The Washington Shell Game

Follow economist Robert Murphy and see if you can keep up with the shifting funds.

Is it a deficit, a bond, a treasury, keep your eye on the dollar bill folks!

Same thing done here with a pea, rubber ball and tennis ball.

The Reality of Tax Rates and Actual Revenue

A great new find this week, eEconomics!  No that isn't a typo, it is the title for David Angelo's YouTube channel.  "Regular economics with a modern digital edge."

In his third show here he points out that 1959's 90% tax bracket brought in less than the 2007 bracket of 35% by 1.2.6% of GDP.

Anyone who digs into this more than 30 seconds will find that the income tax rates people commonly talk about don't even begin to factor in on billionaires.  A lot is made of Warren Buffet paying so little, and recently Mitt Romney as well, they don't "earn" money - instead they get "capital gains."  D'oh!  Simply raising the tax bracket to 90% encourages more people who have money to restructure their "work" so they don't pay more money out.

Louis Basenese shows how this went over in England recently in Another Tax Myth Bites the Dust.

On April 6, 2010, the top income tax rate in the U.K. jumped from 40% to 50%. The result? The number of people declaring incomes of more than one million pounds plummeted from 16,000 to 6,000, according to The Telegraph.

Fast-forward to 2012, and U.K. Chancellor, George Osborne, announced that the top rate would be reduced to 45% in April 2013.

Surprise, surprise! “Since the announcement, the number of people declaring annual incomes of more than one million pounds has risen to 10,000,” The Telegraph adds.

And let's finish with Veronique De Rugy's chart showing the last four decades of tax revenue being flat regardless of the TMR being near 50%, 30% or somewhere in between.

Happy Thanksgiving

An economic perspective on Thanksgiving, with a rather funny narrator.

Share your thoughts on community assets and shared workloads.

Informed Consumers and Lower Health Care Costs

 Recently Paul Krugman touted drug costs under Medicaid as a big win as compared to the hobbled  Medicare Part D which is run by private insurors.

"Last year a government study compared the prices that Medicaid paid for brand-name drugs with those paid by Medicare Part D — also a government program, but one run through private insurance companies, and explicitly forbidden from using its power in the market to bargain for lower prices. The conclusion: Medicaid pays almost a third less on average."

One thing missing in the medical market is the price tag.  We see direct pricing on everything we need: housing, food, automobiles.  Everyone manages to select from cable TV, satellite service and phone company options by listed prices on their entertainment channels and options.  Yet few people are engaged in comparing prices when it comes to something as important as medical care.  Why is this?

Reason TV brings us a view on what can happen to costs when the consumer gets pricing ahead of time, even if insurance is not involved.

Free market supporters obviously point to the Surgery Center of Oklahoma and Medibid as a direction to investigate.  Paul Krugman favors more control from above and less personal involvement.  It is for your own good after all...

Annie Wilkes administers Dr. Krugman's prescription for fair prices

Salt In The Wound For Those Affected By Hurricane Sandy

We last brought up the economic aspect of natural disasters back in May, this week Reason.TV brings us word on why there is a gas shortage after Hurricane Sandy wrecked havoc in New Jersey and New York states. 

Politicians with good intentions trying to make price controls work proves too tempting for some.  It is pretty safe to say that stores would indeed charge more for gas since delivery trucks and fuel storage were also affected by Sandy's destruction.  Trucks coming from farther away simply add more to the cost.  But would customers be paying twice as much?  If stores could charge more would they have more incentive to refill their tanks?

Learn Liberty has this quick study on the ways price bumps can be beneficial during tough times.

DO NOT VOTE

P. J. O'Rourke wrote Don't Vote It Just Encourages The Bastards and in the next week we'll re-elect some, toss a few out and at the same time add a fresh batch.

Two years ago he stated "We lost that election, because almost every political contest yesterday was won by a politician. In a couple of cases angry nuts won, which is an improvement over politicians.  But it's just no good enough."
Here's a clip of him speaking on the topic and his vision for what would make a better political situation: Kill, Screw, Marry.  Economic freedom via the Free Market.  "Wrong rights" which kill freedom and what political power is verses freedom.
http://www.c-spanvideo.org/program/296475-1

John Stossel did a segment featuring The Myth of the Rational Voter author Bryan Caplan: Don't Know?  Don't Vote!

