Why Price Gouging Laws Hurt the Most Vulnerable @LearnLiberty

Learn Liberty Price gouging encourages competition by pressuring manufacturers and distributors to increase production, which over time, would actually drive down costs. Price controls during a time of crisis, however, do nothing to address the shortage problem.

TRANSCRIPT:

Is asking $1300 for the generator morally wrong? Of course, you’d rather buy it from me for $800, but there are three reasons why my charging a higher price isn’t obviously wrong.

First, remember, you don’t have to buy it from me for $1300. If that’s more than you think the generator is worth, you’re free to walk on by. If you do decide to pay, it’s because you believe you’re getting more value out of the generator than you do for the $1300 you gave up for it.

Scond, ask yourself what would happen if I did charge only $800 for the generator. Remember you aren’t the only person who needs electric power in this situation. If the price was lower, would the generator still have been there when you tried to buy it? Or would someone else have snatched it up before you ever had a chance?

This leads directly to the third point, which is that high prices do more than just line sellers’ pockets. They also affect how buyers and sellers behave. For buyers, high prices reduce demand and encourage conservation. They lead buyers to ask themselves whether they really need that generator, or whether they can do without.

And by doing so, they allow at least some of those resources to be conserved for other people who might need them more, and therefore are willing to pay more. And for sellers, high prices encourage people to bring more goods to where they’re needed.

If generators can be bought in an area not affected by a hurricane for $800, and resold later for $1300, that creates a profit incentive for people to bring generators from where they’re less needed to where they’re more needed to get them to where they’ll do more good for people who need them most.

All of this leads to a surprising conclusion. Even someone who can’t afford to pay $1300 for a generator benefits from a system in which sellers are allowed to charge that price.

That’s because the profit motive that that system creates encourages competition, which increases supply, and ultimately, drives down prices to a more affordable level for everyone.

Now it’s true that when price gouging is legal, some people won’t be able to afford the higher prices that result. But ask yourself, what alternative institutions would do better?

When price gouging is prohibited, goods usually go to whoever shows up first. If you care about distributed justice, is that really a better system? I think there are good reasons to doubt that price gouging is immoral.

But suppose you’re not convinced. Suppose you think price gouging is exploitative and wrong. Should it be illegal? The answer, even if we assume price gouging is immoral, is almost certainly that it should not be illegal. If price gouging is wrong, it’s because it hurts people in vulnerable situations. But then, the last thing you want to do is hurt those vulnerable people even more.

Remember, the only reason price gouging occurs is because a disaster causes demand for certain goods to go up and supply to go down, with the result that there isn’t enough stuff to go around. Anti-gouging laws don’t do anything to address this underlying shortage.

In fact, they make it worse by destroying incentives for conservation and increasing supply. So even if you think that price gouging is morally wrong, and that merchants should refuse to engage in it, making it illegal doesn’t make sense. It hurts the very people who need our help most.

FOLLOW US ON SOCIAL MEDIA:
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LEARN LIBERTY:
Learn Liberty is an educational hub where you can explore the ideas of a free society. We look at the big questions about what makes a society prosper and how we can make the world a freer place for all. We don’t have all the answers - but we’ve got a lot of ideas. We work with professors from a range of backgrounds while giving them a platform to share their own opinions. In 2019, Learn Liberty was acquired by Students For Liberty from the Institute for Humane Studies. Learn more at learnliberty.org

updated 4 years ago

Why Price Gouging Laws Hurt the Most Vulnerable

Learn Liberty 2020-03-20 | Price gouging encourages competition by pressuring manufacturers and distributors to increase production, which over time, would actually drive down costs. Price controls during a time of crisis, however, do nothing to address the shortage problem.

TRANSCRIPT:

Is asking $1300 for the generator morally wrong? Of course, you’d rather buy it from me for $800, but there are three reasons why my charging a higher price isn’t obviously wrong.

First, remember, you don’t have to buy it from me for $1300. If that’s more than you think the generator is worth, you’re free to walk on by. If you do decide to pay, it’s because you believe you’re getting more value out of the generator than you do for the $1300 you gave up for it.

Scond, ask yourself what would happen if I did charge only $800 for the generator. Remember you aren’t the only person who needs electric power in this situation. If the price was lower, would the generator still have been there when you tried to buy it? Or would someone else have snatched it up before you ever had a chance?

This leads directly to the third point, which is that high prices do more than just line sellers’ pockets. They also affect how buyers and sellers behave. For buyers, high prices reduce demand and encourage conservation. They lead buyers to ask themselves whether they really need that generator, or whether they can do without.

And by doing so, they allow at least some of those resources to be conserved for other people who might need them more, and therefore are willing to pay more. And for sellers, high prices encourage people to bring more goods to where they’re needed.

If generators can be bought in an area not affected by a hurricane for $800, and resold later for $1300, that creates a profit incentive for people to bring generators from where they’re less needed to where they’re more needed to get them to where they’ll do more good for people who need them most.

All of this leads to a surprising conclusion. Even someone who can’t afford to pay $1300 for a generator benefits from a system in which sellers are allowed to charge that price.

That’s because the profit motive that that system creates encourages competition, which increases supply, and ultimately, drives down prices to a more affordable level for everyone.

Now it’s true that when price gouging is legal, some people won’t be able to afford the higher prices that result. But ask yourself, what alternative institutions would do better?

When price gouging is prohibited, goods usually go to whoever shows up first. If you care about distributed justice, is that really a better system? I think there are good reasons to doubt that price gouging is immoral.

