25 thoughts on “Behavioral Economics, Ep. 1: How and Why the Economy Works in 3 Minutes – Learn Liberty

  1. But address what happens when you inject non-productive government jobs into the mix which force money from productive people in order to pay the non-productive…. It messes with free market economics, no?

  2. So far, so good. I hope that these two are far more Libertarian than Laura Kipnis, who, also started out "good" but proved an immense disappointment to me by the end of her series.

  3. The reason animals don't trade and specialize… that which is most distinctly different about humans compared to ALL other life forms is Korzybski's concept of time binding . . . Only humans have volition in a time domain.

    It is because of that universality of human nature, that property rights is universal. Not a majority. It is even recognized by criminals and government officials, when it's convenient.

  4. This sounds very Mises inspired. (Austrian economics) But the view of what rationality means is a big difference. In Austrian economics rationality is that people act with some goal or intention in mind and that they use the means at their disposal to achieve those goals. The goals might be stupid and they might change their mind right after making the decision but you can predict their actions by examining what goals they have and how they view the world. But since human desires changes constantly this makes predicting human action hard at an individual level.

    Smoking and drinking aren't irrational if you value it more than the health you lose at the time of acting. Though when you are on your deathbed you probably will hold a different view of your actions.

  5. Why would the first chap exchange his spear for food? Now he has no spear to hunt for more food. The second chap now has the spear with which to threaten the first chap and demand the food back. Now the first chap has nothing while the second chap has both spear and food. Given the fact that much of our history is a retelling of war and despoliation, of piracy and slavery, of exploitation and ransom, of rape, pillage and plunder, I wonder why my narrative of the spear/food exchange is not more representative of humanity.

  6. "In exchange, her future self will have to study." Yeah, you don't know college kids. Their "future selves" generally do not study later after partying now.

  7. That was like a brain massage nice! Loved the molecule analogy, I'm constantly thinking of those types of analogies to explain that, the economy is simply the whole of us trading amongst ourselves, and that things naturally work and get better because we are rational most of the time.

  8. Suggestion for the next video: teach me how to string together an unending stream of aphorisms until someone awards me a professorship. Go Dukes!!!!!!!

  9. Great videos! Behavioral econ. is not so treated within libertarians so this is very useful information. Keep up with the good work!

  10. great video – although leaving out emotional desires (the driving force behind all "irrational" choices) leaves the talk incomplete. We as a society are constantly in battle with Man's uncontrollable emotions and "irrational" behavior. btw I put irrational in quotes because I'm using it as the speakers did. Smiling Spock – live long and prosper :0)

  11. "When applied to the means chosen for the attainment of ends, the terms rational and irrational imply a judgment about the expediency and adequacy of the procedure employed. The critic approves or disapproves of the method from the point of view of whether or not it is best suited to attain the end in question. It is a fact that human reason is not infallible and that man very often errs in selecting and applying means. An action unsuited to the end sought falls short of expectation. It is contrary to purpose, but it is rational, i.e., the outcome of a
    reasonable–although faulty–deliberation and an attempt–although an ineffectual attempt–to attain a definite goal. The doctors who a hundred years ago employed certain methods for the treatment of cancer which our contemporary doctors reject were–from the point of view of present-day pathology–badly instructed and therefore inefficient. But they did not act irrationally; they did their best. It is probable that in a hundred years more doctors will have more efficient methods at hand for the treatment of this disease. They will be more efficient but not more rational than our physicians." ~Ludwig von Mises, Human Action, p. 20

  12. You can't group all people in one group based on some idiots. That's prejudice. Maybe those idiots really listened to public education. Gov sucker!

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