cognitive dissonance: Mental conflict that occurs when beliefs or assumptions are contradicted by new information. The concept was introduced by the psychologist Leon Festinger (1919 – 89) in the late 1950s. He and later researchers showed that, when confronted with challenging new information, most people seek to preserve their current understanding of the world by rejecting, explaining away, or avoiding the new information or by convincing themselves that no conflict really exists.
Oh god that broken window fallacy again. Please could you try to understand that the point of Bastiat's work was not that if you observe the supposedly beneficial effects of spending here that you ignore what could have otherwise been spent. The Keynesian argument, wrong as it is, is based on the notion that without spending there could be no employment. So if nobody is spending, a broken window to induce spending on the glazier is to them desirable. The TRUE refutation of this is as follows:
there does not need 2 be spending for full employment! When capital is useful for human ends its cost tends 2 become significant. When there is what Keynes would have called a deficiency of ends the very superfluity of means 2 serving those ends *cheapens* them to allow production over time prior to finalising product, that is longer production processes before the final product is finished to be sold. So lack of US exports due to Chinese saving is no problem.
This is how i describe the lie of numbers in economics. We are in a baseball stadium and we are up to bat. The stadium is black. You cant see the players and you can barely see the ball. There is no way to use math as an absolute in economics. You can use them to help support sometimes but GDP, Inflation, Unemployment etc. Have all these exceptions etc. So what do they really show. If your lucky they will show the tiny bit of the ball you barely see.
Dorian: a question for you. If all value is subjective, then, is there anything morally wrong with what banks like Goldman Sachs did when they lied to their customers regarding the value of the stock/bond/CDO packages they sold them? After all, the customers, subjectively, believed that they were getting something worth the money. Then they weren't? Doesn't this entail a need for regulation and requirements as to certain disclosures?
@shadow3772 I believe that you, Thomas Aquinas, and most minarchists would be in accord on this point: fraudulence is an act of aggression, punishable by law, just like stealing.
@Byronkhan You are correct. However, I wonder whether, if we take seriously the idea that all value is subjective, there can be such a thing as fraud. There's such a thing as "puffery" in the Uniform Commercial Code: false statements about a product which do not rise to the level of fraud. If all value really is subjective, then, isn't what these banks did just puffery? Or are we trying to shoe-horn in some objective value when we reference fraud? I feel the latter may be true.
Fraud is the act of passing off one thing as being another: selling a cheap replica wristwatch in a jewelry store as though it were a Rolex, or stamping a bar of gold with a higher purity than it actually contains. It's not defined by a differential between some intangible qualities between the objects of an exchange, but by an act of deception.
Either the bank papers are what they say they are, in which case caveat emptor, or else there's a legitimate case for fraud.
@shadow3772 ''value'' has nothing to do with morality. It is a technical economic concept. A thing has economic value when it satisfies a need but can only be obtained at some expense or opportunity forgone. To say that value is subjective is to assert that whether a thing satisfies a need & whether that need is worth forgoing some other good can only be known by the individual. This is opposed to the idea that economic value is derived form an objective factor like cost or labour time.
With Austrian economics entering art through the creative genius of Dorian and others, it is a very telling sign towards the future of economic understanding and the unraveling of the neoclassicalist-keynesian paradigm.
"The intellectual guidance of humanity belongs to the very few who think for themselves. At first they influence the circle of those capable of grasping and understanding what others have thought; through these intermediaries their ideas reach the masses and there condense themselves into the public opinion of the time."
Fun, creative, thought provoking, toe-tapping! Terrific job of making F. Bastiat and F. Hayek's idea come alive for Gen Y ! Bravo and Congratulations!
If you really want to be a good economist, you should realize that the subject did not end in 1944. There have been a lot of advances since "The Road to Serfdom."
Keep up the great work y'all! Music is a powerful medium - great to see these ideas reaching more ears (and minds) through such a creative and well-produced endeavor.
