve lending the "elite" will always have an advantage. People keep pointing to the symptoms of our economic troubles, without looking at the root cause, being the exponential rise of credit.
2leet2cheet 23 hours ago
Im wondering if im gonna watch this or not. Its 2 minutes in and already ive heard a couple of mistakes. Capitalism is about best serving the market. Capitalism is about serving your fellow man. Capitalism is about finding new ways to do things, cheaper, quicker, less labour, more efficiently. Rather than having 70-80% of people working the land we now have 2-3%.
In his example of the man undercutting his rivals he forgets to mention the people now get a cheaper product.
NicosMind 3 weeks ago
Comment removed
DavidByrne85 1 week ago in playlist Favorite videos
This has been flagged as spam show
@NicosMind How many of these new way things of doing things would have happened post war without government interference in markets, though? Most the consumer products we take for granted today trace their genesis to government R&D spending. As do robotics based production methods that make things cheaper.
DavidByrne85 1 week ago in playlist Favorite videos
@DavidByrne85 You clearly know nothing about economics. Private enterprise has always been the drivers of the economy and R&D. In the industrial revolutionthe UK government spend nothing while the German and French governments had spent heavily in order to compete. Even now with as much as government has entered the research field(out to help special interests on the public purse), private sector R&D runs 60-70% of a countries total R&D.
NicosMind 1 week ago
@NicosMind Hey who really does know about economics? Certainly not professional economists. Why not play the ball? We aren't talking about 1790, & there's a big difference between somebody inventing the steam engine in his shed and the coordination needed for next generation robotics, nono-tech & so on. So the analogy doesn't tell us much. (cont.....)
DavidByrne85 1 week ago
Comment removed
DavidByrne85 1 week ago
This has been flagged as spam show
....The figure of 60-70% tells us more. But still not how the spending's distributed. It's one thing for Apple to fund research for the next Ipad. Those are steps along a well lit path. But it's another for them to fund the kind of speculative, general research which creates paths like NASA on the first computers for instance. Often that effort isn't commercially viable, but it's the thin edge of a wedge which eventually becomes many tech based consumer products.
DavidByrne85 1 week ago
@David Your comment came up as spam and i never saw it. You have to also consider that much of goverment research is done for private companies, and they even do stuff themselves to retard research in order to keep out competition. Im talking here about owning the patent to marijuana(im not joking) so pharma doesnt have to worry about small players cutting in on their business.
Google this number and see what i mean 6630507
Many businesses have done research for the hell of it too
NicosMind 18 hours ago
@DavidBy 2 comments of yours i never seen. "professional economists". Well i dont get paid for it but id say im a dam sight better than many. Last count i had 60 books in my library and probably have about 80 now. And to give you a clue how dedicated i am im reding Herbert Hoovers Memoirs the Great Depression Years because theres 2 versions of history and im interested in finding out the truth.
Ive replied about research in the other comment but heres a little extra ?v=R8DwAM9OAbw
NicosMind 18 hours ago
This has been flagged as spam show
@DavidByrne85 "Most the consumer products we take for granted today trace their genesis to government R&D spending."
That was an utterly ridiculous comment.
2leet2cheet 15 hours ago
@NicosMind Absolutely right, I find it a complete outrage that he can say he follows Adam Smith, yet he believes the "votes" of the collective consumers are somehow wrong. Capitalism is democratic at its very roots and anyone who believes otherwise is most certainly an arrogant left wing academic who believes they can run our society top down.
2leet2cheet 23 hours ago
@2leet2cheet Have you ever read Frederic Bastiat's The Law? To paraphrase that "How can any law be just, that allows people to do through government, that which would be considered illegal or immoral when done individually"
Also youve got a great wee miny description of capitalism there. Peoples money are their votes and what they spend it on decides whats built and whats needed. Thats the most democratic way of doing things rather than government give money to special interests
NicosMind 18 hours ago
@NicosMind While I've never read Frederic Bastiat, I have heard that quote. Great quote and I will be adding "The Law" to my reading list. Again I completely agree, yet I find myself frustrated by the fact that far too few hold these views.
