Episode 35 – Gary Becker (Podcast)

It’s impossible to predict the behaviors and actions of any one individual. So how can economists ever hope to understand the effects a shift in policy will have on the consumers within the economy? While individuals behave irrationally, groups give us more insight into understanding behavior and the impact those decisions will have on economics. For economist Gary Becker, one of those fundamental groups is family, “One of the things that families do is to care for their children, to invest in their children, to teach their children morals, skills, and other forms of behavior. Human capital deals with the …

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Episode 30 – The Federal Reserve Myth (Podcast)

The Federal Reserve was originally created to bring stability to our financial and monetary system. However, despite multiple failures, it has widely escaped criticism. There is a myth that the Fed is there to protect us. But upon closer inspection, does it? If you ask Nobel laureate Dr. James Buchanan, the answer is clear, “The Fed more or less just inherited this legacy of being a monopoly in control of a monetary institution. It’s not a constitutional body. It has never been explicitly examined legislatively. And yet it gets away with all this without any criticism because the criticism is …

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Episode 26 – Government Regulation (Podcast)

Government regulation is a force that influences nearly every aspect of our daily lives. The intentions are usually well-meaning. They are created to fix a problem or a perceived market failure. The problem that we run into time and time again is that the fixes usually create another problem, while only putting a temporary patch over the initial problem. The response is usually another patch with the same result. In the words of Nobel laureate George Stigler, “The trouble is that normally the way (advocates) want to solve the problem is to create either a new agency, or a new …

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Episode 25 – Money (Podcast)

What is money? For thousands of years currency was tied to a commodity, if the commodity itself wasn’t actually exchanged. Today, that relationship has drastically been altered. Money, as a human institution, has evolved from having a real value to only having a perceived value. Milton Friedman traces it back to one specific date. “It’s seldom that you can date precisely when there’s a major change in a human institution let alone in a monetary institution. But you know it’s an interesting fact that you can date precisely a really drastic change in the character in the monetary system around …

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Episode 23 – Monetary Revolutions (Podcast)

What effects did world events, such as world wars and depression, have on the economies of nations such as Germany, and the former Soviet Union? As hyperinflation raged, the real value of currency in these nations became a question mark. Countries today are still ravaged with the same problem. As revolutions erupt and regimes change, the effect on purchasing power is hard to ignore. How can the problems of “out of control” inflation be solved? As Milton Friedman describes the issue, “Country after country has seen its monetary system blow up in its face, and subsequently, it’s had to do …

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Episode 22 – International Movement of Wealth (Podcast)

Money, wealth, and capital can move around the world in mere seconds. Within any economic structure, capital is the building block of prosperity. With relatively new ease of access to resources, how has that changed our society? Developing nations no longer need to start from scratch, or wait long periods of time to meet demand for certain items. This has fundamentally changed what is considered capital along with the way our world and our governments function. Author and Professor Richard B. McKenzie puts it in these easy to understand terms, “The big difference is not so much the need for …

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Episode 7 – Milton Friedman Speaks – Is Tax Reform Possible? (Podcast)

Why do Americans pay more in taxes than they really want to? Can they do anything about it? Americans must understand that their true tax burden is what the government spends, regardless of how that spending is financed. If government spending goes up faster than prices in general, the real tax burden increases. Simplifying the system is far from easy, but the real defect is not in the tax system anyway, but in the budget structure. Our only hope for tax reduction is in establishing constitutional provisions that will set limits on government spending. Nonetheless, spending keeps increasing despite growing …

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Episode 6 – Milton Friedman Speaks – Money and Inflation (Podcast)

Inflation is blamed on many things but it has only one cause. It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often it does so to enable the government to pay its bills without raising taxes. There’s only one real cure for inflation. It is a cure that’s easy to describe but difficult to apply. The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation. In Milton Friedman’s own words, “Inflation is a disease. It’s a …

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Dead Wrong® with Johan Norberg – Generational Injustice (VIDEO)

Generation X, and even more the Millennials, arrived too late. Our parents’ and grandparents’ generations took all the good jobs with high incomes. There’s nothing left for us. Dead Wrong®. Find out what has really happened to income over the years from Free To Choose® Media Executive Editor and Cato Institute Senior Fellow Johan Norberg.

 

 

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Dead Wrong® with Johan Norberg – Attack of the Cash Machines (VIDEO)

Remember how the cash machines replaced all the bank tellers in the 1970’s? The same thing is now happening in every industry. The robots are coming and the jobs are going. Dead Wrong®. The machines are already here and things are just fine. Join Free To Choose® Media Executive Editor and Cato Institute Senior Fellow Johan Norberg as he explains.

 

 

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