Tom Woods: How Economic Illiteracy Is Dismantling Your Life

http://intheory.tv Thomas Woods came to Fort Collins, Colorado on December 9th, 2010 and gave a presentation at CSU : How Economic Illiteracy Is Dismantling Your Life. The event was put on by the Young Americans for Liberty and the ASCU.

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• tom woods
• Thomas E Woods
• Freedom Watch
• economics
• Austrian economics
• Colorado State University
• YAL

[jonnyy40]

The sound is (intentionally?) turned off 25 minutes into the video when Woods is explaining the Austrian Theory Of The Business Cycle.

[InTheoryTV]

@jonnyy40 The sound was cut off by accident for about a minute when I was broadcasting the event live on my website intheory.tv using bambuser. I regret that it happened, but there is nothing I can do about it, as I did not capture the original sound during that time period.

[Sean9ll]

Wow my macro economics professor is so short sighted

[theurbansurvivalist1]

This is possibly the greatest video I have ever seen.

[CaptainZuluGamma]

@eskrod1

Because I am in logistics industry WAL MART has a factory for supply depots to thier outlets that are fully automated.

Canada is remaining competative with china as per manufacturing

Because the new factories, employ no slaves or union workers just MACHINES hmmmm

So what now no one is employed to buy products created ??

I dont like socialism as it brings in control and control requires upkeep while destroying innovation/art expressions

What can we do sir, to fix this ??

[CaptainZuluGamma]

@eskrod1

If I have an automated factory that produces apples yet I employ NO ONE, I have renewable energy and have no limit to my production.

Riddle me this query...

Therefore I create a hundred apples for every person on earth every day...

hmmm. Only so many can be eaten thus apples drop in value, in fact within a few days they would be a nuisance !

If in this economy employment relied on me & I employ no one.

Then no one can afford to buy my free apples??

Explain that one to me!

[CaptainZuluGamma]

@eskrod1

Yes central banks represent communism, I do believe there is a limit to how far free market capitolism can take us we have been at the end for some time now albiet the answer is not COMMUNISM that is code for we plebs suck rich dufus butthole.

Our markets are deteriorating because of the progession of tools.

Tools bring abundace

our system does not tolerate plethora.

Scaricty is how we survive as it maintains value when scarce.

To progress we need a NEW system not an old one!

[eskrod1]

@CaptainZuluGamma

Very true. In fact, it is impossible to have a true price reflected in the market for any good or service due to the fact that the Federal Reserve fixes the price of money as it sees fit.

[christo930]

He is not taking the role fossil fuels played in the raising of living standards. All these machines that aliens are going to take away doesn't need to be an alien thought experiment, he could have said, imagine that fossil fuels ran out tomorrow...

[CaptainZuluGamma]

@Sean9ll 03:12 - its pissing me off because I just had a conversation about this WASTE of resources without prices we wont know how often to use or how rare it is

Ok but WE dont have a market that does that now, I repeat we do not have a market that doe that

Hemp over trees/cotton/fuel/liquor/glue/­string/rope/natural gas/omega oils/protien/flour

Calcium plate over lumber and steel

coal/nuclear over photo voltaic

I could go on we have kleptocracy

Resource we use must be scarce and owned

[pipem4n]

@Ryukikon

Well, you are wrong. It's the same type of argument you made. You won't get anywhere with this.

[kindly4real]

I appreciate you sharing this. I whish I could hear what he saying.

[KenMacMillan]

I want a Platinum Pickup Truck!