2leet2cheet 15 hours ago
@2leet2c Its a great wee book. Only around 50 pages but its a must read for anyone. Its hosted free online if you can read off the screen or its cheap enough off Mises.
I think many dont hold the views for two reasons. Theyre brainwashed by state that if they hand over a large portion of their wage theyll live for "free". But this always costs much more and is a poorer service. 2nd is none of them know what capitalism is. Again brainwashed to think its big business rather than the peoples choice
NicosMind 5 hours ago
His ideas are very socialist.
eduvc123 3 weeks ago
@eduvc123 Lol another label? The information is irrespective of personality.
TheMidwestsk8ter 3 weeks ago
Another good point that Dr. Frank makes is that survival of the fittest doesn't necessarily produce the best outcomes for society. It should be replaced by survival of the most politically connected. I think we can all agree that America needs more Chevy Volts!
zPOINTz 3 weeks ago
Dr. Robert Frank is 100% correct about parasites that exploit the system at large. Society needs to take collective action and make Public Employees Unions illegal. They abuse and exploit the taxpaying collective that supports them.
zPOINTz 3 weeks ago
India now has a middle class larger than that in the USA, and that happened in about 25 years after the economy underwent significant liberalization thanks to now PM Singh, who was born dirt poor, but with good parents. There are still lots of poor in India, as they had lots before liberalization, but there are less poor now. Main prob in India is ancient ways, not the liberal economy. Not against unions or safety regs, there are such in India, but the invisible hand is working there.
rh001YT 1 month ago
This is a quite ingenious analogy. Brilliant video
DavidByrne85 1 month ago in playlist Economics and Business
I can see the point of discussing these issues, and finding a solution for them but we all know they're never going to be implemented, not until we have another world war or something of similar impact - the only people who have the power to change the system are the ones who keep the current system in place for their own gain, who are they? Mankind.
SerChade 1 month ago
@SerChade There are certain classes within mankind that keep the system in place, stop being moronic.
ipwnorcs 1 month ago
@ipwnorcs your statement in reply to mine is so "moronic" that it dosen't even warrant an arguement. Good-day.
SerChade 1 month ago
This has been flagged as spam show
Unfortunately, we have never lived in Capitalism, and likely never will.
brouhahabob 1 month ago in playlist Economics and Business
he had a few interesting ideas
Kazekoge101 1 month ago in playlist Economics and Business
very informative
Yauri91 1 month ago in playlist Economics and Business
Just watched 3D printing TED talks, WOW !!
twistedbass15 1 month ago
this guy has understood the concept: tragedy of the commons. but he has not understood capitalism. Free markets without government intervention find a balance between cooperation and competition between people and organizations. Companies can merge to form monopolies, customers can merge to form buyer monopolies, companies can diverge because 1 big company becomes inefficient or because buyers require it. Capitalism solves tragedy of the common problems better than the government.
TheStormPulse 1 month ago in playlist Economics and Business
@TheStormPulse You got a serious problem of collective with customers merging to form a buyer monopolies. Too many of them leading to too much free-riding. Corporations, however, can form monopolies because the number is in their favor (they aren't as many of them as customers) and you end up having price distortions and therefore market distortions like Adam Smith argued.
Laseptiemewilaya 1 month ago in playlist Economics and Business
@TheStormPulse Keep dreaming. Whole ancient history is history of "free markets" and capitalism. There were no regulators. And if you read a single article on that topic you will know how it went. Turn off romanticism and turn on your brain. Governments must be OPENED as well as big business practices but we wont get anywhere without them in high tech society. Capitalism concept as you imagine it is a delusion created though propaganda, just like Nazi's or USSR created their delusions.
MarkoKraguljac 1 month ago in playlist Economics and Business
@MarkoKraguljac I don't think you even know what capitalism means. They didn't build the pyramids so that they could then sell them for a profit and build better pyramids, get a fucking clue.
ipwnorcs 1 month ago
@ipwnorcs Ill educate you for free. Final goal of participants in unregulated, chaotic system (as through history) is not profit but power and control over others (due scarcity). Enemy of our wellbeing is scarcity, nothing else. What you perceive as capitalism is just an attempt to channel human activity (through "carrot" of profits). Sporting events do the same for physical aggression. It was useful for awhile but now is logically losing its ground in high tech, automated economy. Wake up.
