FREE LUNCH: getting something at someone else's expense. Labor's wages are earned because labor has to exert itself. The return to capital (tools of production) is earned because someone has to do something to make the tools and the produce something that people value and are wiling to pay for. The return to land, (rents or sales price) is not earned and is a FREE LUNCH to "owners" because land is not made and its value is created by the community, not the "owners". That's macro economics.
I would like for you to do more video's on this subject. I am taking an online Macroeconomics class from a local college and we are using the same book.
FREE LUNCH: getting something at someone else's expense. Labor's wages are earned because labor has to exert itself. The return to capital (tools of production) is earned because someone has to do something to make the tools and the produce something that people value and are wiling to pay for. The return to land, (rents or sales price) is not earned and is a FREE LUNCH to "owners" because land is not made and its value is created by the community, not the "owners". That's macro economics.
ourearthhome 3 years ago
The next lesson will come soon enough.
YouNotStudios 4 years ago
We all have McConnell. My dad had McConnell back in the early 70s. Gah.
I never want to hear the words guns, butter, or pizza again.
culturalimperialist 4 years ago
I would like for you to do more video's on this subject. I am taking an online Macroeconomics class from a local college and we are using the same book.
MORE PLEASE!!! :)
dlee1979 4 years ago
Did you continue making these videos about Macroeconomics?
honoration 4 years ago