Episode 007 | Politely Up Yours - Needs And Wants

Politely, Up Yours!

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 State
• 1:32 - Expanding a sample economy to multiple economies
• 3:39 - Self-maintenance of market equilibrium
• 6:34 - Supply and demand and the capability/incapability of markets to serve needs as well as they serve wants
• 10:14 - Cancer treatment as an example of failure of the market
• 17:48 - Failures of entire economies
• 20:38 - The nature of money and monetary policy, central banks, and currency manipulation
• 27:45 - Wealth and income imbalances and the potential of the imbalance to distort market equilibria
• 34:04 - Market instability, cycles, and the creation of the Federal Reserve in US History
• 39:18 - 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