This is a new upload of episode 66, as a sound glitch accidently went throiugh in the previous upload. Apologies for this. We've lost all our earlier views and comments, so sorry if your comment on the earlier upload got lost. Please keep engaging! :)
The show is free ..no..as my dear friend Amit will argue, we listeners pay for the show with our time And something ephemeral, so less likely to be acknowledged, our gratitude... Thank you so much, Amit and Ajay, for every week that you both sit down and ruminate and share your thoughts. Much appreciated 👍
Great episode. Esp. about how to fix this desire of policy-makers to fix prices. But my main complaint with this episode is that you miss the mother of all price controls: the price of money itself and how it is controlled by central banks through interest rates. These bankers setting the price of money/capital is a criminal act of price control far worse than the other examples you mention. The price of capital/money affects everything (repeat, everything) in the world, and we allow these central banks to set it and consequently, set off boom and bust cycles across entire economies.
Hi Chon, Your videos are very well made and informative. Does the 150 Bhat for the hop on hop off ferry also include the return journey back to Sathon Pier. Regards and Best Wishes, AB
1:01:36 A Question! (Incase they're being compiled for a AMA) Hey EIE Team! Love the podcast. I agree with Amit's argument about Tariffs adding to the costs of consumers and it's subsequent ill-impact on the local economy. However, how do we balance this 'economic loss' against a potential strategic harm that may emanate out of over-dependence? Take for example, India's imports of Active Pharmaceutical Ingredients (APIs) from China. How should countries strike the balance between national security and economic efficiency? Are we comfortable drawing exceptions for strategic goods? If yes, then how do we decide what qualifies as strategic and what ought to be the threshold for subsidizing their production contrary to prevailing market conditions? (For example, semi-conductors) Cheers! PS: Please do a long episode each on Globalization and Journalism!
blog.theleapjournal.org/2021/05/indias-supply-chain-vulnerability-with.html is on how to use state power in a situation of 'strategic vulnerability ' while going with the grain of the price system.
Very interest episode and some very good examples...both national as well as international....one small feedback...just check how you pronounced "Gharaunda"....during aabodana thing!
is bitcoin perfectly priced? not even sure if "perfectly priced" is a term - i mean, is the price freely decided by buyers and sellers without any middle-agent?
Hey , What do you think about MRP , is that also not a form of price control. Is there any serious movement against this concept anywhere in India. Does this not bring friction in retail , even if the consumer and the seller agrees on a higher price , wont the department of department metrology come knocking. Is that not a travesty against freedom. How can we steel man the concept of an MRP or is it an absolutely hopeless socialist vestige ?
I was listening to a Podcast with Neha Dixit on her latest book "The Many Lives of Syeda X", a disturbing story of an Ordinary working-class Indian trying to make a living in the Indian informal sector. There is bound to be exploitation in a country where the supply of labor is much more than the demand. Syeda typically gets 60 or 70 rupees for completing work on 144-piece buttons or Toys. There is no check on this exploitation by any agency. You say the price system will take care of wages and there should not be any Minimum wage concept. I am told even in the US there is a minimum wage for even casual work. Your reluctance to minimum wage is confusing. Your point is that Syeda will not get even Rs 60 if the minimum wage is fixed. But can this be an argument? If more desperate seekers are in the market this wage can go down to Rs 30/-. Is it OK? Something is a miss!
I've heard great things about that book; not started reading it yet. How do you think a minimum wage would help that situation? If someone's wage is valued at less that that figure, they'll never get in in the formal market, and would be forced into the informal market anyway. If the informal market did not exist, they'd be jobless. Merely legislating something does not make it a reality. The structural problem here is that we are a poor country. The reason for that is decades without enough economic growth. The reason for that is the lack of economic freedoms. Please see EIE eps 57 and 10, and SU eps 237 and 387 for an elaboration & illustration of this. There are many ways in which the world could be better off. Passing a law to that effect doesn't do anything -- and in the case of prices, always always always makes things worse.
This is a new upload of episode 66, as a sound glitch accidently went throiugh in the previous upload. Apologies for this. We've lost all our earlier views and comments, so sorry if your comment on the earlier upload got lost. Please keep engaging! :)
could you have left the previous video up or would that have angered the algorithm or you like to do things right?
@@aviralgupta393 The sound of Ajay's track was messed up in that, so we had to replace it. Why leave something faulty up?