Now I hope our followers are rational and vote wisely if they do vote... just remember that you're encouraging those bastards.  ;)  I'm sure you have connected the power of voting to how it relates to economics so share this with your friends who may not have made that connection yet and start the conversation next time you see them!

Choosing Planners

Do we pick a Man of System?

To expand on Adam Smith's The Theory of Moral Sentiments you can read and search the full text here.

The Unseen Factors of the Auto Bailout "Success"

The Center for Freedom and Prosperity's Jenna Huhn has posted this response to the great auto company bailout which some people are calling sucessful.  What happens when Jenna looks deeper into some of the things Bastiat called the unseen?

We look forward to hearing your thoughts.  Are there any other factors you can think of?

More CF&P Econ 101 videos here.

The Canadian Cure for America's Ailment

Are you suffering from hEaDaChEs related to political faction disputes?

Do large deficits keep you awake all night?

Public debt interest payments eating up your taxes?

If so you may need Sound Fiscal Policy!  

The Canadian Remedy for economic woes(TM)

Sound Fiscal Policy has been used successfully to overcome national spending problems.  Sound Fiscal Policy can alleviate, even rid you of monetary maladies.  Please view this brief video for more information about Sound Fiscal Policy.

Sound Fiscal Policy may cause free riders to whine loudly, subsidized corporations to bleed, and your government to shrink.  But it just may be that those side effects are exactly what you need.

Use only under direction of a sensible economist.  Beware of fat cat politicians with poor imitations of Sound Fiscal Policy.  Do not use in conjunction with Keynesian remedies.  For best results use with a flat tax structure and politicians who know when to stop dorking with things they do not understand.  You may also experience surpluses, this benefit should be used with ever more wisdom.

Sound Fiscal Policy makes no claim that every application will have equal results but it is probably the best medicine available for your country's ailment.

What happens after government stimulus spending?

A very quick look at post stimulus facts.

Does Stimulus Spending Work? from Learn Libery.

The Half-Billion Dollar Garden Sculpture

When I look back at stats for past blog posts it seems that the Billion Dollar Home is always popular.

I think this art project should line up with the Billion Dollar House, I wonder if we could buy them both and install them in one place?

If you ever wondered what was left of Solyndra and the half-billion tax dollars that poured into it prior to going totally bankrupt well now you have

the answer!

Economic Freedom on the Farm

Farmers have been selling their produce since the early stages of civilization, so just what is going on with vegetables and the authorities in Fauquire County, Virginia?  Could this really all be about a birthday party, did someone not invite a special child.

If a person can't raise a crop and sell it to people who want to eat is either party free?  How much regulation do local officials need to place on selling farm plants?

Economic Freedom

This whole blog is about promoting Economic Freedom so that everyone can make the best of their self in the way that suits them the best.  No one can make those decisions for you in an office miles away based on demographic groupings.

This video exemplifies why economic freedom is EMPOWERMENT.  

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Definitely the best video we've seen all week!  

Thank you to all the folks at http://www.thelibreinitiative.com

Municipal Economic Problems

There have been a few large cities go bankrupt in recent history.  In Alabama the city of Birmingham spent on non-essential projects while needed utility maintenance was set aside.  Eventually the city found itself hundreds of millions of dollars in the hole and unable or unwilling to raise revenue to meet obligations.

Stockton California recently made the news as the largest city to file bankruptcy but it is not the only large city in California to have leaders put it into financial straights.

• Will cities be better off in the long run if they are forced by bankruptcy to only focus on the most basic needs such as police, fire protection, streets?
• Should your city borrow money for some things while other services are in need?
• Do civic leaders in your area equate the cost of interest rates on bonds to taxes that must be collected?

Of all the things that many people consider that ONLY a city can do, at least one town has outsourced it's police work!  Could some services be done by contract and would this allow competition so cities have choice in the services they use?

Friedman Day

Tomorrow, July 31st, would be Milton Friedman's 100th birthday.   Many policy groups today are working toward better schools in conjunction with The Friedman Foundation for Educational Choice.

Click HERE to find an event in your area!

Here's a clip of Mr. Friedman in action, we hope you enjoy it, Happy Birthday!

And a great series of Friedman stitched together by Amanda!

Evangeline

A little different sort of video this week in observation of the "Great Upheaval".  This video coming from the Learn Liberty series.  It tells a story of peaceful people in economic harmony caught between their links to indigenous neighbors and warring interlopers from Europe.