Fabulous work, as always. I'd like to see you take on Mises and Marx next time around, especially in the context of Occupy Wall Street and the true origins of the privations of the "99%". Jump on it gurl, while the topic is hawt!
while this is amusing.... it would be nice if you actually knew something about keynes "In my opinion it is a grand book...Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement." -keynes on the road to serfdom
It wouldn't surprise me to learn that Keynes did not understand the consequences of his own policy prescriptions, even when a famous Austrian lays it out for him.
@nathantankus - and what exactly is this information on Keynes you feel you know that she doesn't? just because he said a nice word about serfdom doesn't mean that the two men and their approaches as to the best way to run an economy are any less different. and that fundamental difference is one of the things she's highlighting.
I found it amusing when you point it out. This is important and revolutionary scholarly work, crucial to the future of society. Let's face it: if the masses are ever going to understand unseen costs and emergent orders well enough to want to disown the farmers and the planners, then it's first going to have to be brought through them in an accessible package like this.
The concept of opportunity cost is much more fundamental than is commonly understood. Without it, you cannot understand even a single choice made by a single individual, much less a larger nexus of such choices.
Here, she applies it in one of those situations where common misconceptions have supported destructive political policy, namely the parable of Bastiat's Window. I maintain that this can help the listener to better understand the economy.
If I broke your glass (hymen), I would not take your money; I would give it to you as a means of compensation (that is more efficient than barter) for satisfying my subjective value! <3
This has been flagged as spam show
cognitive dissonance: Mental conflict that occurs when beliefs or assumptions are contradicted by new information. The concept was introduced by the psychologist Leon Festinger (1919 – 89) in the late 1950s. He and later researchers showed that, when confronted with challenging new information, most people seek to preserve their current understanding of the world by rejecting, explaining away, or avoiding the new information or by convincing themselves that no conflict really exists.
jaker277 12 hours ago
I am in love...
Darthwannabe 1 week ago in playlist DORIAN ELECTRA's videos
I think I'm in love!
USNDeepsea1991 1 week ago 2
AUDIT THE FED!
cooljj82 1 week ago
4:04 Keynes walks like a zombie.
atlasstargazer 2 weeks ago
4:04 Keynes walks like a zombie.
atlasstargazer 2 weeks ago
END THE FED
smoky281 3 weeks ago 4
You should do a series of new Schoolhouse Rock videos.
TheRealBrook1968 3 weeks ago
I have a perfect foresight of what I would like to do with you. The only thing that could be broken would not be window :)
Zhiloreznik 4 weeks ago
she got it. love it or hate it, but she got it.
rukiddinbro 1 month ago in playlist DORIAN ELECTRA's videos 2
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lol this song is pretty catchy and the singer isn't bad looking either. But Keynes ftw, though.
DespiteTheSpikes 1 month ago
im a capitalist, will you marry me?
deliason11 1 month ago 2
its slenderkeynes!
GMack066 1 month ago in playlist DORIAN ELECTRA's videos
this was great but could you do one of hayek vs. friedman... I remember they also had a different point of view about methods.(gold standard, macro.)
andresrianofski 1 month ago
Comment removed
andresrianofski 1 month ago
Oh god that broken window fallacy again. Please could you try to understand that the point of Bastiat's work was not that if you observe the supposedly beneficial effects of spending here that you ignore what could have otherwise been spent. The Keynesian argument, wrong as it is, is based on the notion that without spending there could be no employment. So if nobody is spending, a broken window to induce spending on the glazier is to them desirable. The TRUE refutation of this is as follows:
cannotbebothered100 1 month ago
the true refutation is as follows:
there does not need 2 be spending for full employment! When capital is useful for human ends its cost tends 2 become significant. When there is what Keynes would have called a deficiency of ends the very superfluity of means 2 serving those ends *cheapens* them to allow production over time prior to finalising product, that is longer production processes before the final product is finished to be sold. So lack of US exports due to Chinese saving is no problem.
cannotbebothered100 1 month ago
I'm in love.
s13iLLuminati 1 month ago
I am reeling in awe.
bsadewitz 2 months ago
Nice, broken window fallacy!
dirtbagstatus 2 months ago in playlist Introduction to Austrian Economics 7
To get at least Hayek you have to go forward to Murray Rothbard! Remember politics is compromise!
a49614 2 months ago in playlist Introduction to Austrian Economics
Can't stop listening to this song. So catchy. Also, we demand more Bastiat and Hayek!
