The Use of Knowledge in Society - Lee Doren
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TWITTER: http://www.twitter.com/LDoren Facebook: http://www.facebook.com/LeeDoren1 Website: http://www.LeeDoren.com The Use of Knowledge in Society: http://goo.gl/JZpjE Thomas Sowell Basic Economics 4th Edition: http://goo.gl/ww83H Ghost Cities: http://youtu.be/rPILhiTJv7E Note: Sales made through the links above will result in compensation to me at no extra cost to the buyer. "F.A. Hakek" "John Meynard Keynes" "Keynesian Economics" "Free Market" "Prices" "Price System" Economics "Econ. 101" "Fatal Conceit" "Use of Knowledge in Society" "Profits and Losses" "Profits" "Lee Doren" "How The World Works" "HowTheWorldWorks" "Commentary" "News and Politics" Subscribe to the iTunes Podcast of The Lee Doren Show: http://itunes.apple.com/us/podcast/the-lee-doren-show/id549725021 RSS Feed: http://feeds.feedburner.com/TheLeeDorenPodcast Premium Membership: http://www.LeeDoren.com/Podcast Explanation of the Premium Membership: http://www.Leedoren.com/premium-access Lee Doren has a passion for public speaking, being the youngest speaker to lecture for the Ronald Reagan Political Lecture Series at Oberlin College. He has given speeches in Annapolis, Maryland on the Bill of Rights and at the U.S. Capitol for the 9/12 March on Washington. He has been invited to lecture at The Cato Institute, The Institute for Energy Research, the Young Britons’ Foundation in the United Kingdom, the State Policy Network and Lehigh University. He has also provided commentary for Fox News, CNN, Reuters, PBS and Air America. Join me on Facebook! https://www.facebook.com/LeeDoren1 Follow me on Twitter! https://twitter.com/LDoren If you enjoy this material be sure to Subscribe! http://www.youtube.com/subscription_center?add_user=HowTheWorldWorks
Comments
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what a narrow and miserably ill informed view of the way the world actually works -- and yet he is so young. very demoralizing.
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this is great now I'll ace my economics class haha
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i couldn't find the quote. could someone write it in the comment section. thanks
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Your summary was excellent!! Thanks
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What you're talking about is "crony capitalism". Big companies work with the government so they can fuck the competitors (even if the competitors offer superior products). That doesn't exist in a free market.
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What about a centralized computer system that was able to calculate all of these values, wants, desires, requests for resources, along with an automated distribution system, could it then defeat Hayek's Fatal Conceit? Hi, i'm the author of Simulation Theory, and i'm out to make reality the impossible Utopia through total automation where everyone can responsibly be lazy bums and eat donuts all day if they would like, and all means of manufacturing and distribution are done by robots and AI.
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Milton Friedman said (and I'm paraphrasing here), "If you put the Federal Government in charge of the Sahara desert in a few years there would be a shortage of sand." is that what you mean?
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Take a gold bar out of your pocket and tell me what it is worth, if there is nothing behind it, it is NOTHING, what part of this is so difficult to understand? It is a piece of metal that without consumer goods behind it is worthless. I don't care if someone says it's gold...with no backing it is gravel.
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Why companies ask for money to the government during a crisis? Is that free market?
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this helps with my exam :) thanks
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Limiting credit is a good thing, it helps economic growth, it doesn't hinder it. Expanded credit not based on savings results in economic destruction.
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Haha I live in Canada. I was like "How is a coin useful as toilet paper..? What is this guy smoking?"
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What is odd is that when we lived in Germany, you could buy gold foil (not leaf) at the checkout in supermarkets. You would say how many Marks worth (Mark era) you wanted to buy and the cashier would measure that amount out, cut it, and hand it to you. The old ladies would fold the bit of fiol up tightly and drop it in their purse. I don't know if this still goes on but it did after the gold standard went away.
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@Drumboy5165 Currently the US only has enough Gold for about 2K per person. That's not an income. That's all money in the US. That would make everyone worth roughly 5% of what they are now. Backing money is a good idea in principle, but we don't have enough Gold. We'd need to create a multi-comodity backed currency, or create multiple currencies backed by different comodities.
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I am seeing this rather late, but this is a GREAT video. This should be required viewing.
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Hayek was awesome. Keynes may have been popular, but Hayek was right in the end. He also lived to see the Soviet Union fall, which I'm sure put a big smile on his face.
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@Drumboy5165 it wouldn't actually limit "credit" it would just ensure that those who elected to issue credit were far more prudent.
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@captaincholera The paper in your pocket is worth 0 if you have no security or backing, THAT'S how it works. The dollar is not worth a dollar due to interest rates. How much bread can you buy today against one year ago? Seriously? If the dollar was backed by something that did not change IE; Gold for instance, it would buy the same amount, basic common economics. Maybe you should stop reading the crap your being fed, eh? I believe you have no clue, truly.
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@captaincholera The most basic of economics is to have security, we have NONE. If the economy goes totally south, which is where obammy & congress are driving it, those little pieces of paper are worth nothing. Yet if I have some gold coins in my pocket, I have the ability to barter, buy & sell and survive. Look at the rate money is currently being printed, what is it's security?
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@captaincholera Take a dollar out of your pocket and tell me what it is worth, if there is nothing behind it, it is NOTHING, what part of this is so difficult to understand? It is a piece of paper that without security behind it is worthless. I don't care if someone says it's money...with no backing it is toilet paper. The only way being on a gold standard would limit economic growth is by limiting 'credit', if you want to increase what you print you must have a greater store of backing.
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