The Role of Austrian Economics in the Liberty Movement | Tom Woods
The opening lecture of the 2014 Mises University. Archived from the live broadcast from the Mises Institute in Auburn, Alabama, on 20 July 2014.
The opening lecture of the 2014 Mises University. Archived from the live broadcast from the Mises Institute in Auburn, Alabama, on 20 July 2014.
Brilliant speaker that Tom Woods
Check out this video on YouTube:
If that speech wasn’t incredible, I shudder to think of what your
definition of the word “incredible” is. Well done, Mr. Woods.
Thank you everyone who works for Mises, God bless guys
There is a reason they call him Tom Mother Fucking Woods
Keynes vs Hayek rap as mentioned at 9:05 http://youtu.be/d0nERTFo-Sk
LOL a bunch of privileged upper class yuppies worshiping Austrian
economists… it is like the rich man’s backstreet boys. lulz
I agree that market prices are important for efficiency. But I am not sure
that it is self evidently necessary to have a functioning economy.
Your example – the government owns a mine, it also owns some land near the
mine. It also owns land further away. So they could not possibly make the
decision of where to put the factory – makes some sense.
But let me give you another example, but one that is not hypothetical. You
have massive tech monopolies.
Microsoft did not buy Internet Explorer or components of their operating
system. So how could they possibly know how many resources to spend on
writing a web browser vs fixing bugs somewhere vs some other component of
the operating system?
Look at everything Amazon does and did. It pioneered data mining and things
like that. How could they know how to allocate resources to all the
different components of their business?
It seems like if the pricing mechanism were the most important thing in the
world, you would not have these giant monopolies, you would have firms
doing specifically online advertising (and not one company with 90% market
share). Or data mining, or even storing data, running servers, or all these
other things.
It seems like in the very early stages in any new technology you have a lot
of competing firms, but they then quickly become near monopolies. Granted,
intellectual property law, the tax code, and other government intervention
helps to keep the giant corporations ahead of their competitors. But there
is still enough of a free market that it seems like if the pricing
mechanism were everything, these monopolies would not arise.
Loved the Rothbard story at the end :)
Excelent! Amazing! Next year Im on it! Alabama here I come
Inspiring speech, Thank you Tom Woods. Great way to kick off this upcoming
week at Mises University!
A lot of great points
So good, Tom! So very good! Thanks! :-)
Excellent speech! I would like to have the 1000-dollar-trunk story
available as an article to hit the debate with. Is there a place?
i love his talks, they are refreshing.
DanielHall4Freedom.ws
米塞斯学院又开学了
jews in economics. turns out murray rothbard, and von mises were both
jews…
SERIOUSLY, Time to go read up on Keynesian economics.
Great video!!
Great speech
Tom mentions Fred Foldvary – that mens a lot to me – read Foldvary’s essay
Inequality Unexplained:
“The ideology of welfare statists makes them only think of governmental aid
and reject the idea that governmental intervention is the source of the
problem. They sneer at “free market fundamentalism.” They don’t understand
the fact that taxes on labor redistribute wealth from workers to landowners
as government taxes wages to pay for public goods that generate higher rent
and land value. They don’t understand that the worker-tenant pays twice for
the public goods of government, once by having half his wage taxed away,
and a second time in the higher housing rental he pays because greater
governmental services increase locational rents.
The effective remedy for poverty is to remove all punitive taxes and
land-value subsidies. We can remove subsidies to the landed interests by
having them pay back the rent generated by useful public goods such as
roads, schools, and security. Without taxes on labor and enterprise, the
cost of labor is lower to employers, while the worker’s take-home pay is
higher. The replacement of wage taxes with land value taxes would reduce
economic inequality while also increasing the productivity of the economy.”
http://foldvary.blogspot.co.uk/2013/10/inequality-unexplained.html