Understanding Economics - Lesson One: The Basics of Human Action (Part 1/5 Ends & Means)

Understanding Economics Series
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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson Zero: Thinking Like a (Good) Economist.

Starting from the very beginning, founding economic theory on absolutely true axioms and deriving universal economic law from them. Major principles: Human Action, Means & Ends, Goods, Production, Time, Scarcity, Choice, Cost, The Margin

Part 1 - Ends & Means: http://www.youtube.com/watch?v=a7b-QFdcl3w
Part 2 - Goods: http://www.youtube.com/watch?v=uK_KdOjTim4
Part 3 - Time: http://www.youtube.com/watch?v=hznJvo4brMU
Part 4 - Value: http://www.youtube.com/watch?v=EZGQJI8jELc
Part 5 - The Margin: http://www.youtube.com/watch?v=9Hj-inmhJYg

Category:

News & Politics

Tags:

• Austrian
• economics
• fundamental
• principles
• human
• action

[nickrhill]

Not a criticism, but an observation: The course is relating to Austrian Economics. Austrian Economics (AE) makes a lot of sense to me, and seems to be making a lot of headway (outside academic circles?). Possibly because it was predictive of the credit crunch.

I would like to find someone willing to put a strong argument that AE's recent success is a factor of climate rather than inherent correctness.

[Safnerism]

@nickrhill I would definitely agree with you that the recent "renaissance" (if you will) of Austrian Economics is due to its role in predicting the current economic crisis and others, and that people are only flocking to it now as they desperately search for why no one could explain what happened. Same in 1974.

I happened to find AE just BEFORE the crash came, (I have some "personal transformation" videos on how I found it) just by being a libertarian, so maybe I'm not the best example.

[Safnerism]

As for "inherent" correctness - a theory does not have to be inherently correct or incorrect for it to be accepted.

If strongly ingrained institutions and interests find incentive to believe and to spread an inherently false message, they will do so. That's what I believe has been done (both in politics and economics) and even if the mainstream knows that the "heretics" are correct, they will continue to ignore them for said power-interest.

[cbl2988]

We don't necessarily act because we believe we can change our environment, we act because we think it will make us feel better or bring personal satisfaction of some sort.

[franks2732]

LMFAO, How to learn bullcrap in 5 simple lessons, but unlike the rest spruiking you at least have a better than basic understanding of your "theory" Why not study economics at a real uni and learn about them numbers and shit?

[antonovasg]

Pura ideología reaccionaria

[rapstreetz]

Good explaining, but you need to get a better mic mate.

[TakeToTheBeach]

i watched this 3 times aha



[time4disco]

very useful vid :)

[StevenD30303]

great video.

[kindly4real]

“Why on earth would I try to turn the sky pink if I didn’t think I was capable?”

Answer: Because the process of trying can bring satisfaction.

[tomblack2112]

Just a note, and I have this hooked up to a pretty good Sony stereo system, but I'm getting sort of a high-end squeak on the audio. Maybe it's me, but you might wanna check it. Otherwise, thanx for the presentation.