No idea who they are or where this was done, but incredible all the same.
Economics for Infants live reading
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Author Archives: lawofmarkets
The Covid class divide
Sounds a lot like Australia.
From a lefty source:
There’s a huge Covid class divide. The economy has not just bounded back for upper income
AmericansAustralians; it’s given them higher housing values and lower interest rates. Meanwhile, 12 million service industry workers are still out of work. Small businesses are struggling. The affluent see Covid as a health problem, while for the working class it’s about economic survival. And liberals are doing the same thing they did with Trump: Clothing their class privilege as science and facts and morality. The politicians are even worse. Instead of coming up with a clean Covid bill, Democrats are now trying to pressure Biden into student loan forgiveness. Can you believe it? What kind of society thinks it’s ok to ask 12 million people who lost their jobs to Covid to foot the bill for the student loans of the top 40% of earners? Sure, maybe it will accidentally help someone in a food line who dropped out of college. But college-educated Americans are back at work. The Covid recession is over for them. Why are the Democrats designing legislation to help the people who need it least, in the belief that some of the benefits might trickle down to help those who need it most?
Oh, I think I know why
For all of those oh so concerned upper-middle-class lefties, helping “the poor and disadvantaged” comes right after helping themselves. You know, like all those public servants who never lost a day’s pay over the whole of the last year.
Via Instapundit.
Civilisation v barbarism
On the right are the rockets being fired indiscriminately by Hamas terrorists at Israeli neighborhoods.
On the left are the IDF’s Iron Dome interceptor missiles twirling as their insanely advanced systems try to match the trajectory of the Hamas rockets to keep them from killing innocent people.
State of bankruptcy
I have often thought that the reason Michael O’Brien, the Victorian Leader of the Opposition, remains so out of the public eye is that the deep strategy for the Libs is NOT to win the next state election by which time not all of Daniel Andrews’ chickens will have as yet have come home to roost. But coming home they most surely are. Take this from the front page of The Age this lovely freezing Sunday morning: Unions rage as Victorian government plans to cut back public sector wage growth.
The Victorian government will cut the future salary growth of the state’s 325,000 public sector workers by a third, potentially saving billions of dollars as part of cost-cutting measures aimed at combating record levels of debt inflicted by the coronavirus pandemic.
Victoria, bless her, is a mess beyond imagination. I often mention the billion dollar station at the Shrine – the once a year train stop that is already serviced by around seven tram lines – that has for all practical purposes been abandoned. It is a shell of a worksite, as is so much else in this state run by the man who could not even walk down a flight of steps without ending up in hospital. So we also have this: Acting Premier defends tax hikes as responsible and appropriate.
Victoria’s acting Premier James Merlino has defended his government’s new suite of tax increases including a stamp duty rise on high-end property buyers as appropriate and responsible measures.
The proposal, which includes [but is by no means limited to] increases in land tax, stamp duty, taxes on developer windfalls and a 10 per cent hike on fines, to be included in Thursday’s state budget, drew criticism from the property industry and home buyers after they were announced by Treasurer Tim Pallas on Saturday.
Not to mention that other great responsibility, health care and hospitals, which according to the paper today are “at crisis point”.
All you Keynesians who think you can make growth happen by wasting public money have a lot to answer for. Frightening but unless we throw out modern economic theory along with Labor and the socialists generally, all of this and more will be a recurring problem that will never go away.
How not to solve problems edition
Economic Analysis for Business – Course Lectures
These were the videos I did based on my textbook Free Market Economics: An Introduction for the General Reader. You will not find a more complete overview of how an economy works anywhere else, if I do say so myself. This is what I say of the book, and the course.
If you are genuinely interested in what is wrong with modern economics, this is where you can find out. If you would like to understand the flaws in Keynesian macro, this is the book you must read. If you are interested in marginal analysis properly explained, you again need to read this book. Based on the classical principles of John Stuart Mill, it is what is missing today; a text based on explaining how an economy works from a supply-side perspective.
Buy the text – third edition – and go through them with the videos and you will learn here more than you can find anywhere else. I would also then go to my other text on these issues: Classical Economic Theory and the Modern Economy.
EAB 01 – Axioms and Fundamental Principles of a Free Market Economy
Value added
This is video I did for my introductory course in economics on Value Added (you will have to set it back to the beginning if you would like to see the whole thing yourself). When I came to write my text, it was an absolute necessity in my own mind that the core piece of understanding was the concepts that surrounded the notion of value added. You will virtually never see any mention of the concept in any modern text other than occasionally in relation to estimating the National Accounts.
But I cannot emphasise enough that it is a proper understanding of value added that transforms someone into an economist. If you don’t get this, you are useless in making judgments about how an economy works or what is needed to improve an economy’s performance.
There were a series of videos that were put together to cover my course material, but these are all covered, and far more comprehensively in my economics text: Free Market Economics: An Introduction for the General Reader.
If you are genuinely interested in what is wrong with modern economics, this is where you can find out. If you would like to understand the flaws in Keynesian macro, this is the book you must read. If you are interested in marginal analysis properly explained, you again need to read this book. Based on the classical principles of John Stuart Mill, it is what is missing today; a text based on explaining how an economy works from a supply-side perspective.
If you sincerely wish to understand how an economy works, other than reading John Stuart Mill himself, this is the place to find out.
My book launch with Andrew Bolt
Thanks to my very good friend Rodney, I have now discovered these on Youtube. This was on the day that Andrew Bolt launched my Art of the Impossible which was my collected blog posts on the election of Donald Trump in 2016. Quite a day, in many ways foreshadowing the events of the four years that would follow. My thanks to Andrew Bolt again.
Why is it good to know that?
Just finished John Armstrong’s In Search of Civilisation: Remaking a Tarnished Idea (Penguin 2009) and then went to look for more which turned out to include the video above. The oddest part is that the authorial sound of the book as you read it has no resemblance to the actual sound of the book’s author. That said, a wonderful book and cannot recommend it more highly. Excellent throughout, but this particularly caught me.
I try out an old strategy of inquiry: one most vigorously pursued by St. Augustine. Why, he asked of of the results of scholarly investigation, is it good to know that? … Augustine was in search of a principle of quality – a principle that would help us see what, out of the infinite variation of possible knowledge, it was important to devote one’s time and effort to. (Armstrong 2009: 159)
Why is it good to know anything? More to the point here, which bits of knowledge will make one “civilised” and which is just part of life. And in what way and for what reason is it good to be familiar with The Mona Lisa or with Cosi Fan Tutti?
Law of Markets 