Tom Woods - The Great Awakening - Ending The Federal Reserve

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Category:

Education

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[aseredy]

@politicalbeast1959 Skin color is irrelevant. Individualism teaches us that these superficial traits are only observed as a divisive tool used to distract from the relevant issues. If you are truly interested in what Mr. Woods has to say, you would do well to reject this frame of mind. Even if it is just casual observation, it has no place in rational discussion.

[RyanR3volution]

@lugankid

I really don't think you give him the due credit, Tom Woods is very well read, coherent, and intelligent, he is a very good at explaining how the Fed distorts the market and explaining contreversial topics like how child labor is really eliminated.

[vince33x]

@qdav5 There is no greater variable than the human being. As I've noted elsewhere, while he may generally be a rational actor, there are many times when he thinks he's being a rational actor and he is not. And the reasons may be as varied as man himself. Even if you had a supercomputer billions of times more powerful than Watson, I doubt you'll be able to solve for 'X' when man is involved. Nevertheless, it's in man's very nature to keep trying because more than anything, man wants to know man.

[qdav5]

... This brings my back to my original point. The best method we have for describing complex interactions of this sort is the concise and logical language of mathematics. I think it's great that the Austrian School recognizes that classical economic theory is in error to the extent that it fails to address realistic human participation in the system. However, it seems to me that the proper response is to improve human factor modeling, not to ignore it altogether.

[qdav5]

@vince33x I believe your implication is that the human factor of economics is too difficult to model mathematically? To my knowledge, it is true that none of our current models capture this element of the problem to an adequate level of detail. But of course, that just means it hasn't been done - not that it can't be done. And since human interaction is so important to the questions of economics, any realistic theory must address the issue and seek to describe that interaction. ...

[vince33x]

Thomas Woods is one of the most brilliant guys in America.

[vince33x]

@vince33x the world more innovations in medicine than the USA. Just look at the number of Nobel Prize winners the USA has produced in this field. Also, our Pharmaceutical companies have been, by far, the most innovative, producing one "wonder drug" after another. Yet the people continue to vote in such a way as to cripple the very entities that have given us a Private Health system that is the envy of the world. So while people perceive themselves "rational actors" many times they simply are not

[vince33x]

@qdav5 The greatest problem w/econometrics is the "human factor." While most humans think of themselves as rational actors, many times they are not. For instance, the overwhelming historical evidence demonstrates that Capitalism has provided far more goods and services to the widest number of people than any other economic system. Clearly, this is fact, yet people continue to vote in ways that weaken the very system that has helped them. Example: Medicine and Healthcare. No country has given

[qdav5]

I agreed with nearly everything Tom Woods said in the clip, but one thing disturbed me. Perhaps I misunderstood, but did he imply that Austrian Economics discards or avoids mathematical modeling as a tool? I know that most economic models are absurdly over-simplified and artificial and I do not endorse anything of the sort. But math is a very concise and logical language that it can be used to describe any theory that is well & truly understood - the correct ones as well as the false ones.

[tallswede80]

Very interesting speech.

[KillYourTeeVee]

ron paul is the shizzle... RP 2012