Economics: Is Raising Minimum Wage A Bad Idea?(New video) Is raising the minimum wage a bad idea? Professor Don Boudreaux explains.
Posted by Learn Liberty on Thursday, January 14, 2016
Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
Friday, January 15, 2016
Learn Liberty VIDEO of The Week: "Is Raising The Minimum Wage A Bad Idea?"
Friday, October 9, 2015
Learn Liberty VIDEO of the Week: "Is Price Gouging Immoral or Essential?..."
If the power goes out during a natural disaster, who should be able to get an emergency generator?Many people would...
Posted by Learn Liberty on Thursday, October 1, 2015
Thursday, March 28, 2013
Thursday, March 15, 2012
VIDEO: High Gasoline Prices Explained...
"Gas Prices Explained," from the same group that produced "Quantitative Easing Explained" (which now has more than 5 million views on YouTube).
Friday, January 13, 2012
Wednesday, September 21, 2011
Quote of the Day: A Fundamental Economic & Political Fallacy...
A fundamental fallacy is the notion that politicians can "grow the economy" by taking money out of the private sector and spending it wherever it is politically expedient to spend it -- so long as they call spending "investment."
~Thomas Sowell - Economist
Tuesday, February 1, 2011
U.S. Real GDP Now Above Pre-Recession Levels!!!
WSJ -- "U.S. economic output finally regained the level reached before the recession, as growth sped up on stronger consumer spending and exports (see chart above).
Gross domestic product (GDP)—a broad measure of all goods and services produced—grew at a +3.2% annual rate in the fourth quarter. That's up from the +2.6% pace notched the quarter before and confirms the view held by many economists and stock-market investors that the economy is gaining enough momentum to start bringing down unemployment in the months ahead.
The expansion in large part was fueled by a jump in consumer spending—a crucial change from earlier in the recovery, when growth relied heavily on businesses investing and building up inventories.
Final sales—a measure that gives a feeling for underlying demand in the economy by subtracting the change in business inventories from GDP—notched its biggest increase since 1984, growing +7.1% in the fourth quarter. This reviving demand bodes well for 2011, because businesses could take it as a signal to stock their shelves and hire workers."
Final sales—a measure that gives a feeling for underlying demand in the economy by subtracting the change in business inventories from GDP—notched its biggest increase since 1984, growing +7.1% in the fourth quarter. This reviving demand bodes well for 2011, because businesses could take it as a signal to stock their shelves and hire workers."
Friday, March 26, 2010
Economics Class Experiment - How Socialism Destroys Human Progress
A common-sense, real-life example of why Socialism is morally bankrupt, conceptually bankrupt and inherently flawed...
Economics Class Experiment - How Socialism Destroys Human Progress
An economics professor at Texas Tech said he had never failed a single student before but had, once, failed an entire class.
The class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we'll have an experiment in this class on socialism."
All grades would be averaged and, therefore, everyone would receive the same grade.
That way no one would FAIL, and no one would receive an A.
After the 1st test the grades were averaged and everyone got a B. The students who studied hard were upset, and the students who studied little were happy.
But, as the 2nd test rolled around, the students who studied little had studied even less and the ones who studied hard decided that since they could not make an A, they studied less, too.
The second test average was a D!
No one was happy.
When the 3rd test rolled around and the average was an F.
The scores never increased. Bickering, blame, name calling all resulted in hard feelings.
No one would study solely for the sake of anyone else.
To their great surprise, everyone failed.
The professor told them that socialism would ultimately fail, too, because it's not conducive to human nature or the natural order of the human condition.
He pointed out that we're not born with equal talents, abilities or deficiencies and that socialism cannot succeed because it fails to acknowledge that human beings possess different strengths, weaknesses, talents, needs, wants, desires, etc.
People will aspire to succeed if they are rewarded for their efforts. But when government punishes achievement (and rewards lack of achievement) by confiscating from the achievers and redistributing the rewards to those who haven't earned it, no one in their right mind will make the sacrifices necessary to succeed.
That's how Socialism - which sounds so benevolent and harmless in theory - in reality discourages excellence, sabotages achievement and retards human progress.
Economics Class Experiment - How Socialism Destroys Human Progress
An economics professor at Texas Tech said he had never failed a single student before but had, once, failed an entire class.
The class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we'll have an experiment in this class on socialism."
All grades would be averaged and, therefore, everyone would receive the same grade.
That way no one would FAIL, and no one would receive an A.
After the 1st test the grades were averaged and everyone got a B. The students who studied hard were upset, and the students who studied little were happy.
But, as the 2nd test rolled around, the students who studied little had studied even less and the ones who studied hard decided that since they could not make an A, they studied less, too.
The second test average was a D!
No one was happy.
When the 3rd test rolled around and the average was an F.
The scores never increased. Bickering, blame, name calling all resulted in hard feelings.
No one would study solely for the sake of anyone else.
To their great surprise, everyone failed.
The professor told them that socialism would ultimately fail, too, because it's not conducive to human nature or the natural order of the human condition.
He pointed out that we're not born with equal talents, abilities or deficiencies and that socialism cannot succeed because it fails to acknowledge that human beings possess different strengths, weaknesses, talents, needs, wants, desires, etc.
People will aspire to succeed if they are rewarded for their efforts. But when government punishes achievement (and rewards lack of achievement) by confiscating from the achievers and redistributing the rewards to those who haven't earned it, no one in their right mind will make the sacrifices necessary to succeed.
That's how Socialism - which sounds so benevolent and harmless in theory - in reality discourages excellence, sabotages achievement and retards human progress.
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