Russ Roberts – It’s a Wonderful Loaf
An evening pause:
We know there’s order built into the fabric of the world
Of nature. Flocks of geese! Schools of fish! And every boy and girl
Delights in how the stars shine down in all their constellations
And the planets stay on track and keep the most sublime relations
With each other. Order’s everywhere. Yet we humans too create it
It emerges. No one intends it. No one has to orchestrate it.
It’s the product of our actions but no single mind’s designed it
There’s magic without wizards if you just know how to find it
I suspect that readers of Behind the Black will know the answer to this mystery.
Hat tip Edward Thelen.
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Edward-
Great selection.
Professor Roberts is also responsible for the Keynes Vs. Hayek rap-videos, and can be found weekly on his podcast “Econ Talk,” at http://econtalk.org/
Very nice Edward, brings to mind “I Pencil ” and Adam Smiths invisible hand. Too bad dictators don’t want free market economics over very fallible command economics.
Here we have an obvious truth. So the natural choice is to ignore it.
The problem with I Pencil is it leads to a false conclusion because it shows the visible and ignores the invisible alternatives. The alternative being that if any of the world’s supply line stopped, we’d still have pencils because…
“Economics is the study of scarce resources that have alternate uses.” Which can only be understood when you also realize that everything is scarce and all have alternate uses. So if you only had the access of the resources in a limited area you’d still have writing instruments.
The false conclusion of some that watch I Pencil is it has to be done as described or more to the point, requires that which is described, when the actual point is it doesn’t.
ken- interesting point.
Brand new from the professor, with a bit on spontaneous & emergent order.
“Leaving things alone: The Secret Lessons of the Economic Way of Thinking”
Russ Roberts at Friedberg Economics Institute
May 2017
https://youtu.be/y6uHsMnBLNw
(1:22:15)
Russ Roberts:
“Washington Is The Real Source of The Problem, Not Wall Street”
Congressional testimony from 2009
https://youtu.be/GqnhtrgGQPI
(5:08)
“We are what we do, not what we wish to be, not what we say we are, but what we do. And what we do here in Washington is rescue large Companies, large financial institutions, and rich people, from the consequences of their mistakes. When mistakes don’t cost you anything, you do more of them.”
Watch this (and its predecessor, and you’ll know more about Economics than most elected officials or professional Economists.
“Fight of the Century”:
Keynes vs. Hayek Rap Battle Round Two
EconStories
https://youtu.be/GTQnarzmTOc
(10:09)
This should have 50 million views, the Production values on this are amazingly well done
The left owns Hollywood and Big Media and they spare no expense endlessly producing anti American and anti-Capitalism propaganda, in all formats, on all platforms, 24/7/365.
When someone like a Dinesh D’Souza or a Russ Robert’s produces high-quality “stories,” I think it would behoove us all, to at least look at it.
btw– Robert’s educational outreach efforts are funded in part by the very nice people at:
https://www.libertyfund.org/