Masters of Austrian Economics #4: F.A. Hayek

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This episode, we look at another giant of the Austrian school, F.A. Hayek.

Sources:

Further reading:

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0:00 F.A. Hayek
1:28 Key Contributions: The Knowledge Problem
2:26 Keynes, Catchings & Foster
3:31 Defining Terms and utilizing a diagram
5:37 Producer and Consumer
6:55 _The Dilemma of Thrift_
- Savings lead to under-consumption
- Government needs to inject more money to increase spending
8:08 Hayek Objects (8:58)
10:01 Firms care about *_Market Share_*

10:50 Let's try Keynes Plan
12:09 Let's try Catchings' and Foster's Plan

13:21 The Knowledge Problem
Knowledge is dispersed. Local Factors matter.
16:47 "Prices convey information, even if we know nothing else."

17:23 How producers use price signals, adaptation to higher prices due to shortages/natural disasters

michaelpisciarino

Since governments enjoy mandatory things, perhaps we should make this series mandatory for all elected and appointed public officials. Sounds like a win, win to me.

michaelfoye

I can't believe it. The fact that the majority of economists can't understand actual production via savings.

rickshafer

So I’m about to graduate from University. I was surprised actually that for the result of the 2008 Financial Crisis, every economics class and financial class put the blame on the failure of Government. However they seemed to beat around the bush as to how government failed.

1. Glass–Steagal being repealed in 1999, which gave the government power to oversee and regulate investment banks and separated it from commercial banking.

2. Government promoting the purchase of subprime mortgages through Fannie-Mae and Frannie-Mac.

So it seems to me the university didn’t make a decision to either be pro or anti regulation, but just blame the governments failures

philagelio

i love this new series its so addicting i can barely contain myself watched everything 3 times
even listened to it while workig

apple

Are you planning on also doing a Chicago themed series? Or maybe even one for Keynes?

Sir.suspicious

Dear Agent, this series is both enlightening and entertaining. Thank you!

magnusdominus

A slight correction or clarification: In your example, it's not 24 gold pieces spent on milk, and 32 on eggs, etc. Rather, it's that the intermediary good (the bread in production) becomes gradually more valuable as you add other inputs. Moreover, you don't necessarily need to spend 8 pieces on milk to get the bread from 24 to 32 pieces in price/value. Ideally, you add value in the production process, above the costs of inputs.

Think about building a house. The highest order good (i.e. the furthest in the past of all the capital inputs) is probably the minerals for the bricks and cement. They have a certain price. The builder buys them, along with tools, and labor, and gradually, over time, increases the value of the final good. Until, in the end, the value of the house (hopefully) exceeds that of all the inputs combined (plus interest).

The more intricate your processes and tools (say, a mechanical digger, rather than shovels), the longer your production chain of your end product is (i.e. the more "round-about" it is), and thus able to command a higher price (although that's not necessarily optimal).

dnnable

Can I also promote Dave Smith's latest episode of Part of The Problem titled "Contra Carlson", where he breaks down Tucker Carlson's hilarious belief that the American Republican party's problems are stemming from it's servitude to Austrian economics and libertarian beliefs. 🤣🤣🤣 ...I mean I don't know how much of substance can be said it's only good for a straight up laugh.

Accuracy

Hayek is to economics what Lemmy is to metal.

LupinWulf

@AA a Video about currencies would be also very interesting

luxan

I wish there was podcast episodes fir the aa library

Vgallo

Please create an account on Bitchute, Minds, and Gab, so 1) those of us want to transition away from YouBan, and 2) when you get banned (and you will) your body of work is preserved on other platforms. PLEASE DO IT TODAY.

juliancate