Why Your Grandfather's Economics Was Better Than Yours | Steven Kates

[SuperNache]

I'd say wwii is a good example of crowding out. govt took all the resources for the war effort so private spending and production dropped dramatically because they couldn't produce goods for private economy. private gdo skyrocketed after the war when govt drew down spending.

[stephanstrack]

Same goes here If I would have to choice to give my tuition fee to my choice it would be mises!

[needtoalwayslearn]

@stephanstrack You me and anyone with half a brain.

[sssssjjjj1]

and it's a big scam to say, wars help the economy.....no it doesn't, it helps the owners of the military ind. complex and their ilk...that's IT! But you guys fall for anything. The rothschilds finance both sides and sell both sides weapons. We and our children and grandchildren on both sides get in debt to the zionists who own the media also, the same people saying war helps everyone....they are insane and you are stupid. what a money making combo .....FOR THEM AND ONLY THEM. soooo stupid.

[sssssjjjj1]

people, this is all bullshit.....it's all about wallstreet (rothschilds and their ilk) making up ways to cheat the tax payer. think tanks aren't for finding good ways to run government. they are there to find ways to screw us and get away with it. Can't you see it? You'll them get away with robbing you and your grandchildren because the media will say, they are such bungelers. they are so stupid. they are dummies....nothing evil,...just lovable loser,,,,oh those guys. silly guys. NOT!!

[iamrjdotcom]

Great video, but it's all but hidden from YouTubers searching for videos about "Say's Law." Please add the following four query terms to this video's list of tags: Say's Law of Markets.

[NicosMind]

This really was an excellent speech but Even Steve here repeated the fallacy that we didnt get out of recession until the war started. Its true GDP spending over all went up but that was due to government spending. Private sector GDP fell and people had to ration food, plant victory gardens and went without many things. All the guns, bullets and tanks went abroad to get destoyed including many lives being lost..

[NicosMind]

Also with this recession savings went to negative. Id love to see what a keynesian has to say about that!

[pretorious700]

@NicosMind As crazy as it seems, Keynesians think saving is one of the reasons for recessions-the theory that saving inhibits spending, which inhibits "growth". It's all so ridiculous.

[NicosMind]

@pretorious700 The paradox of thrift i think its called? Which is strange because what do they think banks do with that money? Its not like people stuff it under their matress like they used to do.

Also even though im sure you know this but its funny how they focus on the bust and ignore the malinvestment. The housing boom was unsustainable yet they would have it continue. Theres only so many customers for houses its plain for everyone to see.

[jscottupton]

@NicosMind Yes, it took me years to finally understand that the depression didn't REALLY end until after the war when Truman eased up on business regulations.

[NicosMind]

@jscottupton Well its good you know now. Its amazing how so many economists try and call it a prosperous time yet we all know that people went without many things. Thats the trouble when economists and governments count all spending as GDP! Its insane. If a business owner counted spending as GDP he wouldnt know if he was making a profit, and find it easier to waste money than create it.

Stick with Mises. Real economics for real people.

[maskedphrogg]

Whoah! Is it Silvio Gesell that Steven Kates called a "whacker" at ~54:20

Would like to see the arguments against local currency, that is my only familiarity with Gesell.

[PersianPaladin]

Economics and civilization are just a form of glorified theft. Just ask the native americans and the hunter-gatherers.

[Illyrien]

@PersianPaladin

If they had the concept of "civilization" in their vocabulary, they would no doubt say that their lived in their own civilization and point of that they produced and traded their goods, thus being no foreigner to economics.

[dlix]

it was a mistake for the post Keynesians to think they have conquered the market in the late 20th Century when this crises looks a lot like the crises of the 18th to early 20th Century.

[JoeVgonzalesJr]

Free lectures that are MUCH better and factual than my own school provides, Thank you!!

[optisoft11]

@JoeVgonzalesJr

That's why I dropped out and self educated myself online. It worked as I have a high paying corporate job with perhaps the most job security in the 3,000 person company. I continued my self education abroad and now think the "high paying corporate" job may not be the best option anymore. Looking down the road, I definitely want to work for myself or a small business.

[qtronman]

Just a personal question, why would you move out of Canada to Australia?

[qtronman]

This man is very bright.

[qtronman]

This lecture answered many of my questions - thank you!

[rumco]

Jeez, learn how to pronounce "Mises" :)

[FoxPMcCloud]

Great video, but he's definitely lacking in knowledge of monetary-theory. That said this is a great video to show to people to show hos Keynes is wrong, then show them an Austrian Trade Cycle video next to explain *why* there is overproduction in one (or a few) industries and why there's a bust that follows.

sadly, this gentleman doesn't make that distinction...but, otherwise, he seems relatively sound.

[Nintendomanwill]

And as for Say's Law, comprehension of it is what makes you an economist. If you don't understand Say's Law, you are not an economist. Say's Law is about the fact that there can be no general glut, that when inflation causes malinvestment by sending profit signals not from purchase, a sector-specific glut occurs that must clear. 'Aggregate Demand' is scientifically worthless, unemployment occurs from clearing of inefficient industry supported by attempts to raise demand by inflation/fiscal stim

[Nintendomanwill]

Taking money to be spent by government divorces it from the profitable dispensation with which it is applied during market spending. It wrecks the spontaneous economy of contractual exchange which induces productivity and does not waste on supporting inefficiencies thanks to compeition, which is ONE HUNDRED PERCENT destroyed if government gives ONE PENNY to business from STOLEN money. Exchange has to be VOLITIONAL or it doesn't ordain the division of labour by individuals following profitsignals

[WreakingHavoc1]

You're absolutely right.  Taxation is theft, and you are ultimately not going to get a moral result from an immoral action. The laws of cause and effect cannot be cheated.

[Nintendomanwill]

@WreakingHavoc1

The point I'm making is that competition occurs when we have control over our property. If force is used to gain wealth, there is no incentive to produce. Just so, if exchange works by way of the state taking property to make our purchases for us, then it removes competition because it doesn't allow people to choose what they want, it doesn't allow them to be selective. Profit signals are imputed by market choice-profit cannot promote efficiency if it comes from bailouts/welfar

[WreakingHavoc1]

I get your point. I was just drifting off that point and elaborating on other root issues.

[Nintendomanwill]

@WreakingHavoc1

I know you get my point! I was just elaborating on the other issues in case other people didn't get it. Some people write long youtube comments contain only the meaning gained on face-value, rather than sentences with implications and references to broad ideas. I'm all about depth and unfortunately, while it makes words more cost efficient, it also means that when I debate with statist idiots I can't get them to grasp a single issue without completely spelling it out for them.

[KraljevicPavle]

Damn, I was hoping for an Australian accent :(