MarkoKraguljac 1 month ago 11
Comment removed
kingleonardo 1 month ago in playlist Economics and Business
This has been flagged as spam show
@MarkoKraguljac hey, can you elaborate on how the economic landscape is changing in its transition towards a tech based economy?
kingleonardo 1 month ago in playlist Economics and Business
@kingleonardo "Dignity and survival though job" is outdated, but heavily conditioned masses refuse to recognize that. That ignorance is further supported by those in power who use topic of "jooobs" as leverage for social control in increasingly chaotic system.
Our problem is not economy but politics and outdated social contract.
Solution is that ALL people need income irrespective of conventional employment.
Once that is recognized and implemented CAREFULLY most of our economic woes will vanish.
MarkoKraguljac 1 month ago
@MarkoKraguljac what then is a plausible solution to implement some of these ideas? is there a particular country/economy that you're describing?
kingleonardo 1 month ago
@kingleonardo Which ideas?
MarkoKraguljac 1 month ago
@MarkoKraguljac Resource based ecnomy
TheMidwestsk8ter 3 weeks ago
Comment removed
MarkoKraguljac 3 weeks ago
@MarkoKraguljac Why are you telling me?
TheMidwestsk8ter 3 weeks ago
@MarkoKraguljac The state is obsolete. Time to throw it away.
PyroK8 2 weeks ago
What makes you say that?
DavidByrne85 1 week ago in playlist Favorite videos
ALL BS - human society is NOT MERIT BASED. EVERYTHING is POLITICALLY basis.
mba2ceo 1 month ago in playlist Economics and Business
Capitalism serves well only 20% at the expense of rest of the 80%.
mba2ceo 1 month ago in playlist Economics and Business
@mba2ceo Tell that to the largest middle class that the world had ever seen, when America was the most capitalistic ever.
polarbearanne 1 month ago in playlist Economics and Business
@polarbearanne when was that exactly? I assume you're talking about the prolonged economic prosperity of post WWII, which is when taxing was the highest it has ever been in america. top tax rate during the 50's rose as high as 87%.
ontheotherhandx6 1 month ago
@ontheotherhandx6 ..and rest of the developed world was shred to pieces having no alternative but to crown the new king - US of A.
Try to understand them.. when most people from US say capitalism they mean good life.. they dont really know what capitalism really is. Its easy to love it, even not knowing what it is, when you have whole world under your boot.
MarkoKraguljac 1 month ago in playlist Economics and Business
@MarkoKraguljac yes, it is an ignorance they gladly embrace.
ontheotherhandx6 1 month ago
@MarkoKraguljac <--- lol, a zeitard
JohnGaltHasSpoken 3 weeks ago
Comment removed
MarkoKraguljac 3 weeks ago
@JohnGaltHasSpoken That was an argument. Next.
MarkoKraguljac 3 weeks ago
@mba2ceo turn that 20% into .1% and you would be correct.
ipwnorcs 1 month ago
This has been flagged as spam show
more government=less freedom, Government is involved now more then ever, look what we have SHIT! sooner or later people will realize if they havent alreaddy, government doesnt give a shit about them, its interested in its own power, expanding it whenever possible.
Flamepwnz 1 month ago in playlist Economics and Business
Comment removed
Flamepwnz 1 month ago in playlist Economics and Business
Adam Smith was right ONLY if everyone has the same opportunity even without the same resources.
mba2ceo 1 month ago in playlist Economics and Business 8
USA economy = those that lie, cheat, steal & KILL win. ALL my posts are my opinion.
mba2ceo 1 month ago in playlist Economics and Business
its no "zeitgesit moving forward" but better than the usual rsa pap.
meadowsirl 1 month ago in playlist Economics and Business 2