*Assertions of Austrian Economics:* 1) Pain is important information,... *NOT* to be ignored or just anesthetized out of existence. 2) A dollar arising from debt and inflation is far more likely to be misspent than a dollar arising from savings and productive effort. 3) Most of the information free markets rely upon is tacit and inarticulable,... and therefore, unavailable for academics and philosopher kings to use to better plan everyone's lives. 4) That free markets, like free will, can not be reduced to equations,... no matter how prevalent "physics envy" may be.
*_The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design._* ~ Friedrich von Hayek
*_The freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use._* ~ Friedrich von Hayek
*_All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest._* ~ Friedrich von Hayek
*_It is because every individual knows little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it._* ~ Friedrich von Hayek
*_I believe that an atavistic longing after the life of the noble savage is the main source of the collectivist tradition._* ~ Friedrich von Hayek
*_The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics._* ~ Thomas Sowell
*_It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong._* ~ Thomas Sowell
*_The fatal attraction of government is that it allows busybodies to impose decisions on others without paying any price themselves._* ~ Thomas Sowell
*_The most basic question is not what is best, but who shall decide what is best._* ~ Thomas Sowell
*_There is nothing so bad that politics cannot make it worse._* ~ Thomas Sowell
*_Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. In area after area - crime, education, housing, race relations - the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them._* ~ Thomas Sowell
*_One of the most important reasons for studying history is that virtually every stupid idea that is in vogue today has been tried before and proved disastrous before, time and again._* ~ Thomas Sowell
*_The fact that so many successful politicians are such shameless liars is not only a reflection on them, it is also a reflection on us. When the people want the impossible, only liars can satisfy._* ~ Thomas Sowell
*_People who are very aware that they have more knowledge than the average person are often very unaware that they do not have one-tenth of the knowledge of all of the average persons put together. In this situation, for the intelligentsia to impose their notions on ordinary people is essentially to impose ignorance on knowledge._* ~ Thomas Sowell
*_One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain._* ~ Thomas Sowell
*_When you want to help people, you tell them the truth. When you want to help yourself, you tell them what they want to hear._* ~ Thomas Sowell
*_I have never understood why it is 'greed' to want to keep the money you've earned, but not greed to want to take somebody else's money._* ~ Thomas Sowell
*_No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind._* ~ Thomas Sowell
*_When any branch of government can exercise powers not authorized by either statues or the Constitution, 'we the people' are no longer free citizens but subjects, and our 'public servants' are really our public masters. And America is no longer America. The freedom for which whole generations of Americans have fought and died is gradually but increasingly being taken away from us with smooth and slippery words._* ~ Thomas Sowell
*_Those who want to "spread the wealth" almost invariably seek to concentrate the power. It happens too often, and in too many different countries around the world, to be a coincidence. Which is more dangerous, inequalities of wealth or concentrations of power?_* ~ Thomas Sowell
*_The great escape of our times is escape from personal responsibility for the consequences of one's own behavior._* ~ Thomas Sowell
*_Much of the self-righteous nonsense that abounds on so many subjects cannot stand up to three questions: (1) Compared to what? (2) At what cost? and (3) What are the hard facts?_* ~ Thomas Sowell
*_We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did._* ~ Thomas Sowell
*_What is especially disturbing about the political left is that they seem to have no sense of the tragedy of the human condition. Instead, they tend to see the problems of the world as due to other people not being as wise or as noble as themselves._* ~ Thomas Sowell
*_Envy plus rhetoric equals 'social justice'._* ~ Thomas Sowell
*_There is usually only a limited amount of damage that can be done by dull or stupid people. For creating a truly monumental disaster, you need people with high IQs._* ~ Thomas Sowell
*_Few of the great tragedies of history were created by the village idiot, and many by the village genius._* ~ Thomas Sowell
*_It takes considerable knowledge just to realize the extent of your own ignorance._* ~ Thomas Sowell
*_As long as human beings are imperfect, there will always be arguments for extending the power of government to deal with these imperfections. The only logical stopping place is totalitarianism -- unless we realize that tolerating imperfections is the price of freedom._* ~ Thomas Sowell
*_To say that 'wealth in America is so unfairly distributed in America,' as Ronald Dworkin does, is grossly misleading when most wealth in the United States is not distributed: at all. People create it, earn it, save it, and spend it._* ~ Thomas Sowell
*_For the anointed, traditions are likely to be seen as the dead hand of the past, relics of a less enlightened age, and not as the distilled experience of millions who faced similar human vicissitudes before._* ~ Thomas Sowell
*_Americans are so enamored of equality they would rather be equal in slavery than unequal in freedom._* ~ Alexis de Tocqueville
*_While boasting of our noble deeds we're careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery._* ~ Horace Greeley
*_I am certain there is too much certainty in the world._* ~ Michael Crichton, MD.