But suppose you’re not convinced. Suppose you think price gouging is exploitative and wrong. Should it be illegal? The answer, even if we assume price gouging is immoral, is almost certainly that it should not be illegal. If price gouging is wrong, it’s because it hurts people in vulnerable situations. But then, the last thing you want to do is hurt those vulnerable people even more.

Remember, the only reason price gouging occurs is because a disaster causes demand for certain goods to go up and supply to go down, with the result that there isn’t enough stuff to go around. Anti-gouging laws don’t do anything to address this underlying shortage.

In fact, they make it worse by destroying incentives for conservation and increasing supply. So even if you think that price gouging is morally wrong, and that merchants should refuse to engage in it, making it illegal doesn’t make sense. It hurts the very people who need our help most.

FOLLOW US ON SOCIAL MEDIA:
facebook.com/LearnLiberty
twitter.com/LearnLiberty
instagram.com/learnliberty

LEARN LIBERTY:
Learn Liberty is an educational hub where you can explore the ideas of a free society. We look at the big questions about what makes a society prosper and how we can make the world a freer place for all. We don’t have all the answers - but we’ve got a lot of ideas. We work with professors from a range of backgrounds while giving them a platform to share their own opinions. In 2019, Learn Liberty was acquired by Students For Liberty from the Institute for Humane Studies. Learn more at learnliberty.org

Did you know passports didnt exist before World War I? 🛂🌍

Learn Liberty 2024-03-07 | The war that remade the world order … isn’t the one you think.
World War I established our notion of global governance, passports, altered the money we use (and even gave us facism).

And yet, before researching this video, this student of American public schooling could remember just two things about The Great War: ... espionage and Franz Ferdinand. (And that's largely thanks to the early 2000s rock band.)

So I decided to dig deeper, and here are 12 fascinating legacies of World War I I found that we still live with today.

How immigration creates a more prosperous world:

learnliberty.org/blog/how-immigration-creates-a-more-prosperous-world

Three pro-liberty perspectives on war: learnliberty.org/blog/three-pro-liberty-perspectives-on-war

The Progressive War: Woodrow Wilson and the US entry into WWI: learnliberty.org/blog/the-progressive-war-woodrow-wilson-and-the-us-entry-into-wwi

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Are Passports a Limitation to Freedom? 🛂🌍

🔥💥 World War I: The Shocking Economic Impact That Made the U.S the Leading Creditor!

Learn Liberty 2024-03-07 | LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

12 SHOCKING Ways WORLD WAR I Still Shapes Our World Today

Learn Liberty 2024-02-29 | The war that remade the world order … isn’t the one you think.
World War I established our notion of global governance, passports, altered the money we use (and even gave us facism).

And yet, before researching this video, this student of American public schooling could remember just two things about The Great War: ... espionage and Franz Ferdinand. (And that's largely thanks to the early 2000s rock band.)

So I decided to dig deeper, and here are 12 fascinating legacies of World War I I found that we still live with today.

How immigration creates a more prosperous world:

learnliberty.org/blog/how-immigration-creates-a-more-prosperous-world

Three pro-liberty perspectives on war: learnliberty.org/blog/three-pro-liberty-perspectives-on-war

The Progressive War: Woodrow Wilson and the US entry into WWI: learnliberty.org/blog/the-progressive-war-woodrow-wilson-and-the-us-entry-into-wwi

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

How the Super Bowl became such a big deal

Learn Liberty 2024-02-11 | ...

LibertyCon International: Day Three

Learn Liberty 2024-02-04 | The largest international pro-liberty gathering in the world will be streaming live on X/Twitter, FaceBook, YouTube, and Twitch starting Sunday, February 4th at 9:30AM EST.

LibertyCon International: Day Two

Learn Liberty 2024-02-04 | The largest international pro-liberty gathering in the world will be streaming live on X/Twitter, FaceBook, YouTube, and Twitch starting Friday, February 2nd at 9:00AM EST.

LibertyCon International: Day Two

Learn Liberty 2024-02-03 | The largest international pro-liberty gathering in the world will be streaming live on X/Twitter, FaceBook, YouTube, and Twitch starting Friday, February 2nd at 9:00AM EST.

LibertyCon International: Day One

The Unsustainable Reality of Social Security and Medicare

Learn Liberty 2024-01-13 | Learn Liberty sat down with John Stossel for a freewheeling interview, touching on his childhood, career, current events, Edward Snowden, rapid-fire questions, and more.

John gave thoughtful takes, hot takes, and funny takes. See the Chapters below for the questions we asked him.

#JohnStossel #LearnLibertyFeatures #EdwardSnowden #journalism

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Why Printing Money Wont Solve Our Economic Problems

Learn Liberty 2024-01-12 | Inflation is the word of the day; rates in the United States have hit 40-year highs, and seemingly everyone is feeling the pain - from the gas pump to the grocery store.

‎️‍🔥 Watch Prof. Davies' Latest Video: 7 MYTHS ABOUT THE GREAT DEPRESSION - youtu.be/q4ZMMH6LxXc ️‍🔥

🎙️ Professor Davies also co-hosts a PODCAST! Find him and James R. Harrigan in the Words & Numbers podcast: wordsandnumbers.libsyn.com 🎙️

But with growing media attention also comes bad or misleading information.

To set the record straight, we brought in the heavy muscle: Learn Liberty's old friend Antony Davies, Associate Professor of Economics at Duquesne University, and co-host of the podcast Words and Numbers.