July 28th is a day of remembrance for those where cast off by their government; government which always claims its purpose is to protect people. 

Longfellow wrote about the Acadian expulsion in his poem Evangeline:

"Once in an ancient city, whose name I no longer remember,  

Raised aloft on a column, a brazen statue of Justice  

Stood in the public square, upholding the scales in its left hand,  

And in its right a sword, as an emblem that justice presided  

Over the laws of the land, and the hearts and homes of the people.  

Even the birds had built their nests in the scales of the balance,  

Having no fear of the sword that flashed in the sunshine above them.  

But in the course of time the laws of the land were corrupted; 

Might took the place of right, and the weak were oppressed, and the mighty  

Ruled with an iron rod."

Thanks to The Institute for Humane Studies.  

June 17th - Happy Birthday Harry Browne!

Today we salute Harry Edson Browne, a great author and speaker who inspired many with his positive outlook and message of freedom for many aspects of our lives.

June 17, 1933 - March 1, 2006

It is eerie to hear his warnings from 40 years ago, things we have seen take place in the last few years.  Sustained inflation, blaming the "free market" for the failures in what is really a heavily regulated market, the government solutions being a factor in prolonging depression and causing small business investment to lull.

If you like the video you can find books and audio at http://www.harrybrowne.org/

One fine example of Mr. Brownes attitude can be seen in his popular New Years Resolution.

1. I resolve to sell liberty by appealing to the self-interest of each prospect, rather than preaching to people and expecting them to suddenly adopt my ideas of right and wrong.
2. I resolve to keep from being drawn into arguments or debates. My purpose is to inspire people to want liberty — not to prove that they’re wrong.
3. I resolve to listen when people tell me of their wants and needs, so I can help them see how a free society will satisfy those needs.
4. I resolve to identify myself, when appropriate, with the social goals someone may seek — a cleaner environment, more help for the poor, a less divisive society — and try to show him that those goals can never be achieved by government, but will be well served in a free society.
5. I resolve to be compassionate and respectful of the beliefs and needs that lead people to seek government help. I don’t have to approve of their subsidies or policies — but if I don’t acknowledge their needs, I have no hope of helping them find a better way to solve their problems.
6. No matter what the issue, I resolve to keep returning to the central point: how much better off the individual will be in a free society.
7. I resolve to acknowledge my good fortune in having been born an American. Any plan for improvement must begin with a recognition of the good things we have. To speak only of America’s defects will make me a tiresome crank.
8. I resolve to focus on the ways America could be so much better with a very small government — not to dwell on all the wrongs that exist today. 
9. I resolve to cleanse myself of hate, resentment, and bitterness. Such things steal time and attention from the work that must be done.
10. I resolve to speak, dress, and act in a respectable manner. I may be the first Libertarian someone has encountered, and it’s important that he get a good first impression. No one will hear the message if the messenger is unattractive.
11. I resolve to remind myself that someone’s “stupid” opinion may be an opinion I once held. If I can grow, why can’t I help him grow?
12. I resolve not to raise my voice in any discussion. In a shouting match, no one wins, no one changes his mind, and no one will be inspired to join our quest for a free society.
13. I resolve not to adopt the tactics of Republicans and Democrats. They use character assassination, evasions, and intimidation because they have no real benefits to offer Americans. We, on the other hand, are offering to set people free — and so we can win simply by focusing on the better life our proposals will bring.
14. I resolve to be civil to my opponents, and treat them with respect.  However anyone chooses to treat me, it’s important that I be a better person than my enemies.

The Economics of Destruction

One year ago, on May 22nd the city of Joplin Missouri suffered a devastating blow from an EF5 tornado.

The city of 50,000 people completely lost over 8,000 homes.  Its hospital and many businesses were also trashed.  In all Joplin suffered well over $2 Billion worth of damage in the wake of a 20 mile tornado path.

But the high dollar figure isn't why we're featuring this on a blog about economics, we're putting this video up because it shows how monetary value is a big factor in determining the best use of resources.  Even though some some costs briefly sky rocketed we can also see great waste as goods that weren't needed used up money, time and effort which could have been better allocated.  Here is a story about economic recovery that doesn't fall prey to the age old delusion about Broken Windows being a positive thing. 

Economic Power

When it comes to economic power, who really holds the most weight and who do we hear most often about in the media, on campuses, and in conversations?  Is it the "rich"?