GoddamnSignUps 2 months ago 2
awesome :D
ForABetterTomorrow 2 months ago in playlist Liked videos
Great video - 5 stars!
grraadd 2 months ago
You owned it good job ; )
SocietyIncollapse 2 months ago
hey you, yea you, im in love with you.
mainguysimon 2 months ago in playlist Uploaded videos
I lied about being in that book store.
johntheinze 2 months ago in playlist DORIAN ELECTRA's videos
Very good
milestracy 3 months ago
I love this song!
edwinorc 3 months ago
I'm happy I've been to that book store.
johntheinze 3 months ago
I'd pay Dorian to just go Wah, in fifty foot gold statues all inscribed with original verse over how great she is.
johntheinze 3 months ago
This has been flagged as spam show
Ron Paul 2012!
evilmonkeyinacloset 3 months ago
Keynes the stalker (still won't leave us alone to this day)!
atlasstargazer 3 months ago 3
This is how i describe the lie of numbers in economics. We are in a baseball stadium and we are up to bat. The stadium is black. You cant see the players and you can barely see the ball. There is no way to use math as an absolute in economics. You can use them to help support sometimes but GDP, Inflation, Unemployment etc. Have all these exceptions etc. So what do they really show. If your lucky they will show the tiny bit of the ball you barely see.
ModernDayPhilospoher 3 months ago
Great work, especially love the "GDP to GNP is really killing me" bit... the look on your face!
:D
AlecTaylor666 3 months ago
Why do they only have corn at the restaurant?
Vegemighty 3 months ago
@Vegemighty I'm guessing it's a reference to ethanol etc.
oldmanmorgan 3 months ago
@oldmanmorgan That's clever, although it wasn't intended. All we had in my fridge at the time was corn on the cob.
DORIANELECTRA 3 months ago 3
Dorian: a question for you. If all value is subjective, then, is there anything morally wrong with what banks like Goldman Sachs did when they lied to their customers regarding the value of the stock/bond/CDO packages they sold them? After all, the customers, subjectively, believed that they were getting something worth the money. Then they weren't? Doesn't this entail a need for regulation and requirements as to certain disclosures?
shadow3772 3 months ago
@shadow3772 I believe that you, Thomas Aquinas, and most minarchists would be in accord on this point: fraudulence is an act of aggression, punishable by law, just like stealing.
Byronkhan 3 months ago
@Byronkhan You are correct. However, I wonder whether, if we take seriously the idea that all value is subjective, there can be such a thing as fraud. There's such a thing as "puffery" in the Uniform Commercial Code: false statements about a product which do not rise to the level of fraud. If all value really is subjective, then, isn't what these banks did just puffery? Or are we trying to shoe-horn in some objective value when we reference fraud? I feel the latter may be true.
shadow3772 3 months ago
@shadow3772
Fraud is the act of passing off one thing as being another: selling a cheap replica wristwatch in a jewelry store as though it were a Rolex, or stamping a bar of gold with a higher purity than it actually contains. It's not defined by a differential between some intangible qualities between the objects of an exchange, but by an act of deception.
Either the bank papers are what they say they are, in which case caveat emptor, or else there's a legitimate case for fraud.
PanzerDivisionBOM 2 months ago
@shadow3772 ''value'' has nothing to do with morality. It is a technical economic concept. A thing has economic value when it satisfies a need but can only be obtained at some expense or opportunity forgone. To say that value is subjective is to assert that whether a thing satisfies a need & whether that need is worth forgoing some other good can only be known by the individual. This is opposed to the idea that economic value is derived form an objective factor like cost or labour time.
