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DaretothREdux (36.42)

Economics in One Lesson - An Audio Book/Blog

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July 29, 2009 – Comments (13) | RELATED TICKERS: O , NE

I am made this for me and anyone else who would like to learn more about economics. I will be reading all 234 pages and posting them on youtube. If the CAPS community doesn't find this at all useful to themselves, then I will simply post them on youtube.

Techinically, this is audio blog #5...but really it's audio book #1

And now Chapter 1 - "The Lesson" from Henry Hazlitt's Economics in One Lessson:

 

And for those of you that prefer reading instead of listening or reading along this is also availible for free at:

http://www.hacer.org/pdf/Hazlitt00.pdf

Comments, Questions, Recs, and Rebuttle are as always greatly appreciated.

Thanks,

Dare

13 Comments – Post Your Own

#1) On July 29, 2009 at 3:51 AM, whereaminow (< 20) wrote:

If I wanted to get really nerdy, I'd bust out my hard cover copy and read along.  I personally enjoy the lesson on Bailing Out Company X. It's hilarious, tragic, and illuminating.

David in Qatar

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#2) On July 29, 2009 at 3:55 AM, DaretothREdux (36.42) wrote:

LOL David! Well...perhaps some young students of economics will do just that.

I just feel that the lesson he tried to teach us is far too important to ignore. I will (hopefully) get to all the chapters. Maybe Saving the X Industry chapter will open the eyes of those who otherwise refuse to see.

Dare 

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#3) On July 29, 2009 at 3:59 AM, DaretothREdux (36.42) wrote:

The "One" Lesson is:

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

This is why I rage against the machine,

all of these are American Dreams...

I dreamt I screamed so loud I woke the dead from their slumber.

Dare

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#4) On July 29, 2009 at 4:57 AM, whereaminow (< 20) wrote:

DaretothREdux,

I can't remember off the top of my head what year it was written.  Early 50s? Late 40s?  Either way, the fact that he identified the problems of so many of the current Establisment's economic ideas 60 years ago is very intriguing.  Do they know about this book when they tell us that their idea is "new" or that the present time is so unprecedentedly urgent? Are they ignorant of these economic principles?  Do they just refuse to believe them, thinking this time is different?  Do they consider economic ideas at all when they make economic decisions?  If any these statements makes a person wonder, they are on their way to becoming a libertarian.

David in Qatar

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#5) On July 29, 2009 at 5:28 AM, DaretothREdux (36.42) wrote:

David,

Actually, the first version was 1946! But you would think he wrote it this year, and was talking specifically to us today.

Do they know about this book when they tell us that their idea is "new" or that the present time is so unprecedentedly urgent? 

Doubtful...

Are they ignorant of these economic principles?

Most likely...

Do they just refuse to believe them, thinking this time is different?

Everyone thinks their time is more special than the past...that's why we are doomed to repeat it.

Do they consider economic ideas at all when they make economic decisions?

Politicians think only short term when making economic decisions...which is exactly what he is saying would happen and exactly what he is saying should not happen.

Dare

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#6) On July 29, 2009 at 8:20 AM, binve (< 20) wrote:

Dare,

Hey man did you read that? Nice job!

Yeah, great chapter, thanks for sharing! When we talk about economic policy for the government it is always important to remember these 3 points (which I know for sure you and David are aware of):

1. The government has no wealth only a claim on the future taxes of its citizens
2. Money is NOT wealth. Fiat money is an infinitely divideable quantity (US Dollar) of a finite resource pool (future tax claims)
3. Economic policy is determined mainly by special interests (the biggest group of lobbyists is, you guessed it, financial services)

All of the bad economic policies, "adjustments" to economic data (such as hedonics for CPI and GDP and other garbage calculations), and the like try to cover up the 3 points above. The government moves money around (via bailouts, etc.), they do not create new wealth. And like with any process, entropy always increases, which means this movement saps wealth. And this wealth is not redistributed evenly and/or effectively. 

Amazing to think when this was written and how much it rings true now. Your's and Davids conversation above is great. Thanks for the thoughts!

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#7) On July 29, 2009 at 12:48 PM, DaretothREdux (36.42) wrote:

binve,

Yes. I am the one reading it. I did all the voices for all my audio blogs so far (used a sythensizer on the Obamabot). I have a little Theatre training...

Thanks for adding to the discussion. All of those are points which people need to understand if they really want to understand economics as well as Liberty.

Dare

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#8) On July 29, 2009 at 6:01 PM, PrestonCheek (31.67) wrote:

Dare, I really enjoy your videos.

Thanks for taking the time to put it together.

Preston

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#9) On July 29, 2009 at 6:47 PM, DaretothREdux (36.42) wrote:

Thanks Preston,

If it weren't for my regular readers I probably wouldn't even bother.

Dare

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#10) On July 29, 2009 at 8:47 PM, DaretothREdux (36.42) wrote:

The audio was spiking....please everyone if there is a problem with the sound let me know! I promise I will not be offended...I want to offer the best product I can produce (even if it's free). I am re-uploading the video with the audio fix as we speak. I will post in comments momentarily.

Dare

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#11) On July 29, 2009 at 9:03 PM, DaretothREdux (36.42) wrote:

The new video. Same as the old. Only the audio is fixed (hopefully)...seriously though if you notice a problem with audio quality let me know and I will try to repair it asap.

Thanks everyone in advance for all you do,

Dare

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#12) On July 30, 2009 at 3:08 AM, DaretothREdux (36.42) wrote:

Chapter 2 is now availble on youtube "The Broken Window" it is very short so I wont post it to my CAPS blog until I have chapter 3 to go with it.

Dare

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#13) On October 26, 2009 at 7:23 AM, AudibleCoupons (< 20) wrote:

Every day I go to work by the sub. I cant read because of its movements and noises. After buying my Audible my life have changed. I hear my favorite magazines and books, and hear it through my Ipod. By the way - its very nice to fall asleep with as well..

I bought it through a product reviews web site (Consumer Product Reviews), and I got a Audible Coupons from them: two free Audiobook downloads.

Oded Frommer,

Web Site Optimizer

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