@@amitvarma “How you do anything is how you do everything” Martha Beck
The show is free ..no..as my dear friend Amit will argue, we listeners pay for the show with our time And something ephemeral, so less likely to be acknowledged, our gratitude... Thank you so much, Amit and Ajay, for every week that you both sit down and ruminate and share your thoughts. Much appreciated 👍
You guys are fantastic. Enjoy every episode.
Another great episode. This podcast has opened my eyes and made me think about basic society functioning.
I hope you guys never stop recording episodes. Such great content!
Excellent.
Thanks a lot you two gentlemen men .
Great episode. Esp. about how to fix this desire of policy-makers to fix prices. But my main complaint with this episode is that you miss the mother of all price controls: the price of money itself and how it is controlled by central banks through interest rates. These bankers setting the price of money/capital is a criminal act of price control far worse than the other examples you mention. The price of capital/money affects everything (repeat, everything) in the world, and we allow these central banks to set it and consequently, set off boom and bust cycles across entire economies.
We agree. Episode 67 and 68 are about just that. :)
Hi Chon,
Your videos are very well made and informative. Does the 150 Bhat for the hop on hop off ferry also include the return journey back to Sathon Pier.
Regards and Best Wishes,
AB
“The only thing that passes the cell wall of a firm is price.” Brilliant!
1:01:36 A Question! (Incase they're being compiled for a AMA)
Hey EIE Team! Love the podcast. I agree with Amit's argument about Tariffs adding to the costs of consumers and it's subsequent ill-impact on the local economy.
However, how do we balance this 'economic loss' against a potential strategic harm that may emanate out of over-dependence? Take for example, India's imports of Active Pharmaceutical Ingredients (APIs) from China. How should countries strike the balance between national security and economic efficiency?
Are we comfortable drawing exceptions for strategic goods? If yes, then how do we decide what qualifies as strategic and what ought to be the threshold for subsidizing their production contrary to prevailing market conditions? (For example, semi-conductors)
Cheers!
PS: Please do a long episode each on Globalization and Journalism!
blog.theleapjournal.org/2021/05/indias-supply-chain-vulnerability-with.html is on how to use state power in a situation of 'strategic vulnerability ' while going with the grain of the price system.
Guilty of discovering this episodes lately....
The course is 1500usd
Will take it one day in future maybe
Very interest episode and some very good examples...both national as well as international....one small feedback...just check how you pronounced "Gharaunda"....during aabodana thing!
Why the re-upload?
US is a free market but there is also diabetic issue.
is bitcoin perfectly priced? not even sure if "perfectly priced" is a term - i mean, is the price freely decided by buyers and sellers without any middle-agent?
Hey , What do you think about MRP , is that also not a form of price control. Is there any serious movement against this concept anywhere in India. Does this not bring friction in retail , even if the consumer and the seller agrees on a higher price , wont the department of department metrology come knocking. Is that not a travesty against freedom. How can we steel man the concept of an MRP or is it an absolutely hopeless socialist vestige ?
Audience: It's criminal to watch this free.
Amit: Pay 1.2L then 😅
I was listening to a Podcast with Neha Dixit on her latest book "The Many Lives of Syeda X", a disturbing story of an Ordinary working-class Indian trying to make a living in the Indian informal sector. There is bound to be exploitation in a country where the supply of labor is much more than the demand. Syeda typically gets 60 or 70 rupees for completing work on 144-piece buttons or Toys. There is no check on this exploitation by any agency. You say the price system will take care of wages and there should not be any Minimum wage concept. I am told even in the US there is a minimum wage for even casual work.
Your reluctance to minimum wage is confusing. Your point is that Syeda will not get even Rs 60 if the minimum wage is fixed. But can this be an argument? If more desperate seekers are in the market this wage can go down to Rs 30/-. Is it OK? Something is a miss!
I've heard great things about that book; not started reading it yet.
How do you think a minimum wage would help that situation? If someone's wage is valued at less that that figure, they'll never get in in the formal market, and would be forced into the informal market anyway. If the informal market did not exist, they'd be jobless. Merely legislating something does not make it a reality.
The structural problem here is that we are a poor country. The reason for that is decades without enough economic growth. The reason for that is the lack of economic freedoms. Please see EIE eps 57 and 10, and SU eps 237 and 387 for an elaboration & illustration of this.
There are many ways in which the world could be better off. Passing a law to that effect doesn't do anything -- and in the case of prices, always always always makes things worse.
@@amitvarma Thank You!
Hello Amit,
Excellent discussion. Very rarely one can see some sensible discussions on price control.
Can I get your email ID to contact you?
amit[at]seenunseen[dot]in
@@amitvarma Thanks a lot. 👍
Why i did not see this before