We teed him up with 10 myths - before factoring for inflation ;) - and then just … let him go. His answers, full of hard data and clear logic, didn't disappoint.

Some of the myths he debunked:

-"The price of this thing I buy went up. That's inflation."

-"Inflation is caused by corporate greed."

-"The President is responsible for inflation."

-"Everything at the supermarket is getting smaller. That's not factored in."

-"The Fed had to do SOMETHING to combat Covid."

-"The government can fight inflation by raising taxes."

For more content with Professor Davies, see our videos on Modern Monetary Theory (youtube.com/watch?v=ICMN07PGtSk) and government debt (youtube.com/watch?v=EPjrFjAxwlw).

#inflation #myths #Fed #moneyprinting #goldstandard

TimeCodes

0:00 - Intro
0:35 - Myth 1
1:24 - Myth 2
2:25 - Myth 3
3:49 - Myth 3.5
5:11 - Myth 3.5.5
6:12 - Myth 4
6:51 - Myth 5
10:31 - Myth 6
12:00 - Myth 7
14:01 - Myth 7.5
15:22 - Myth 8
16:44 - Myth 9
17:33 - Myth 10
21:19 - Myth 0
22:19 - Myth 11
23:12 - Myth 12
25:43 - Bonus Myth

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Hidden Danger of Propaganda Undermining Democracy and Liberty

Learn Liberty 2024-01-12 | LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Uncovering the Power of Liberty and Free Markets Challenging the Norms

Learn Liberty 2024-01-12 | Learn Liberty sat down with John Stossel for a freewheeling interview, touching on his childhood, career, current events, Edward Snowden, rapid-fire questions, and more.

John gave thoughtful takes, hot takes, and funny takes. See the Chapters below for the questions we asked him.

#JohnStossel #LearnLibertyFeatures #EdwardSnowden #journalism

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Inflation: A Looming Crisis Threatens to Impact Americans

What Can The Tuttle Twins Teach You About Liberty?

Learn Liberty 2024-01-08 | The Tuttle Twins are the 9-year-olds teaching pro-liberty ideas to kids everywhere. We interviewed their creator, Connor Boyack. We asked him 9 burning questions.

He’ll answer plenty more IN PERSON at LibertyCon in Washington, D.C. Feb. 2-4, 2024. Register: libertycon.com

#tuttletwins #ConnorBoyack #LibertyCon #anarchocapitalism

CHAPTERS:
0:00 Holy crap, are we really gonna do this?
0:28 What exactly do the Tuttle Twins do?
1:11 What’s your favorite Tuttle Twins adventure?
2:40 How does a Tuttle Twins book get made?
3:57 Do you think society looks down on kids?
4:24 What are the most potent sources of information for kids?
5:22 What are the biggest challenges parents face in raising their kids right now?
7:04 Who can the message of “free markets, free people” best connect with?
8:45 Critical response to the Tuttle Twins?
10:38 Lasting message?

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Unleashing Societys Collective Potential

Learn Liberty 2024-01-04 | Are socialists “liars?” Depends on your definition — and whether they truly believe what they say. But this much is for sure: they tell and/or believe in lies.

‎️‍🔥 Watch Juan Carlos Hidalgo's Last Video: WHY IS LATIN AMERICA SO CORRUPT - youtu.be/rFxQOB6HEcA ️‍🔥

Those lies, though, are persuasive to a lot of people. Once upon a time, they were even persuasive to our Story Editor, who in this video comes clean as a former Bernie Bro who believed in his politics and in democratic socialism.

Along with Juan Carlos Hidalgo, President of the Social Christian Unity Party in Costa Rica and CATO’s former policy analyst for Latin America, he takes us through 8 lies of socialism that he once found compelling.

Together, they put forth a combination of real-world data, logic, and imagery that addresses those 8 lies and explains why they’re so wrong … and so dangerous.

Also referenced is our video on The History of Marxism in Latin America: youtube.com/watch?v=vP8pnxzQQj4

CHAPTERS:

0:00 Introduction: Coming Clean
1:00 Lie #1: Scandinavia is socialist
4:00 Lie #2: Cuba is poor because of the US’s embargo
5:38 Lie #3: Socialism is peaceful
7:36 Lie #4: Socialism is based on cooperation
9:03 Lie #5: Socialism has never “really” been tried
11:49 Lie #6: Socialism is better for the environment
12:42 Lie #7: Societies can be centrally planned
14:20 Lie #8: “Democratic” socialism is different from regular socialism

#BernieSanders #socialism #Scandinavia #Cuba

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Hidden Truth About Supply and Demand

Learn Liberty 2024-01-03 | The law of supply and demand is often misunderstood and misconstrued, and it has downstream effects for our understanding of economics.

In this video, Learn Liberty Basics establishes supply and demand as ever-changing RELATIONSHIPS, not constants. We also lay out some of the early history of our idea of supply and demand.

CHAPTERS
0:00 Supply and Demand = Relationships
0:52 A Sour Example
1:49 A Brief History of Supply and Demand
3:31 Supply and Demand Applied
4:39 Natural Gas Shortages in the 60s and 70s

Be sure to check out the Learn Liberty Blog, too! You can read more about the tendency to understand economics as just charts and graphs here:
learnliberty.org/blog/economics-is-not-just-graphs-and-charts

And for supplemental background viewing on supply and demand, check out our haiku: youtube.com/watch?v=tXt_3H3e2bg

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Truth About 3D Printed Guns: Its Not as Easy as You Think!

