47 minutes | May 24th 2016

Episode 007 | Politely Up Yours - Needs And Wants

Joe Macaluso and Dave Rael discuss the nature of supply and demand economics and whether markets work only for those things that are merely wants, rather than needs, or if regulation is necessary to make sure people are able to meet their needs. Chapters: 0:08 - Book Club - Man, Economy, and State1:32 - Expanding a sample economy to multiple economies3:39 - Self-maintenance of market equilibrium6:34 - Supply and demand and the capability/incapability of markets to serve needs as well as they serve wants10:14 - Cancer treatment as an example of failure of the market17:48 - Failures of entire economies20:38 - The nature of money and monetary policy, central banks, and currency manipulation27:45 - Wealth and income imbalances and the potential of the imbalance to distort market equilibria34:04 - Market instability, cycles, and the creation of the Federal Reserve in US History39:18 - Real examples from history of free societies - do they exist?43:06 - Flawed human nature, greed, and concentration of power Resources: Man, Economy, and State with Power and Market, Scholar's Edition - Murray N. Rothbard Costs of Cancer Treatment Insuring against the high costs of cancer The Peter Schiff Show The Spirit Level: Why Greater Equality Makes Societies Stronger - Kate Pickett, Richard Wilkinson Best of the Left Podcast The Best of the Left Episode with the recommendation of The Spirit Level History of the Federal Reserve Dr P.J. Hill on the Tom Woods Show - The Not So Wild West The Not So Wild, Wild West: Property Rights on the Frontier (Stanford Economics & Finance) - Terry L. Anderson, Peter J. Hill
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