Malthus0 3 months ago
We are too easily manipulated for free market economics. There will be no happy ending.
unloads 3 months ago
Good job Miss Hayek!! You must be such a cool person, really!
SirArthurBorn 4 months ago
really nice
uuganbayar4 4 months ago
I am responsible for about 21K of these views...
cooljj82 4 months ago in playlist cooljj82's favorites
Can't wait for the trillogy!
cooljj82 4 months ago
I've been trading to this song ...
MarketDepth 4 months ago 26
@MarketDepth Trading? As in stocks? That doesn't even exist in the same world as Hayek, Keynes and Bastiat. At least I've never conflated the two.
Trimbler00 2 months ago
@Trimbler00 Sure it does.
cooljj82 2 months ago
@MarketDepth Trading what? Baseball cards? I've got a Nolan Ryan.. you want?
cooljj82 1 week ago
This has been flagged as spam show
Fuck off you spamfag
Mewt96 4 months ago
Like this comment if /b/ sent you here.
Wyoskill 4 months ago
@Wyoskill Wait this was on /b/? Why did it get such a negative response from the /b/tards
Trimbler00 4 months ago
@Trimbler00 Because it's /b/.
FiveofHearts1 4 months ago
This has been flagged as spam show
Fuck off faggot, I will be commenting and flagging this video everyday just because of that.
YoungJay52 4 months ago
I'm so fucking high,,,,
Rokondrius 4 months ago
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gtfo of my internets you ugly youtubewhore
lukasfflukas 4 months ago
This has been flagged as spam show
OP is a fucking dick muncher.
ProGamersDK 4 months ago
This has been flagged as spam show
OP is a fag!
HDAbyss 4 months ago
This has been flagged as spam show
do you have a dick?
IIQuikScopeS 4 months ago
are you trap?
costanzachewie 4 months ago
This has been flagged as spam show
OP is a faggot
foobah97 4 months ago 5
Great work, can't believe this has been up for weeks already.
Malthus0 4 months ago
I wish these songs were on iTunes...
cooljj82 4 months ago
Finally!
cooljj82 4 months ago
With Austrian economics entering art through the creative genius of Dorian and others, it is a very telling sign towards the future of economic understanding and the unraveling of the neoclassicalist-keynesian paradigm.
Quoting from Mises:
peaceinliberty 4 months ago 3
"The intellectual guidance of humanity belongs to the very few who think for themselves. At first they influence the circle of those capable of grasping and understanding what others have thought; through these intermediaries their ideas reach the masses and there condense themselves into the public opinion of the time."
peaceinliberty 4 months ago 2
A beautiful expression of a beautiful science.
peaceinliberty 4 months ago 2
Fantastic!
EyeOfScrutiny 4 months ago
Fun, creative, thought provoking, toe-tapping! Terrific job of making F. Bastiat and F. Hayek's idea come alive for Gen Y ! Bravo and Congratulations!
nunca789 4 months ago
Great video... Keep up the good work.
chrisulish 4 months ago
It would be funny, but Keynes was Gay...so she's barking up the wrong tree! LMAO
springbokmarine 4 months ago
This is my new favorite song :D
campt91 4 months ago 13
If you really want to be a good economist, you should realize that the subject did not end in 1944. There have been a lot of advances since "The Road to Serfdom."
shalcall 4 months ago
Can you re-do it with shorter skirt? :)
gn0m1k 4 months ago
Keep up the great work y'all! Music is a powerful medium - great to see these ideas reaching more ears (and minds) through such a creative and well-produced endeavor.
BTW - Any PorcFest plans next June!!?
PeteEyre 4 months ago
TERRIFIC!
sgtmajtom06 4 months ago
marry me!!!
kubaniski 4 months ago
I'm pretty sure it's a trap. As in, Dorian Electra is a trap.
grunyen 4 months ago
@grunyen She's got me!
kpmailman 4 months ago
5 douches pick up the phone for Keynes.
jimdalejr 4 months ago 2
Bravo Dorian.