Learn Liberty 2024-01-03 | On November 12th 2019, a federal judge has struck down against an attempt to release downloadable 3D Printed Guns files in the United States. It was declared that allowing access to this information violates the Administrative Procedure Act and the Constitution.

It has been echoed that such free access to untraceable blueprints could threaten world peace and national security.

However, it has also been argued that If blueprints are speech, then 3D files are speech too. That means that, according to the constitution we have today, the government can’t prohibit them.

So what is 3D printing exactly?

3D printing is a process where a computer-aided-design (CAD) is sent to a printer where it is produced in three dimensions out of plastic or resin.

Matthew Larosiere, Director of Legal Policy Firearms Policy Coalition and Senior Contributor for Young Voices, explains what the future of 3D printing could mean for the gun industry.

TRANSCRIPT:
Arthur C. Clarke famously once said: “Any sufficiently advanced technology is indistinguishable from magic.”
While 3-D printing isn’t magic, it certainly might seem like it.
3-D printing is a process where an object can be designed in a computer, and then that file is sent to a machine where it is effectively “printed” out, in three dimensions, out of plastic or resin.

When this technology became available to the average person, it changed everything. It’s allowed hobbyists and professionals to print out an enormous array of objects, all of which start as computer designs, which are then printed out in real space out of real materials.
But some people have raised concerns. What if some people wanted to print dangerous things? What if 3-D printers could be used to print weapons?
What if 3-D printers could be used to print guns? Is that possible? And what does it mean?
The 3-D printed gun debate isn’t new, it’s been around for years. And it turns out, printing out a gun is actually more complicated than it sounds.
It’s complicated physically.
It’s also complicated legally, at least in the United States.
The other thing about guns in the United States is that it’s actually not illegal to make them yourself. And 3-D printing doesn’t change that.

3-D printed guns are a little bit different, but for an unusual reason. See, anything 3-D printed comes from a computer file, usually a 3-D model that someone has designed. But that file has to be specially set up by the person who wants to do the printing, so that it’ll work on their particular printer. That means that, if someone sends the design for a gun to someone else, what they’re sending is not a physical product. It’s speech. And speech is protected by the 1st Amendment.
If blueprints and recipes are speech, then 3D files are speech too. That means that, according to the constitution we have today, the government can’t prohibit them.
So how do we regulate 3-D printed guns? What about criminals who might print them for nefarious purposes?
Under our current constitutional framework, regulating 3-D printed guns is just about impossible. The files are impossible to regulate, and regulating the printers themselves would destroy a budding industry before it even fully got off the ground.

The world might change. 3-D printing might advance to the point where 3-D printing guns might be easy, and simple. But in the world we live in right now, it doesn’t seem like that’s the case, nor will it be in the near future.
In the meantime, we should stop worrying, and enjoy the many amazing things 3-D printing has to offer.

Credits:
Mirandum Pictures
Colin J. Mason - Director/Editor
Noah Bradon - 1st Assistant Director
Sean Sida - Camera Operator/Sound/DP
Daniel Bartz - Camera Operator
Jared Pennington - Production Assistant
Garret Callahan - Camera Operator
Digicore FX - Graphics & Design
Anthony Pilon - 3D Artist Lead

Learn Liberty
Bernardo Vidigal - Learn Liberty Managing Director
Bruno Mafra - Video Project Manager
Julia Sondermann - Video Production Manager
Nazlıcan Kanmaz - Education & Training Manager

Special thanks to Young Voices.

FOLLOW US ON SOCIAL MEDIA:

facebook.com/LearnLiberty
twitter.com/LearnLiberty
instagram.com/learnliberty

LEARN LIBERTY:
Learn Liberty is an educational hub where you can explore the ideas of a free society. We look at the big questions about what makes a society prosper and how we can make the world a freer place for all. We don’t have all the answers - but we’ve got a lot of ideas. We work with professors from a range of backgrounds while giving them a platform to share their own opinions. In 2019, Learn Liberty was acquired by Students For Liberty from the Institute for Humane Studies.

The dangerous threat to the US dollars global dominance

Learn Liberty 2024-01-02 | The United States government is, yet again, facing a budget crisis. Government funding is set to expire on December 3, 2021 and Congress has a deadline of December 15 to raise the debt ceiling. Otherwise, the U.S. will default on its debts, and a worldwide financial collapse becomes a possibility.

‎️‍🔥 Watch Prof. Davies' Latest Video: 7 MYTHS ABOUT THE GREAT DEPRESSION - youtu.be/q4ZMMH6LxXc ️‍🔥

🎙️ Professor Davies also co-hosts a PODCAST! Find him and James R. Harrigan in the Words & Numbers podcast: wordsandnumbers.libsyn.com 🎙️

Modern Monetary Theory (MMT) is an economic school of thought based on John Maynard Keynes's writings which has provided theoretical legitimacy to policymaking based on deficit spending. The theory goes that because modern states control currency and have the power to levy taxes, they can print as much money as they want.

In this video, we enlist Professor Antony Davies to explain why real-world economics aren't so simple - and why, under this theory supported by politicians like Alexandria Ocasio-Cortez (AOC) and Bernie Sanders, we would end up with more hand grenades and fewer avocadoes.

(See more from Professor Davies: youtube.com/watch?v=EPjrFjAxwlw)

Of course, MMTers, led by Professor Stephanie Kelton, a senior economic advisor to the Sanders presidential campaigns, make impassioned arguments, too. So what do you think? Watch our analysis, do some research of your own, and tell us in the comments: Is Modern Monetary Theory valid, or would it lead to financial ruin?

