This video is an interesting example of spontaneous order created by voluntary cooperation of individuals. I mentioned spontaneous order in the previous post, and this video demonstrates how people don’t need top down planning to create a complex order.
This is how the free market works. Individuals voluntarily producing, exchanging, and consuming, create this complex societal order in which we live. Read the rest of this post »
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In my previous post I wrote about the importance of understanding economic principles so as not to get fooled by rhetoric. This video demonstrates this point as Peter Schiff, who predicted the 07-08 economic meltdown, spoofs these delegates. These people agree with him that profits should be banned or confiscated, without stopping to think about the consequences. What are profits and what is their purpose in a free market economy? Read the rest of this post »
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Economics (Photo credit: markwainwright)
If you want to be inoculated from the rhetoric of politicians, journalists and intellectuals, then understanding economic principles is the vaccine for you. Economics is how the world works. If you understand basic economic principles, you will be able to analyze the ideas of the elite and logically figure out if these ideas are rhetoric or if they have merit. Why is it important to not trust politicians? Once elected, they are in a position to have power over your decision-making that no other citizen possesses. They can take your freedom in incremental steps. Ronald Reagan said of the U.S.S.R., “Trust but verify.” I think we should change that saying for our politicians to “Verify and remain skeptical.” Economics will help you do both. If you want to know why knowledge about economics is in each persons best interest, you can read an article by Austrian Economist Ludwig von Mises here at the Mises Institute.
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