*_There is no such thing as consensus science. If it’s consensus, it isn’t science. If it’s science, it isn’t consensus. Period._* ~ Michael Crichton, MD.
*_Science is the belief in the ignorance of the experts._* ~ Richard Feynman
*_The first principle is that you must not fool yourself - and you are the easiest person to fool._* ~ Richard Feynman
*_I would rather have questions that can't be answered than answers that can't be questioned._* ~ Richard Feynman
*_An extremely healthy dose of skepticism about the reliability of science is an absolutely inevitable consequence of any scientific study of its track record._* ~ Michael Scriven
*_Success is born out of arrogance, but greatness comes from humility._* ~ Marco Piere White
*_Humility is the solid foundation of all virtues._* ~ Confucius
"I'm kind of taking a performance enhancing drug, and that is bitcoin in this competition... bitcoin is kind of the wind in my sails" - Saifedean Ammous
“Dont try literacy without adult supervision” lol. But in all seriousness, when I show Tom’s charts to people they remain indignant. They are unwilling to question the mainstream narrative.
You got to love all the hysterics calling you selfish because you want to live your life. It's projection. The hysterics are the selfish ones--they want the young and healthy to be slaves to them.
@@Milestonemonger Ivermectin appears to be helpful, but it's effect is mild. This guy does a better review of the other theories: ruclips.net/video/E1GF0H9V_1g/видео.html Ivermectin, vaccines, masks, detrimental viral mutations, etc.
That is a poor analogy as many great inventions and discoveries were also made possible by Einsteins Theory of Relativity. Conversely, the single most notable progeny of Marx work was Stalinism and the death of millions of innocent Russians. Honestly, I’m rather surprised to find a Marxist sympathizer lurking around an Austrian Economics podcast. I suppose some folks are just suckers for punishment……
TOM WOODS IS THE MAN!!!!!!!!!!!!!!!! So awesome to see you both connecting!!!!
Watched this with my wife, and we both enjoyed it. Thank you!
This conversation remewed my hope in humanity
Tremendous conversation gentlemen
Saifedean! You're becoming better and better at stating the truth without making it sound too radical! Holy crap!
Two of my favorite people
That feeling when two of your smart friends finally meet for the first time 🙂
*Assertions of Austrian Economics:*
1) Pain is important information,... *NOT* to be ignored or just anesthetized out of existence.
2) A dollar arising from debt and inflation is far more likely to be misspent than a dollar arising from savings and productive effort.
3) Most of the information free markets rely upon is tacit and inarticulable,... and therefore, unavailable for academics and philosopher kings to use to better plan everyone's lives.
4) That free markets, like free will, can not be reduced to equations,... no matter how prevalent "physics envy" may be.
*_The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design._*
~ Friedrich von Hayek
*_The freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use._*
~ Friedrich von Hayek
*_All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest._*
~ Friedrich von Hayek
*_It is because every individual knows little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it._*
~ Friedrich von Hayek
*_I believe that an atavistic longing after the life of the noble savage is the main source of the collectivist tradition._*
~ Friedrich von Hayek
*_The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics._*
~ Thomas Sowell
*_It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong._*
~ Thomas Sowell
*_The fatal attraction of government is that it allows busybodies to impose decisions on others without paying any price themselves._*
~ Thomas Sowell
*_The most basic question is not what is best, but who shall decide what is best._*
~ Thomas Sowell
*_There is nothing so bad that politics cannot make it worse._*
~ Thomas Sowell
*_Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. In area after area - crime, education, housing, race relations - the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them._*
~ Thomas Sowell
*_One of the most important reasons for studying history is that virtually every stupid idea that is in vogue today has been tried before and proved disastrous before, time and again._*
~ Thomas Sowell
*_The fact that so many successful politicians are such shameless liars is not only a reflection on them, it is also a reflection on us. When the people want the impossible, only liars can satisfy._*
~ Thomas Sowell
*_People who are very aware that they have more knowledge than the average person are often very unaware that they do not have one-tenth of the knowledge of all of the average persons put together. In this situation, for the intelligentsia to impose their notions on ordinary people is essentially to impose ignorance on knowledge._*
~ Thomas Sowell
*_One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain._*
~ Thomas Sowell
*_When you want to help people, you tell them the truth. When you want to help yourself, you tell them what they want to hear._*
~ Thomas Sowell
*_I have never understood why it is 'greed' to want to keep the money you've earned, but not greed to want to take somebody else's money._*
~ Thomas Sowell
*_No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind._*
~ Thomas Sowell
