THE CORPORATION [4/23] Externalities

4. What is an externality? Milton Friedman describes it as the effect of a transaction between two parties on a third party who is not involved in the transaction. A technical
sounding term that basically means let somebody else deal with the problems the corporation creates.

For a playlist of all 23 chapters in order: http://www.youtube.com/view_play_list...

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[Zeitgeist28]

And most importantly: A more responsible economy and also more responsible and thoughtful customers.

Sadly, in todays time, we seem to define freedom, only as the freedom to buy as many products we want and to travel everywhere we want. If everyone would realize, that overboard consumption, will inevitably destroy the economy in the long run, i guess we would be able to change our way we do economy.

[Zeitgeist28]

Neo classical ideology, that propagades, that if everyone looks out for himself and tries to optimize his own benefit, it will lead to prosperity for all, is completely wrong. The individual doesn't take into account, that his actions, further the decline of economy if externalities aren't accounted for by an outside party.

It's really simple math. Our eco system has PHYSICAL limits. If finite resources are gone, they're gone and won't come back. That's why need a more ecological economy!

[Джозеф Сталина]

Hey Jackass, sharks seldom attack humans! Sharks kill to eat, while Dolphins kill sharks and other marine life not for the purpose of eating!

[AugustoFriedman]

More people need to watch this!

[mjdbufo]

They've also gotten basic historical facts wrong (corporations existed way before Newcomen), and use clumsy propaganda techniques (transposing images of things like sharks and playing brooding music, poisoning the well and cutting off Friedman). I'm all for discussion regarding the ethics and effects of corporations, but I shouldn't have expected that from a random youtube video I guess.

[mjdbufo]

Blerg. They poison the well by saying "stupid economists," cut Milton Freedman off before he discusses how it's a problem, then have some derp in a suit talk imply that the problem is how, as a corporation, to maximize externalities. With a freaking shark in the background. Economists invented the term externalities to help hold corporations and people responsible for damaging actions. They'd prefer to use bullshit propoganda techniques than have a real discussion.

[TheSamuraiGoomba]

When I looked up what the legal rights of a corporation were in regards to personhood, I'll admit I was disappointed. It's not really very amazing/evil.

One of the problems with package dealing is it comes from both ideological capitalists and ideological anti-capitalists. Capitalists have a fit if somebody suggests adding a tiny bit of socialism to regulate industries that shouldn't be solely for-profit.

I agree a good documentary should at least make a passing mention of references.

[datrane]

T. Payne's Micro econ class wasup!

[John Pryce]

The failure to understand basic economics as these people do.

The absolute refusal to examine corporations in the light of property rights.

The use of the term "public good", which must forever remain undefined, is usually a good indicator of dishonesty.

[John Pryce]

There's a logical fallacy known as "package dealing" that the entire thesis of the film is based on, for starters.

Then there's the complete lack of Names/Dates/Case No.s for the court cases it mentions, so that the people watching can go look them up.

The glossing over what "corporations as people" actually means, and why the court found that it was so.

Including Michael Moore as an authority on anything?

[Cody J.]

...how so.