The State can not spend without taking from someone.  Centuries of taxation has shown that people focus more intently on their self interests when they have more at stake.  That brings us to Facebook in the news again, this time a founder is leaving behind his tax burden.  He is far from alone, it seems that Galt's Gulch is not confined to an actual geographic setting.  Which ties into the concept from the video above.

Thanks to Economic Freedom

A Dangerous Combination

This shows the potential for problems or even purposeful abuse when you mix the power of the economy with the power of those who know politics but have very little understand of what they are trying to control.

This combination is fraught with problems, this is only one example.

Here is a video of a politician trying to implement regulation on the economy.

Insider Trading

Insider Trading
  Dr. Robert Murphy presents a case for legalizing insider trading and how things would work without these laws.  Stossel points out the illusion we have while insider trading is illegal and Dr. Murphy points out numerous huge crimes that have passed right through the reporting channels over the years.

F

At first it seems counter-intuitive but did you know insider trading wasn't illegal until 1968?  And of all things Congress had exempted itself from the insider trading laws until just this year.  If the watchman isn't doing a good job then do we really need the watchman?  Feel free to discuss below.

The Economics of Drugs

Is current drug policy working well?  Some serious economic considerations from Learn Liberty ...

this is expanded upon in the FEE video:

Both cover That Which is Not Seen in the War on Drugs.

What do you think?

The Voluntary Nature of Taxes

"The hardest thing in the world to understand is the income tax." - Albert Einstein

  Senate Leader Harry Reid explains in depth how people are free to pay their taxes:

Now we only need to figure out where he found the definition of "voluntary!"

U.S. President Barrack Obama says the opposite - "People don't voluntarily pay taxes"

Enjoy paying your taxes, whether you pay them voluntarily or not.  I often see socialist minded people say how taxes are a form of charity.  When I ask them if they feel good about paying taxes or if they ever just pay a little extra because it is the right thing to do... I never get an answer.  If taxation really goes for charity then would you take any deductions on charitable giving through your tax bill.  That one also goes unanswered.

Before we leave the subject of the day let's flashback to Milton Friedman; on who pays taxes, the employer or the employee

 

 

 

A Billion Dollar Home?

Make that 1.4 billion Euros which would be around 1.8 Billion on the register in the U.S.

How did an unemployed artist manage to build a house at this price?  He used €50,000 bricks of course!  Note: April Fools was last week, this is no joke but enjoy this unique story.

"People were pouring billions into buildings now worth nothing," he said. "I wanted to create something from nothing."  Says the builder, Frank Buckley, in this story by Rueters.

“Whatever you say about the euro, it’s a great insulator.” says Frank Buckley; has he found the true worth of the Euro?

Speaking of homes and money; a few weeks ago someone engaged in a conversation online on the topic of "destruction of wealth."  They claimed that their home had been worth $500,000 and was now only worth $300,000 so their wealth had been destroyed.  I pointed out that the value of the house was still the same since they could trade it for a similar property elsewhere.  Real estate having a true value while paper currency has only an accepted value, the US dollar is the measurement which had been destroyed.  Or is it that the dollar was artificially high and thus more were printed until things were correctly balanced?

As I dug into the past few years of US dollars in circulation it was interesting to find that the 40% missing from the "value" of the $500,000 home almost exactly matches the increased number of bills in circulation according to the FederalReserve.gov website.  Check the M1 between 2008 and 2012, 40% more currency to match up with a 40% loss in home prices?  I won't say the two are directly related but it is interesting to think about the relation between an average family's biggest asset, the mortgage industry and its big brother who prints the bills.  What other things have seen their value "destroyed" and whats value has increased?

Visit Frank Buckley's http://billioneurohouse.com

Looking back with Walter Williams

This was put out by Reason.tv a year ago, in it Dr. Walter Williams reflects back much farther in time to expound on his life experience, the meaning of the term "poor" and how personal development can out pace political based advances.

"I think it's false to assume that economic power depends on political power."

"Now I'm not stating a causal relationship.  But I'm saying that if political power meant so much you would expect in a city like Philadelphia where a black is the mayor, a black is the school superintendent, a black is chief of police, you would expect living conditions to be wonderful."

Happy Birthday Dr. Williams, thanks for all that you have written over the decades!

Economics is Fun

This series just came online recently so of course we want to bring it to your attention.   Learning "value" in under three minutes = awesome!  Perfect for young students.

