Why Your Grandfather's Economics Was Better Than Yours | Steven Kates

Steven Kates presents the Ludwig von Mises Memorial Lecture at the 2010 Austrian Scholars Conference. Includes an introduction by Joseph T. Salerno. The ASC is the international, interdisciplinary meeting of the Austrian School, and is for scholars interested or working in this intellectual tradition. Held at the Mises Institute, Auburn, Alabama, March 11-13, 2010.

• Category

  News & Politics

[Joe Gonzales]

Free lectures that are MUCH better and factual than my own school provides, Thank you!!

[qtronman]

This man is very bright.

[Ryan Nace]

I'd say wwii is a good example of crowding out. govt took all the resources for the war effort so private spending and production dropped dramatically because they couldn't produce goods for private economy. private gdo skyrocketed after the war when govt drew down spending.

[sssssjjjj1]

and it's a big scam to say, wars help the economy.....no it doesn't, it helps the owners of the military ind. complex and their ilk...that's IT!  But you guys fall for anything. The rothschilds finance both sides and sell both sides weapons. We and our children and grandchildren on both sides get in debt to the zionists who own the media also, the same people saying war helps everyone....they are insane and you are stupid. what a money making combo .....FOR THEM AND ONLY THEM. soooo stupid.

[sssssjjjj1]

people, this is all bullshit.....it's all about wallstreet (rothschilds and their ilk) making up ways to cheat the tax payer. think tanks aren't for finding good ways to run government. they are there to find ways to screw us and get away with it. Can't you see it? You'll them get away with robbing you and your grandchildren because the media will say, they are such bungelers. they are so stupid. they are dummies....nothing evil,...just lovable loser,,,,oh those guys. silly guys. NOT!!

[NicosMind]

Well its good you know now. Its amazing how so many economists try and call it a prosperous time yet we all know that people went without many things. Thats the trouble when economists and governments count all spending as GDP! Its insane. If a business owner counted spending as GDP he wouldnt know if he was making a profit, and find it easier to waste money than create it.

Stick with Mises. Real economics for real people.

[J Scott Upton]

Yes, it took me years to finally understand that the depression didn't REALLY end until after the war when Truman eased up on business regulations.

[iamrjdotcom]

Great video, but it's all but hidden from YouTubers searching for videos about "Say's Law." Please add the following four query terms to this video's list of tags: Say's Law of Markets.

[NicosMind]

The paradox of thrift i think its called? Which is strange because what do they think banks do with that money? Its not like people stuff it under their matress like they used to do.

Also even though im sure you know this but its funny how they focus on the bust and ignore the malinvestment. The housing boom was unsustainable yet they would have it continue. Theres only so many customers for houses its plain for everyone to see.

[pretorious700]

As crazy as it seems, Keynesians think saving is one of the reasons for recessions-the theory that saving inhibits spending, which inhibits "growth". It's all so ridiculous.

[NicosMind]

Also with this recession savings went to negative. Id love to see what a keynesian has to say about that!