GOPsithlord 4 months ago
you're brilliant! I love the music and the message.
the only problem = Keynes was gay.
HeresJohnny865 4 months ago 4
@HeresJohnny Keynes was profoundly bisexual, not gay.
asdfgasdfasdful 4 months ago
Glad to see you back, I love your stuff!
MrVidrineM 4 months ago
She's not very good at riding a bike
darrenkopp 4 months ago
You´re making some goofy faces but in a very cute way
ThomasNigelHawkins 4 months ago
Fabulous work, as always. I'd like to see you take on Mises and Marx next time around, especially in the context of Occupy Wall Street and the true origins of the privations of the "99%". Jump on it gurl, while the topic is hawt!
Byronkhan 4 months ago
No Mises? :(
studybox 4 months ago
Bastiat has some sick dance moves!!!
zebart00 4 months ago
Excellent work!
chuska8383 4 months ago
You're hot.
Vegemighty 4 months ago 19
@Vegemighty and smart
cooljj82 3 months ago
Dorian, can you put this on iTunes?
MarketDepth 4 months ago
Where can we download the HQ mp3? Is this creative commons attribution?
Nielsio 4 months ago
My favorite part was eating the corn
spamdude1 4 months ago
Like socialism and other forms of "central planning" Keynes is a cancer on human growth and liberty.
yakyakyak69 4 months ago 3
lol, great vid
transferpoint2012 4 months ago
Keynesianism 1936 -2008 (R.I.P.)
Great job.
kevinz1985 4 months ago
@kevinz1985 Unfortunately, it's reanimated as Zombienomics. Still thrashing around, and destroying all in it's path.
kpmailman 4 months ago
You look like Blossom (that's probably from before your time).
BarrySlisk 4 months ago 2
Bastiat kicks ass!
prmd142 4 months ago
This comment has received too many negative votes show
You shouldn't be allowed to wear a skirt.
jamesdaubek 4 months ago
I love the Bastiat character
r4vik 4 months ago 37
Wow! A really good economic video.
nohype1234 4 months ago
Brilliant !!!!
juanmisimo 4 months ago
Your production value has gone way up from "I'm in Love with F.A. Hayek." This is excellent. Great work.
shadow3772 4 months ago 25
I'm in love. Where can I download this?
collinliau 4 months ago
You, my dear, are a dork! Bravo!
Brownyman 4 months ago
Comment removed
Conza88 4 months ago
You are back! yay! please make more!
LibertarianChristian 4 months ago
hahaha, what a dork. Great job!
Where'd you find so many freedom loving friends anyhoo.
StatelessEuphoria 4 months ago
Ze Friedrich is a spy!
nobody24601 4 months ago
Adorable and informative!
Brownyman 4 months ago
Great Job!! Combining really great economics with really great film making is awesome!
manor1730 4 months ago
Oh my god. This is brilliant.
Ohnojustgo 4 months ago
Is this Montreal?
adrienspawn 4 months ago
Comment removed
nuotolostretto 4 months ago
Way to go Dorian! Brecht.
smithsonsplace 4 months ago
Great work! I enjoyed it! :)
vaduka 4 months ago
Great :D
STAB1L 4 months ago
You should sing your pro-hayek songs to some homeless and poor people.
kiduk 4 months ago
while this is amusing.... it would be nice if you actually knew something about keynes "In my opinion it is a grand book...Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement." -keynes on the road to serfdom
nathantankus 4 months ago
@nathantankus
It wouldn't surprise me to learn that Keynes did not understand the consequences of his own policy prescriptions, even when a famous Austrian lays it out for him.