We are always happy to find new series and add them to our pages:

Price

Specialization (distribution of labor)

Trade

Time (investment)

Wealth of Nations

On this date in 1776 Adam Smith first published The Wealth of Nations; formally named An Inquiry into the Nature and Causes of the Wealth of Nations.  A text on economics before the term economics had really come into the common vernacular, Smith makes a case for free trade and the pursuit of one's own interests.

The timing of this book may have been important in the influence of the nascent United States.  Notably it was once used to argue in the Congress against having an national bank.

Here is P. J. O'Rourke speaking with the wit one expects of him on this famous book at The Independent Institute, he goes on at 8:15:

Available free to read here or an audio version of the book is available from LibriVox.

5 Minutes on Inflation

This week we bring you a new video from FEE.org where Dr. Horwitz runs the gamut on the causes of inflation.   A great video for those beginning to grasp this concept.

Check out the FEE tab above for more great videos.

Happy Birthday

Happy Birthday to economist Dr. Murray N. Rothbard!

An influence to many in the Austrian School, you can find many of his books online, some listed here are free to read (pdf) at www.mises.org:

Man, Economy & State *

The Panic of 1819

Power and Market: Government and the Economy

The Ethics of Liberty


*A Study Guide for Man, Economy, and State recently written by Robert Murphy is also available.

Doctor Rothbard would have been 86 today.  Cheers!

Rothbard on the history of government and recessions: what works and does not work.

Underfunded Promises

While the news has been covering the problems with the Greek government's fiscal blowout and the US Debt is discussed fairly frequently; the 800 pound gorilla in the room (as if debt that equals the GDP isn't a big enough beast!) is the future outlays for all of the United States promises to pay retirement, medical care and all the other benefits which politicians seem to use as dangling carrots to keep us re-electing them even when we all think they are doing a horrible job!

Some reports show over $60 Trillion (that is four times the national debt or roughly $200,000 for every man, woman and child in the US!  Think about what you could do for your own financial security with that amount.  

Digging up an article from back in 2009 yields a prediction upwards of $100 Trillion.  Check out this passage:    

In 1966 the feds estimated that the cost of the Medicare program by 1990 would be approximately $9 billion dollars/year; the actual cost was $67 billion dollars/year.

Talk about the expansion of programs!

Look here to see the scale of what the future liabilities really look like; the element on the right is not a skyscraper it is a stack of $100 bills representing the obligations of public benefits.

 Please read more in detail about the graphic here.

Oh yeah, don't forget to add your local and state plans to the numbers above.  Unless you are confident that future costs are already accounted for in your locale.

Dr. Walter Williams on Legitimate Government

While the topic of government is not the key focus of this blog this fresh video of economist Walter E. Williams speaking at Villanova University connects the personal and societal factors of government policies on taxation and rights. 

A great look at how economics matters when it comes to government and your life!

Edgar the Exploiter

A simple study on workers, greed and minimum wage:  Edgar the Exploiter by Thomasz Kaye

Removing the bottom rungs from the economic ladder? 

Links to the concepts used in this video:

The Law by Frederic Bastiat (pdf)

Economics in One Lesson by Henry Hazlitt (pdf)

Anatomy of the State (video)

Congresswoman Lummis on Economics

Jan Helfeld is known for interviewing a lot of our public servants on his program The Bottom Line.  This week he makes our list of Econ videos for a great discussion with Wyoming Representative Cynthia Lummis on opportunity cost, import/export factors and competition in the economic climate around the globe today.

And for those who have been scratching their heads on the latest unemployment chart we have Jodi from Economists Do It With Models breaking down the BLS groupings of unemployed people in the labor force.  And you thought U2 was an Irish band or an airplane until now.

W2 Season, Get Ready for the Taxman

Well if you're like me you got your W2 form this week (that yearly reminder that the federal government gets its share of your earnings first), or you are expecting it any day now so you can submit your tax return or if you owe more, how long you can delay the agony.

The best video we found this week pays homage to none other than the overseer of all spending of tax moneys:  Barrack Obama.

Our apologies to The Beatles

The average American has a tax rate around 25%.  It's easy to see why some people are just counting down the days until they have worked off their annual burden.

But don't celebrate Tax Freedom Day just yet;  You may need to factor in state income tax, sales tax or local property taxes!  Then there's the federal tax on every gallon of gas you buy (18 cents per gallon), while we're looking at your car you probably shelled out enough to buy a nice dinner for two just so you can drive the car on public roads for a year.  Extra fees for fishing, taxes on hotel rooms for your business and vacation travel, the list goes on and on and on!

