Mankiw's Ten Principles of Economics, Translated by Yoram Bauman, Ph.D. - Ep 27

Best selling economist, Gregory Mankiw, has given us 10 principles to understand economics with. "Standup Economist", Yoram Bauman, translates those principles for us in this week's Ignite episode. This work is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License.

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Education

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[DavidUmstattd]

The other video is much funnier.

[TheAttackRat]

SOCIALISM = creationism

KEYNESIAN = Intelligent design

AUSTRIAN ECONOMICS = Evolution

... don't be a Keynesian fool

>>> watch?v=MnekzRuu8wo <<<

[jormoria]

a Jewish economist,like my professor(s)

[duckielover151]

Does he remind anyone else of Richard Belzer? O.o That's what I think everytime I see him!

[IonutQo22]

I had a really hard time struggling to understand and comprehend what he was saying.

[Manik2Magik]

@DavidUmstattd Yeah. The 15 second thing screwed with his timing.

[paxpakspax]

Oh I see.

[selfrealizedexile]

@freedomthrough

restudy Economics atop a much stronger philosophic foundation. I'd recommend you at least finish the very short video I posted earlier: /watch?v=ry8a_SbA25M

I'm glad you're aware that the Austrian school advocates Anarchism (specifically Anarcho-Capitalism), but they do so not because they simply desire it for unrelated reasons and use economics as their tool, but because the conclusions reached from true economic scholarship demanded it. It is the truly free economy.

[selfrealizedexile]

@freedomthrough

much higher because they see their work and theories actually leads to real progress--televisions, computers, space travel, new medicines, etc.. Now, this is not to invoke the ad populum fallacy but it acts to highlight the reason why, and this reason stems from methodology. The Austrians are far and away more sophisticated that most people understand. They seek understanding of causal relationships through Praxeology and deduction from there. You owe it to yourself to

[selfrealizedexile]

@freedomthrough

this and it's why he successfully predicted that a culture within Science would develop that worshiped models and its appearance of sophistication over true understanding. This scientistic, not scientific, culture has a stranglehold on the economics profession and is why economists have such a low report with common society. Common society view their analysis as counter-intuitive to everyday economic decision-making like a businessman would, but yet hold natural scientists

[selfrealizedexile]

@freedomthrough

Look up the Austrian definition of competition. It is not simply visible competition but the mere ability to enter the market.  The mere prospect of competition to a producer can itself provide adequate incentives. You also ofc have to sift out what industries are actually free to compete and aren't hijacked by gov't intervention, needless to say.

True understanding isn't derived from "models"; true understanding is awareness of causal relationships. Descartes understood

[selfrealizedexile]

@freedomthrough

under such a mixed economy. How can we claim it to be more equitable and desirable to the poor? What helps the poor is lower prices. Prices only get lower through deflation through higher productivity.

You can't "fine tune" the "demand" (as if it the demands of billions of people could even be aggregated) to your end. You will only fail as the countless others who came before you when their own economy eventually collapsed.

You should restudy what competition actually is.