#ModernMonetaryTheory #MMT #budgetcrisis #debtceiling #inflation

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Real Agenda Behind Mass Surveillance: Liberty vs. Surveillance

Learn Liberty 2023-12-27 | LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Silent Invasion: How Surveillance Technology is Overtaking Democracy

The Ugly History of Gun Regulation

Learn Liberty 2023-12-22 | LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The Surprising TRUTH About Social Security

Learn Liberty 2023-12-22 | ...

What Politicians aren’t telling you about Social Security

Learn Liberty 2023-12-22 | ...

We are at the end of the road with Social Security

Learn Liberty 2023-12-22 | ...

Social Security Myths DEBUNKED: Prof. Davies Takes on Robert Reich

Learn Liberty 2023-12-15 | Robert Reich says “the super rich are killing Social Security.” Is he right? Professor Antony Davies gives a resounding NO in this reaction video.

We included many of Reich’s relevant clips. Here’s his full video: youtube.com/watch?v=GfZuB7XSFys

And if you’d like to see Professor Davies expand on his answers IN PERSON, join Students For Liberty at LibertyCon! Register here: libertycon.com

And if you want to take action on Social Security or financial literacy, check out today’s video sponsor: SFL’s Local Coordinator Program: join.studentsforliberty.org

#socialsecurity #RobertReich #inequality #scrapthecap

CHAPTERS:
0:00 Who is Robert Reich?
0:45 Three Examples: Marked Inequality
3:03 Reich: “Social Security is popular!”
4:45 Helping people out of poverty?
6:49 Boom in Boomer Retirements
8:54 Reich: “The rich should pay more”
9:35 “Scrap the Cap?”
12:22 “The Solution is Obvious?”
14:27 How to Fix Social Security
16:49 Planning for the Future

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Javier Milei Cuts Ministries to Save Argentinians Money

Learn Liberty 2023-12-11 | ...

Argentinians hold the most amount of Dollars outside of the US

Learn Liberty 2023-12-08 | ...

The SECRET Ideology Behind Barbie

Learn Liberty 2023-12-01 | Is it “woke,” as Ben Shapiro called it? What solutions to sexism does it actually propose?

In this video, Professor Deirdre McCloskey analyzes Barbie from her unique perspective as both an economics professor and someone who has become a woman.

Video sponsor: The Local Coordinator Program of Students For Liberty.
join.studentsforliberty.org

For more about Professor McCloskey, see How Deirdre McCloskey Transformed the Landscape of Economics: https://www.learnliberty.org/blog/how...

And if her analogy to Jane Austen novels hits home, see our related blog post What Elizabeth Bennet Taught Me About Liberty: https://www.learnliberty.org/blog/wha...

#Barbie #feminism #innovism #equalityofpermission

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Learn Liberty Features: David Friedman

Learn Liberty 2023-09-29 | David Friedman, now 50 years on from publishing The Machinery of Freedom: A Guide to a Radical Capitalism, remains an innovative anarcho-capitalist and leading figure of the broader liberty movement.

Learn Liberty spoke with him for a wide-ranging interview about everything from his love of poetry to his biggest influences (other than his father, Milton), to his thoughts on the American education system.

This video is brought to you by Students For Liberty. Consider applying for its Local Coordinator Program: join.studentsforliberty.org

For more on anarcho-capitalism, see our video here: youtube.com/watch?v=BHILi2IQhIQ

CHAPTERS
0:00 Ladies and Gentlemen, David Friedman
1:13 The origins of his love of poetry
1:51 How poetry affected his thinking on liberty
3:34 Biggest influences
8:36 His very first economics article
10:51 Something he’s changed his mind on
15:47 Thoughts on American education
22:19 Advice for students
22:36 Open Mic

#anarchocapitalism #DavidFriedman #MiltonFriedman #MachineryofFreedom

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

The TRUTH about the GADSDEN FLAG

Learn Liberty 2023-08-30 | ...

5 Fiscal Policy Myths DEBUNKED

Learn Liberty 2023-07-21 | Tom Hogan has worked at the American Institute for Economic Research, the Cato Institute’s Center for Monetary and Financial Alternatives, and was Chief Economist for the U.S. Senate Committee on Banking, Housing, & Urban Affairs.

Our Ethan Yang interviewed him and, in the process, Tom debunked 5 widely-held myths about fiscal and monetary policy.

For important supplemental viewing, see: Supply and Demand Explained in 5 Minutes: youtube.com/watch?v=srOWNWspzYw

And for further reading, see the Learn Liberty blog:
We cannot continue to ignore the root causes of America’s debt crisis: learnliberty.org/blog/we-cannot-continue-to-ignore-the-root-causes-of-the-debt-crisis
Five Myths about Inflation: learnliberty.org/blog/five-myths-about-inflation

CHAPTERS
0:00 Intro: Tom Hogan
0:31 MYTH #1: Fiscal policy and monetary policy are the same thing.
2:30 MYTH #2: New dollars are physically “printed.”
5:15 MYTH #3: Centralized banking solves most financial problems — and doesn’t create any.
7:26 MYTH #4: The Fed acts in our best interests.
11:07 MYTH #5: The recent wave of inflation was impossible to predict.

#inflation #fiscalpolicy #monetarypolicy

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

8 Facts about the SECOND AMENDMENT

Learn Liberty 2023-06-27 | The 2nd Amendment is so hotly debated in part because of the order of its two clauses: The prefatory clause: “A well regulated Militia, being necessary to the security of a free State” and the operative clause: “the right of the people to keep and bear Arms, shall not be infringed.”

