Value and Prices - (Austrian Econ Basics #2)
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- Опубликовано: 16 сен 2024
- Before getting into the nitty-gritty of how markets and prices are necessary to create a prosperous society, we need to know why prices even exist in the first place, which is value. In classical economic history, value was taught to be an intrinsic aspect which is placed within a good by labouring on it, but this explanation was always full of holes and only adopted as there was no better explanation around. At least until the Austrian school changed everything.
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Anglo I have to say is thank you for introducing the Austrian economics school of thought. At first I didn’t really care much about economics but then I stumbled upon Milton Friedman and a couple of socialist videos and I got interested. It became a full on passion of mine. I just found the whole thing interesting it didn’t mattered if I disagreed or agreed. And then I stumbled upon your vids and I was exposed to a new branch of thought. The Austrian kind and through your fist vid of the Austrian school of economics I went in deeper learning about Georgism, mutualism, and of course the Austrian school of thought of economics. And thanks to these videos that now I will be majoring in economics and I have you to thank for it. And I still read about it for fun. So thank you for deepening my passion for the subject.
I have to thank you for this comment because that means so much to me. My first ever exposure to economics was exactly the same, stumbling across old videos of Milton Friedman, then a year later I was passionately immersed and was accepted to study it at university despite barely passing maths in high school. To hear that you've gone through the same thing and value my videos for it is truly heartfelt. I'm sure that you'll keep that passion going, and you can know that it's worthwhile because it's weird to like economics and in a competitive jobs market that gives you a huge advantage over everybody else 😂 I wish you all the best with your studies and everything after
Anglo Libertarian thank you for taking the time out of your day to respond. And good luck on your next vid. And again thank you for the passion.
@@jethro5288 wholesome and based
Same bro, Milton Friedman is a god
@@CeaddaOfMercia just stumbled across your Austrian school of economics videos and also had a very similar route to it. It started with Milton Friedman lectures on RUclips about 6 years ago while I was studying international business, then found out about Hayek's road to serfdom published by the uni of Chicago. Joined a Facebook group about Austrian economics which is where one of your videos was linked. I find it criminal how economics (the 2 basic classes i had at uni in the Netherlands) is taught at uni. Praise Friedman for opening my eyes to more than just keynesian shyte and leading me to this place.
Ive been reading books from the Austrian school for a while now but really appreciate this series of videos you made. A great resource for me to find which works to read next plus filling in the gaps in my foundational knowledge
Based. The value paradoxon is also the best argument for countering LTV-argumentations.
I feel like broken windows would be a potential next logical step
Should do a basic economics series, or even an economics myths/fallacies series!
This *is* the basic economics series.
@@letters_from_paradise Ah shit so it is, my bad
I agree with everything you said on the video, except for the Keynesian interpretation of Say's law "supply creates its own demand" 7:58. When what J.B. Say was "it is production that opens a demand for products". Our ability to demand goods and services from others is derived from the income generated by our own acts of production.
Does LTV propose that everyone's 'hours' are worth the same, i.e. is 4 hours of chair making worth 4 hours of brain surgery (no, I'm not going to look it up myself, I value my time too much)? If so, does anyone actually take LTV seriously? And would they pay twice as much for a takeaway burger that takes 10 minutes to arrive instead of 5? It just seems so unfathomably stupid and childlike I really find it hard to believe that any sane adult couldn't figure this out, let alone spend decades writing an entire thesis based on such nonsense. Why do intellectuals so often come across as being complete imbeciles?
Intellectuals often sacrifice empiricism for rationalization and logic.
Everyone’s labor is valuable to them when they are doing the labor, therefore if they are selling something, they will sell it at a higher price if they worked longer on it. This is basically true, but expanding on it to view labor as the only determinant of value is fucking r-worded.
Let's just start off with "i'm an ancap, fuck the left," but what about if they somehow miraculously determine how long something *SHOULD* take and go off that, rather than the amount of time that was actually put into something?
For me this was a well needed review of basic economics that I studied on my own 10 years ago. I have a 50-year love of psychology and this type of economics to me is just another branch of psychology.
I'm very glad to hear that because I can say it until I'm blue in the face that economics done properly is a social science. Economists who attract mathematicians and physicists are not economists at all, because economies are made up of people, not calculators running a million equations per minute to find optimum levels. If you don't start by studying the roots of human action, you're not going to end well
Gorilla Munch
Gorilla munch
Amazing video. Very interesting. I'm not sure about the objection to marxism based on loss you present at the end, but I should think about it.
commenting because the algorithm likes it
EXPECTED value is in the eyes of the beholder, not ACTUAL VALUE which is utility and the outcome of an action.
value is objective, thats why we make choices for babies and children and dumb people
Virgin labour theory of value vs chad labour theory of property
I have several questions about anarcho capitalism:
What if someone is forced to accept certain deals because of their circumstances (caused by nature not man)?
How would deals be enforced in an ancap society?
How would an ancap society prevent takeover from certain private military companies and/or comunities that wish to assert their rule over others?
Is deceit a violation of the NAP?
They're good questions but a bit too much for RUclips comments to be honest, I'd recommend you watch my video explaining the essentials of anarcho-capitalism if you haven't already, and then joining my discord server. We have an ideology discussion channel where you can ask these one at a time and discuss until you feel you've had satisfactory answers
I can recommend Practical anarchy and everyday anarchy by molyneux, he talks about those things i beleive. they are free on the freedomainradio site.
"How would deals be enforced in an ancap society?" one option is disute resolution organizations (DRO), molyneux talks about that. risk mitigation companies similar to insurance.
but maybe think of it another way: if nobody is rightfully going to force you to do anything, how would you personally go about dealing with those things?
I missed the premier :(
Mission failed, we'll get em next time
@@CeaddaOfMercia i hope
Based
Scarcity
someone is spamming the link to this video under the comment section of a TED-ED video. just saying that if in the future this video gets a lot of dislikes, it’s probably because of the spammer.
Thank you for letting me know, do you remember their username?
@@CeaddaOfMercia The one I saw was R A for me it was under the second highest comment
What do you think of Market Socialism? Or more specifically, a totally free market economy with some form of property rights except the businesses (particularly large industries) are primarily co-operatives.
@C3- KO Isn't or is?
They're less efficient than capitalist owned firms and would end up charging higher prices thus get outcompeted by capitalist owned firms. There's nothing good about them.
@@nbmi4613 not necessarily. Where do you get this Idea from?
No one's stopping co ops to exist within capitalism. They can try but the very nature of socialism is anti market.
They don't overcome the knowledge or economic calculation problem
so are a objectivist or subjectivist?
Diamonds aren’t rare
the amount of diamonds that were available to the market was low, so they were "rare" from a buyer's perspective
@@edgarmartini8516 I think a cartel messed with the prices anyway.
@yeah yea there are a lot of diamonds there