*_When any branch of government can exercise powers not authorized by either statues or the Constitution, 'we the people' are no longer free citizens but subjects, and our 'public servants' are really our public masters. And America is no longer America. The freedom for which whole generations of Americans have fought and died is gradually but increasingly being taken away from us with smooth and slippery words._*
~ Thomas Sowell
*_Those who want to "spread the wealth" almost invariably seek to concentrate the power. It happens too often, and in too many different countries around the world, to be a coincidence. Which is more dangerous, inequalities of wealth or concentrations of power?_*
~ Thomas Sowell
*_The great escape of our times is escape from personal responsibility for the consequences of one's own behavior._*
~ Thomas Sowell
*_Much of the self-righteous nonsense that abounds on so many subjects cannot stand up to three questions: (1) Compared to what? (2) At what cost? and (3) What are the hard facts?_*
~ Thomas Sowell
*_We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did._*
~ Thomas Sowell
*_What is especially disturbing about the political left is that they seem to have no sense of the tragedy of the human condition. Instead, they tend to see the problems of the world as due to other people not being as wise or as noble as themselves._*
~ Thomas Sowell
*_Envy plus rhetoric equals 'social justice'._*
~ Thomas Sowell
*_There is usually only a limited amount of damage that can be done by dull or stupid people. For creating a truly monumental disaster, you need people with high IQs._*
~ Thomas Sowell
*_Few of the great tragedies of history were created by the village idiot, and many by the village genius._*
~ Thomas Sowell
*_It takes considerable knowledge just to realize the extent of your own ignorance._*
~ Thomas Sowell
*_As long as human beings are imperfect, there will always be arguments for extending the power of government to deal with these imperfections. The only logical stopping place is totalitarianism -- unless we realize that tolerating imperfections is the price of freedom._*
~ Thomas Sowell
*_To say that 'wealth in America is so unfairly distributed in America,' as Ronald Dworkin does, is grossly misleading when most wealth in the United States is not distributed: at all. People create it, earn it, save it, and spend it._*
~ Thomas Sowell
*_For the anointed, traditions are likely to be seen as the dead hand of the past, relics of a less enlightened age, and not as the distilled experience of millions who faced similar human vicissitudes before._*
~ Thomas Sowell
*_Americans are so enamored of equality they would rather be equal in slavery than unequal in freedom._*
~ Alexis de Tocqueville
*_While boasting of our noble deeds we're careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery._*
~ Horace Greeley
*_I am certain there is too much certainty in the world._*
~ Michael Crichton, MD.
*_There is no such thing as consensus science. If it’s consensus, it isn’t science. If it’s science, it isn’t consensus. Period._*
~ Michael Crichton, MD.
*_Science is the belief in the ignorance of the experts._*
~ Richard Feynman
*_The first principle is that you must not fool yourself - and you are the easiest person to fool._*
~ Richard Feynman
*_I would rather have questions that can't be answered than answers that can't be questioned._*
~ Richard Feynman
*_An extremely healthy dose of skepticism about the reliability of science is an absolutely inevitable consequence of any scientific study of its track record._*
~ Michael Scriven
*_Success is born out of arrogance, but greatness comes from humility._*
~ Marco Piere White
*_Humility is the solid foundation of all virtues._*
~ Confucius
"I'm kind of taking a performance enhancing drug, and that is bitcoin in this competition... bitcoin is kind of the wind in my sails" - Saifedean Ammous
Can you recommend your top 3 must read economics books?
@@se6586 thanks but already read those. I was talking about deep and specific
Can’t wait
Tom would make a good lawyer
“Dont try literacy without adult supervision” lol. But in all seriousness, when I show Tom’s charts to people they remain indignant. They are unwilling to question the mainstream narrative.
WTF, how about discussing BTC and Econ???
You got to love all the hysterics calling you selfish because you want to live your life. It's projection. The hysterics are the selfish ones--they want the young and healthy to be slaves to them.
Re: Saifedean’s comment Fauci has only gotten softball questions. I think Rand Paul proves otherwise.
However, in the constrained context of a Senate hearing Fauci didn't need to answer them, he just ran out the clock.
WGMI
It's inconvenient that vaccination rates correlate with decreasing hospitalizations and death in Sweden and Japan.
Japan began defeating the pandemic once they approved the antiviral drug, Ivermectin.
@@Milestonemonger
Ivermectin appears to be helpful, but it's effect is mild.
This guy does a better review of the other theories: ruclips.net/video/E1GF0H9V_1g/видео.html
Ivermectin, vaccines, masks, detrimental viral mutations, etc.
Your thoughts on Karl Marx are completely out of proportion, it’s like if I say Einstein was the one to blame for atomic bombs.
That is a poor analogy as many great inventions and discoveries were also made possible by Einsteins Theory of Relativity. Conversely, the single most notable progeny of Marx work was Stalinism and the death of millions of innocent Russians. Honestly, I’m rather surprised to find a Marxist sympathizer lurking around an Austrian Economics podcast. I suppose some folks are just suckers for punishment……