In this video, Learn Liberty aruges that its wording should have been reversed — and elucidates 8 facts about the 2nd Amendment that you might not have realized.

Join Students For Liberty’s Local Coordinator Program: join.studentsforliberty.org

And for more on guns in America, see these posts on the Learn Liberty Blog:

How Gun Control Might Be Seen in the Future: learnliberty.org/blog/how-gun-control-might-be-seen-in-the-future

Why Do You Need a Gun?: learnliberty.org/blog/why-do-you-need-a-gun

CHAPTERS:
0:00 A Poorly Worded Amendment?
1:32 Fact #1: The roots of the 2nd Amendment can be traced to the English Bill of Rights of 1689.
3:37 Fact #2: The 2nd Amendment ALSO has roots in STATE constitutions.
5:59 Fact #3: The 2nd Amendment went through several drafts.
8:06 Fact #4: The 2nd Amendment has a “prefatory,” or “preface” clause, and an “operative” clause.
10:46 Fact #5: History has not looked kindly upon previous attempts to regulate guns.
12:33 Fact #6: The two major political parties used to be flipped on the interpretation and implementation of the 2nd Amendment.
14:40 Fact #7: There was another attack on the 2nd Amendment in 1994.
16:28 Fact #8: American police are increasingly militarized.
17:46 Last Thoughts

#2ndAmendment #FoundingFathers #gunrights

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

The Secret History of the Second Seminole War

Learn Liberty 2023-06-21 | ...

The Broken Window Fallacy, Explained

Learn Liberty 2023-06-06 | ...

Evil Morty: A Tale of Vengeance

Learn Liberty 2023-06-05 | Rick and Morty portrays the Citadel of Ricks in a way that reflects real-world societies, while depicting Evil Morty as a cunning and dangerous populist leader.

🚨 WATCH THE FULL VIDEO HERE: youtu.be/Tc782vpjfvg 🚨

Those portrayals pose some deeply philosophical and historical questions, such as:

- What makes the Citadel of Ricks susceptible to populism?
- How does Evil Morty’s populism manifest within the existing political structure of the Citadel?
- What real-life leaders might have served as the inspiration for the portrayal of Evil Morty?

This video attempts to answer those questions and more. In the process, we also analyze how power struggles and social hierarchies develop and resolve in the world of Rick and Morty, and how Rick’s inherent rebelliousness becomes manifest.

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Social Security and Medicare are running on borrowed time

Learn Liberty 2023-06-05 | ...

Why Cant You Pay for Sex?

Learn Liberty 2023-05-31 | Is it illegal to date or marry someone only because they are famous, wealthy, or both? No. Are there unattractive people who have good looking dates or spouses only because they are famous or wealthy? Yes.

Is it legal to go to a nightclub for the sole purpose of meeting someone to “hook up” with? Yes. Most Friday and Saturday nights — and on most Spring Break evenings — people are having sex with other people whose names they haven’t even bothered to learn.

Consensual sex is legal. But as soon as one party offers cash to another in exchange for sex and that money is voluntarily accepted, it’s considered prostitution, and that is illegal. This is hypocritical, illogical, and wasteful — and it needs to stop.

It’s interesting that one person can, in effect, legally recompense another with a nice house, jewelry, vacations, expensive cars, fancy parties, and tickets to sports and entertainment events in order to have that person as a dating partner or spouse.

Consider three beautiful young blonde women who had sexual relations with a much older man, not directly for cash, but for rooms in a well-known and luxurious mansion, for the privilege of getting their photos on the cover of a popular magazine, and for the fame bestowed by appearing on television. And these young women were simply the stars of the reality TV series The Girls Next Door.

Don’t get me wrong — I am not judging them or the much older man, who by now you likely know was Hugh Hefner. But what if another old man simply paid cash to three women to have sexual relations with them? That would be illegal.

Why criminalize?
When I ask students how many of them believe consensual, non-marital sex between two adults should be illegal, none raise their hands.

Then I give them two scenarios. In the first scenario, a man who is only looking to have a sexual encounter approaches a woman at a bar and sits next to her. He strikes up a conversation, buys her a drink, and eventually takes her to an expensive restaurant for dinner. After a nice dinner and some good wine, he asks her if she will go to his hotel and have sex with him and she agrees. Let’s assume that the man paid a total of $300 for the drinks and dinner. Is this legal? Yes, it is. This scenario is played out somewhere every night of the year.

In the second scenario, a man approaches a woman at a bar and says, “Look, I can pretend to care about getting to know you but I won’t. I just want to have sex with you. Will you come back to my hotel and have sex with me for $300?” If she agrees, this is considered prostitution.

Is enforcing morality a legitimate role of government?
My question is this: What is the real difference between the two scenarios? I am not arguing that either scenario is appropriate or moral. Many people have different moral and religious standards regarding one or both of those scenarios. The point is, the government allows Scenario A, but spends money and human resources fighting Scenario B. Why is Scenario B the government’s business? Why does the government believe the former is morally superior to the latter?

Of course, I am not referring to situations where people are forced to have sex. This is immoral, and the government has a legitimate duty to put a stop to it. But if adults want to have sex and pay or receive money for it, why should the government stop them?

If adults want to have sex and pay or receive money for it, why should the government stop them? And what if the only way some individuals can get sex is by paying for it? Perhaps nobody finds them attractive enough to have sex without some type of direct, clear compensation. Isn’t the government discriminating against these conventionally unattractive people?