PanzerDivisionBOM 4 months ago
@nathantankus - and what exactly is this information on Keynes you feel you know that she doesn't? just because he said a nice word about serfdom doesn't mean that the two men and their approaches as to the best way to run an economy are any less different. and that fundamental difference is one of the things she's highlighting.
mastamas1124 4 months ago
Upvote if 2:13 was the best segment of this video... because it was so cuteeeee .... I mean informing!!!
gn0m1k 4 months ago
@gn0m1k 2:13 - 2:29 *
gn0m1k 4 months ago
@gn0m1k
I found it amusing when you point it out. This is important and revolutionary scholarly work, crucial to the future of society. Let's face it: if the masses are ever going to understand unseen costs and emergent orders well enough to want to disown the farmers and the planners, then it's first going to have to be brought through them in an accessible package like this.
How can it be that, and also be this cute?
PanzerDivisionBOM 4 months ago
@PanzerDivisionBOM Yeah, because this is really teaching you about the economy.....
JeffSims009 4 months ago
@JeffSims009
Actually, yes it does.
The concept of opportunity cost is much more fundamental than is commonly understood. Without it, you cannot understand even a single choice made by a single individual, much less a larger nexus of such choices.
Here, she applies it in one of those situations where common misconceptions have supported destructive political policy, namely the parable of Bastiat's Window. I maintain that this can help the listener to better understand the economy.
PanzerDivisionBOM 4 months ago
@PanzerDivisionBOM That's High school Macro economics.....This video is entertainment, not education.
JeffSims009 4 months ago
@JeffSims009
If anything it paid proper tribute to Micro, mostly...but thanks for revealing your ignorance on the topic.
LowcountryJoe2 4 months ago
@LowcountryJoe2 Lawl Wut oppurtunity cost is in macro economics too, it's simple shit. Idiot.
JeffSims009 4 months ago
@LowcountryJoe2 Opportunity cost? Could be discussed in either, but good job looking like a fucktard?
JeffSims009 4 months ago
@JeffSims009
Your feelings got hurt; I understand that.
LowcountryJoe2 4 months ago
@JeffSims009 Your high school offered economics? It had Macro? Cool! Better school than the state provided me.
bozimmerman 4 months ago
I wish the words were easier to hear. The music overpowers them and you miss the meaning easily.
juliebork 4 months ago
If I broke your glass (hymen), I would not take your money; I would give it to you as a means of compensation (that is more efficient than barter) for satisfying my subjective value! <3
gn0m1k 4 months ago
your head is bigger than ur body
mikeytoospikeyishot 4 months ago
Shes way to HOT to be this educated.
Salvysahagun 4 months ago
Absolutely spectacularly done. Bravo.
johnpapola 4 months ago
this is awesome...
cobracarg 4 months ago 2
This made me pretty happy:)
Prometheusforliberty 4 months ago
Just wondering have you read Hoppes article called "Why Mises (and not Hayek)"? I was pretty surprised by it.
sharperguy 4 months ago 3
So good! and with a great backing track
GardenOfEros 4 months ago
Great Video...I love it. It's amazing how easy it is to use music to educate people. Song sounds really good too. RWTF FTW
DedHedJosh 4 months ago
Your videos are simply awesome.
Tolstonia 4 months ago
Keynes in chains.
MMister87 4 months ago
Actually Keynes was gay, so I guess he would have been the uneasy one on the date
Rrppooq 4 months ago
@Rrppooq it didn't stop him from marrying
SataiWarp 4 months ago
@SataiWarp I know, maybe he was bi
Rrppooq 4 months ago
oh and i would definitely open markets for you Dorian
underoathuea 4 months ago
this was honestly amazing.
underoathuea 4 months ago
Brilliant!
nuotolostretto 4 months ago
You are fresh air :) to the economy
JustHenryThe8th 4 months ago
Loved it!!! Makes me want more more more!!!!!!
mcshellyshell77 4 months ago
Kaynes is a creep
Rohlinzki 4 months ago 2
Wow, you stepped up the production value since last time. Very nice. ;)
elroloLive10 4 months ago
/watch?v=rQDIdEGBJjs
WideWorldOfWisdom 4 months ago
Amazing video!
mana2432 4 months ago
Amazing! Congrats!
luizfelipec 4 months ago