This is just an anecdote related to OSHA. The story was told to me by an old-timer who passed away recently. He was telling me that when OSHA was first invented, they sent an inspector to the factory he was working at. They had a mezzanine where they stored stuff on, and there was a narrow staircase that they used to put stuff up there. But that's not safe, because some bureaucrat decided that a certain amount of inches needs to be allocated for staircases regardless of the circumstance. So to protect all these workers, they had to remove the stairs and install a ladder. 😂
Great talk from this gentleman, would love to hear about specific regulations discussed. Could anyone give me a lecture on real instances of regulations and their effects?
The trouble is with government the pain never leaves, matter of fact it continues getting more and more severe, simply because one regulation always means more and more regulations that's just how government works federal state and local, matter of fact it being local can be worse regulations are never stagnant they are always progressive.
Yeah. But we have to live with one another. We don't live on our own little islands. People pretend to but in the real world, roads, water lines, schools, and being a citizen and having money to trade goods and services are all part of working together. Should we let business go ahead and put anything they want in our water or food? And if a few people get cancer and die, well that's just the price to pay? Should we have people drive any speed they want? Why have break lights on cars? Why have traffic lights at all? If we have to live together - we need to work together. So yes - I want less liberty for the greater good. How we do that - let's discuss, let's build a government of "We the people" not "I the individual." Let me take you to nations in Africa and South America where there are very little government regulation or police, where women and children are raped and tell me less government is better. Our messy government is the oldest in the world, precisely because it is messy, and divided powers keep dictators like Putin or Trump from taking over. Trump was not as successful the last time he was president because the Congress, Supreme court and the states keep stepping on his plans. I don't think any-one human being should be in control. History has shown us plenty of dictators who eventually fall from grace. That is why I stick with our constitution, because no better system has been created. We need to work within the rules to make the rules and anyone who wants to subvert probably has some selfish reason for doing so and the rest of us may not like what they are selling.
We see this going on in the crypto industry. Entrepreneurs are restricted in their endeavors through government regulation. An entire bureaucratic system filled with lawyers whose job it is to enforce gov rules and regulations.
Unseen Cost of Regulation, it is regulation that created the middle class the lack of regulation destroy the middle class the numbers don't lie only people lie. Regulation from 1933 til 1999 created the most prosperous middle class in the history of the USA and the world. In the 80s deregulation started the middle class made no gains, in the 90s deregulation picked up and accelerated into the 20s the middle class started to shrink and made no gains. Now we talk about saving the middle class. Please explain, all the money trickled up with no regulation and trickled down with regulation, look at the numbers....
Millions of people in India and China are now coming out of extreme grinding poverty due to deregulation of both economies that started in 1994 and 1979 respectively. Before those times these countries were much poorer than they are today. While India still looks poor to Western eyes, the degree of poverty prior to 1994 was much more harsh. Deregulation means there is less bureaucratic red tape when it comes to starting and running businesses, meaning more jobs for more people, rather a smaller bunch of jobs but with more benefits and protections but everyone else being unemployed.
Unseen cost of regulation? What makes me skeptical of international trade is how many businesses just made shit in China, so they could just emit carcinogens and leave laborers to die without a care. I guess I see it sort of like how Friedman warned us about open borders and welfare states.
This is just an anecdote related to OSHA. The story was told to me by an old-timer who passed away recently. He was telling me that when OSHA was first invented, they sent an inspector to the factory he was working at. They had a mezzanine where they stored stuff on, and there was a narrow staircase that they used to put stuff up there. But that's not safe, because some bureaucrat decided that a certain amount of inches needs to be allocated for staircases regardless of the circumstance. So to protect all these workers, they had to remove the stairs and install a ladder. 😂
Per is the man. One of the best economists alive.
Great talk from this gentleman, would love to hear about specific regulations discussed. Could anyone give me a lecture on real instances of regulations and their effects?
23:18 I swear someone removed the bass from the audio when he says "cassette tapes" as an easter egg.
The trouble is with government the pain never leaves, matter of fact it continues getting more and more severe, simply because one regulation always means more and more regulations that's just how government works federal state and local, matter of fact it being local can be worse regulations are never stagnant they are always progressive.
Regulations most all means less and less liberty, it's very very oppressive on liberty.
Yeah. But we have to live with one another. We don't live on our own little islands. People pretend to but in the real world, roads, water lines, schools, and being a citizen and having money to trade goods and services are all part of working together. Should we let business go ahead and put anything they want in our water or food? And if a few people get cancer and die, well that's just the price to pay? Should we have people drive any speed they want? Why have break lights on cars? Why have traffic lights at all? If we have to live together - we need to work together. So yes - I want less liberty for the greater good. How we do that - let's discuss, let's build a government of "We the people" not "I the individual." Let me take you to nations in Africa and South America where there are very little government regulation or police, where women and children are raped and tell me less government is better. Our messy government is the oldest in the world, precisely because it is messy, and divided powers keep dictators like Putin or Trump from taking over. Trump was not as successful the last time he was president because the Congress, Supreme court and the states keep stepping on his plans. I don't think any-one human being should be in control. History has shown us plenty of dictators who eventually fall from grace. That is why I stick with our constitution, because no better system has been created. We need to work within the rules to make the rules and anyone who wants to subvert probably has some selfish reason for doing so and the rest of us may not like what they are selling.
Minimum wage
Payroll tax
Singapore has no minimum wage. Are they a backwater hellhole?
Pear Bylund 🍐
We see this going on in the crypto industry. Entrepreneurs are restricted in their endeavors through government regulation. An entire bureaucratic system filled with lawyers whose job it is to enforce gov rules and regulations.
During our election season, everything before he starts talking about regulation around 21:00 aounds really suspect as crony capitalism
Unseen Cost of Regulation, it is regulation that created the middle class the lack of regulation destroy the middle class the numbers don't lie only people lie. Regulation from 1933 til 1999 created the most prosperous middle class in the history of the USA and the world. In the 80s deregulation started the middle class made no gains, in the 90s deregulation picked up and accelerated into the 20s the middle class started to shrink and made no gains. Now we talk about saving the middle class. Please explain, all the money trickled up with no regulation and trickled down with regulation, look at the numbers....
Millions of people in India and China are now coming out of extreme grinding poverty due to deregulation of both economies that started in 1994 and 1979 respectively. Before those times these countries were much poorer than they are today. While India still looks poor to Western eyes, the degree of poverty prior to 1994 was much more harsh. Deregulation means there is less bureaucratic red tape when it comes to starting and running businesses, meaning more jobs for more people, rather a smaller bunch of jobs but with more benefits and protections but everyone else being unemployed.
Unseen cost of regulation?
What makes me skeptical of international trade is how many businesses just made shit in China, so they could just emit carcinogens and leave laborers to die without a care.
I guess I see it sort of like how Friedman warned us about open borders and welfare states.
Are you suggesting that China has insufficient regulation? Because every measurement of economic freedom says otherwise...
Al these jobs are eleswhere
🤑🤠😎