The government has certain limited and legitimate duties to perform. Perhaps you think sex work is an immoral lifestyle. However, it is arguably no less moral than a lifestyle of random “hooking up,” or the stereotypical lifestyle of the professional athlete or rock star who brags about how many women he has had sex with (e.g., Wilt Chamberlain and Gene Simmons).

It is the duty of government to protect property rights and to prosecute individuals who coerce or force themselves upon others. However, the government needs to stop wasting resources on voluntary, adult sexual exchanges. A police officer who could be out stopping real crime, but who is instead assigned to a vice squad as an undercover prostitute, represents a lost opportunity to make communities safer. It is time to put an end to this hypocritical and wasteful prosecution of sex workers and their clients.

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

How to prepare yourself for hyperinflation

Learn Liberty 2023-05-31 | Prepare mentally: Hyperinflation can be challenging and requires preparation. Even though there might be some clear signs in your country’s political or economic scene, people around you can be in denial. Talk with them without seeming paranoid. And acknowledge that even if you survive an initial wave, everything might degrade soon.

Learn a universal trade/skill. If your profession can be performed universally, it is an advantage. But it’s also worth learning a new skill that is in demand everywhere. Electrical, welding, and cooking skills are highly sought after and can be helpful — especially if you leave your country.

Have a migration plan ready. Prepare an escape plan in case the situation deteriorates. Twenty years ago, Venezuelans didn’t think their economy could collapse as it did, so it’s better to make arrangements in advance. Any country with a higher degree of freedom or one where a family can take you in for a while could be a good opportunity to start anew.

Purchase a more stable currency: If the money in your bank account starts to lose purchasing power, buying another currency in which you can accumulate good savings is a must. I also recommend buying commodities like gold, but be careful where and how you store it. Purchasing real estate is not recommended since properties can lose their value quickly when distrust in the local economy collapses and people start fleeing.

Open a foreign bank account: If you can do this, you have a guaranteed method to protect your finances and savings for emergencies.

Apostille all your documents. Your birth certificate, academic papers and all required documents should be prepared by certifying, legalizing and performing the Apostille Convention. Even if you initially don’t want to move from where you are, having these documents ready can’t hurt. In emergencies, the legal system can collapse due to the high flow of people who want to perform this procedure.

Debt Ceiling Deal: 4 trillion in new debt

Learn Liberty 2023-05-29 | With the federal government burning through trillions, we're now headed toward a 40 trillion national debt.

To put it into perspective a 40 trillion dollars national debt would be equivalent to each American owing 121 thousand dollars, or almost 13 times the GDP of the United Kingdom. And this figure doesn't even account for unfunded obligations...

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Why politicians dont cut spending

Learn Liberty 2023-05-27 | Picture a policy taking a penny from a million people, giving $10,000 to one. Will a million notice the penny loss? Probably not, but the recipient will definitely rejoice.

Now, imagine politicians promising spending cuts, desired by voters. But the specifics reveal a dispersed benefit and concentrated cost. The chances of your single vote changing the outcome of an election is near zero, more likely to meet with an accident on your way to vote.

And here's the twist: voters largely stay uninformed of these policies, while interest groups, directly impacted by these policies, stay well-informed. Take farmers receiving subsidies: they know which politicians back them, they support these politicians financially, ensuring their subsidies stay intact.

However, the cost of these subsidies, spread among average Americans, goes unnoticed. Propaganda makes them feel good about supporting farmers, oblivious to the inefficiencies. These interest groups don't just lobby to get benefits but to maintain them. And that's why, despite popular sentiment, spending never decreases.

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

How big is the US debt?

Learn Liberty 2023-05-27 | Let's put it in perspective.

Imagine the total wealth produced by France in a year, their GDP. Now multiply that by nearly fifteen. As of today, US #debt stands at a staggering $31.46 trillion.

In more relatable terms, that's nearly $95,000 owed by every American. But, wait, there's more. This doesn't even count unfunded obligations. Including these - like social security and Medicare - it's a mammoth $156.1 trillion. That's like every American owing roughly $470,000 each!

And that, folks, is the real size of US debt.

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

What if we just printed more money?

Learn Liberty 2023-05-26 | You know the answer is inflation, so why does it happen?

Money's value derives from goods and services, not from the paper it's printed on. Simply printing more money won't spawn more goods and services. It just spreads the same value over more dollars, the phenomenon you called inflation. Double the money? Double the prices. If everything costs twice as much as before, we're not better off.

Remember, our wealth doesn't come from money itself, but from the goods and services money buys. So, printing more money? Not the solution you'd think it'd be.

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

John Stossel: I dont put my faith in politicians

Learn Liberty 2023-05-23 | Learn Liberty sat down with John Stossel for a freewheeling interview, touching on his childhood, career, current events, Edward Snowden, rapid-fire questions, and more.

John gave thoughtful takes, hot takes, and funny takes. See the Chapters below for the questions we asked him.