 

If it drives you to drink... well you know they taxed that too.  My state even tried taxing illegal drugs just to snag more revenue from people they caught, it worked for a couple of years.  And it wasn't the first time some drugs have been taxed.

We hope you enjoyed the video.  You can breathe easy now, there's no tax on air yet.


Now some insight into how Warren Buffet's talk about taxes still barely affects him, meanwhile his company doesn't seem to be taking the high road and paying it's taxes.

Solutions for Schools

Finishing up National School Choice Week:  Rebuilding Right in New Orleans

"We can't do this to kids. We are paying far too much money for a public education system that isn't working," says Vice President of National School Choice Week Andrew Campanella.

Empowering parents and students!

Be sure to "like" them on Facebook http://www.facebook.com/schoolchoiceweek

Our second feature today is -
Learn Liberty and Professor Skoble on Social Cooperation: Why Thieves Hate Free Markets

Well this wraps up January of 2012, recapping the post popular posts this month:
The History of Austrian Economics

The Solution to the Debt Ceiling

Thanks for watching, thanks for the +1s and sharing the links with your friends and don't forget to Follow this blog

Freedom and Equality + Think Different

During the State of the Union address much was made of how some people have more economically and the Buffet Rule.  He also mentioned Steve Jobs, much more on that below.

So this week's choice comes from the Economic Freedom channel:

Next for a full length show we share biographer Walter Isaacson on Steve Jobs.  Jobs, mentioned by the president, was economically rewarded by bringing out the best quality in computers via the capitalist system.  Jobs might have been a better responder to the SOTU address than Mitch Daniels.  But we do know that Jobs spoke with the President and I think his influence was reflected in the Tuesday evening speech.

`When he finally relented and they met at the Westin San Francisco Airport, Jobs was characteristically blunt. He seemed to have transformed from a liberal into a conservative.
"You're headed for a one-term presidency," he told Obama at the start of their meeting, insisting that the administration needed to be more business-friendly. As an example, Jobs described the ease with which companies can build factories in China compared to the United States, where "regulations and unnecessary costs" make it difficult for them.
Jobs also criticized America's education system, saying it was "crippled by union work rules," noted Isaacson. "Until the teachers' unions were broken, there was almost no hope for education reform." Jobs proposed allowing principals to hire and fire teachers based on merit, that schools stay open until 6 p.m. and that they be open 11 months a year.`       ~ Steve Jobs to President Obama in 2010 *

So two of the key topics mentioned tonight by the president come from Job's mouth.

1. He has passed fewer regulations [on business] than the previous administration
2.  Teachers who don't perform should be cut.  That may cause a panic among some mediocre educators who feel safe with the union and tenure.

`...keep good teachers on the job, and reward the best ones. In return, grant schools flexibility: To teach with creativity and passion; to stop teaching to the test; and to replace teachers who just aren't helping kids learn.` ~ President Obama, January 24, 2012

Well that is all for this week.  This last link will make you Think Different, coincidentally this video announces the arrival of a technology game changer exactly 28 years ago this day, January 24th, 1984.

WE ENCOURAGE YOU TO 'THINK DIFFERENT' ABOUT ECONOMIC POLICY AND GOVERNMENT!

* Read the whole article at: http://www.huffingtonpost.com/2011/10/20/steve-jobs-biography-obama_n_1022786.html

The solution to the Debt Ceiling

Humor has a way of helping make a point.  I think we can share this one with our not so econ-nerd friends, the punchline really hits home.

Debt Limit, going UP. <ding>



And for the more serious study today we have four minutes on The Expenditure Categories of GDP which was just posted by Jodi at Economists Do It With Models.

This video outlines the expenditure categories of Gross Domestic Product and explains how they come together in order to form aggregate output or income.


If you like that video you can find more on the page above.






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The History of Austrian Economics

The latest from FEE.org; The History of Austrian Economics

140 years broken down into four periods:

• 1871 - 1914 (WW1) The Founding Period 
• 1914 - 1932  Period of Consolidation
• 1932 - 1974  Era of Mises and Hayek
• 1974 - recent

This is good but be prepared to watch, it's an hour long.  I recommend getting a snack and maybe a notepad for maximized viewing quality.