CHAPTERS
0:00 Intro/Worst law ever
0:57 What started your transition from almost-socialist to free marketeer?
4:54 Was there anything in your childhood that inclined you toward liberty?
6:06 What characteristics suggest someone is open to classical liberal ideas?
6:44 Who inspired you?
7:50 Differences between today’s journalism and the journalism you grew up with?
10:00 What’s it like to be recognized?
10:39 The most fun/interesting story you ever got to cover?
13:28 What was Edward Snowden like?
14:28 Tell us about your recent lawsuit of Facebook.
18:31 Where do you land on panic over climate change?
21:13 What are some stories that will shape the next decade or two?
23:39 Thoughts on inflation?
23:59 Are you an optimist or a pessimist?
24:33 Rapid-fire questions

#JohnStossel #LearnLibertyFeatures #EdwardSnowden #journalism

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Debunking 8 Myths about the USSR

Learn Liberty 2023-05-09 | Somehow, the USSR still has its supporters — and they likely believe one or more myths about Soviet Russia.

In this video, we debunk 8 myths that linger about the Soviet Union, even now, more than 30 years after the fall of the Berlin Wall.

Also cited are these videos:

NIMBYism vs. Gentrification: The Truth About the Housing Crisis: youtube.com/watch?v=J5cyvU_7YLM

Why Price Gouging Laws Hurt the Most Vulnerable: youtube.com/watch?v=6jKl-SgJQVc

CHAPTERS
0:00 Introduction
0:37 Myth #1: Nobody starved
5:43 Myth #2: There was no social inequality
8:33 Myth #3: The USSR was democratic
11:28: Myth #4: The USSR eliminated poverty
15:09 Myth #5: The USSR had excellent healthcare
17:35 Myth #6: The USSR had excellent education
20:21 Myth #7: Quality of life in the USSR was high
23:10 Myth #8: Minorities were protected in the USSR
25:46 Summary: “The Noble Pursuit”

#USSR #BerlinWall #communism #SovietUnion #myths

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Top 3 Ways Economic Growth will Solve Climate Change

Learn Liberty 2023-04-18 | Climate change is a serious problem that deserves a serious solution. “Degrowth” is not one. Economic and population growth is — and this video illuminates three reasons sustainable development can only be achieved with economic growth.

#1: Economic growth means greater efficiency in technology.
#2: Economic growth is driving people and resources to cities (which are good for the environment and innovation.)
#3: Growth leads to wealth, which leads to greater care for the environment.

CHAPTERS
0:00 Debunking Degrowth
0:51 Video Roadmap
1:38 Reason #1: Economic growth = greater efficiency
4:19 Reason #2: Economic growth is driving people and resources to cities
6:02 Reason #3: Growth leads to wealth, which leads to greater care for the environment
8:15 Growth is the answer

#climatechange #degrowth #sustainability #economicgrowth

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

Is Steve Jobs Satoshi Nakamoto?

Learn Liberty 2023-04-11 | The recent discovery of Bitcoin’s Whitepaper in every copy of macOS has sparked speculation.

Of course, Nakomoto is the pseudonym for the mysterious developer — or developers — of Bitcoin, who published “A Peer-to-Peer Electronic Cash System” in 2008, and get this: he disappeared from the internet around the time Jobs passed away.

Now, Jobs wasn’t an expert programmer … as far as we know, and he more than had his hands full developing the iPhone around the time Bitcoin debuted, so there’s reason to be skeptical. And of course, it’s totally possible someone at Apple who loves Bitcoin just slipped the Whitepaper in as an Easter Egg.

But it sure raises some questions, and perhaps will bolster Jobs’s already myth-like stature.

If you have a post-2018 Mac, you can check for yourself. Open the macOS terminal and enter this:

open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf

What do you think: Is Steve Jobs Satoshi Nakamoto?

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

Is Covid Chinas Chernobyl?

Learn Liberty 2023-04-06 | Chernobyl contributed to the fall of the Soviet Union. Could Covid do the same to the CCP in China? We assessed the timelines of the disasters, each's political climate, and the response of each government.

We also analyze why communist dictatorships like those in the USSR and China are inherently unstable.

Referenced in this video is our video on How Communism TWISTED Ancient Chinese Wisdom: youtube.com/watch?v=_NIs8opw4uM

CHAPTERS
0:00 Chernobyl Timeline
1:45 Timeline
2:54 Could Covid be China's Chernobyl?
3:20 The USSR Before Chernobyl
4:45 China Before Covid
6:45 Bureacracy: Too Little, Too Late
8:50 The Desperate Attempt to Prevent Panic
10:27 The Propaganda Begins
11:45 A New Hope?
12:43 Why Dictatorships Are Unstable
14:55 The Real Cause of the USSR's Collapse?
15:51 Summary: The Similarities Are Clear

#China #USSR #Covid #Chernobyl #SovietUnion

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org

French Revolution: Facts About Napoleon

Learn Liberty 2023-04-05 | We’re still living in the age of Napoleon.

For one, Napoleon’s Code provided the foundation for the legal systems of many countries throughout the world, including Belgium, Luxembourg, and Monaco.

#2. He almost literally shaped the world

You probably know about his triumphs in Europe, but he also played a big role in the Louisiana Purchase, which strengthened the young United States.

And blunders in Portugal and especially Spain, where his invasion created a power vacuum, helped spark wars for independence in Latin America which created the nations we know today

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

34 Felony Counts - Can They Stick?

Learn Liberty 2023-04-05 | Benjamin Ayanian, a Commentator at Young Voices, dives into the follow-up to the Trump indictment saga. Trump's arraignment reveals 34 felony counts tied to hush money payments. Despite the FEC's previous decision not to pursue charges, the prosecution is now pushing an untested legal theory. Will this groundbreaking case against a former US president stand up in court or crumble under scrutiny? Join us as we dissect the charges, explore the political motives, and ponder the potential consequences of this high-stakes legal battle!

LEARN LIBERTY:
Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.