👀Economics in One Lesson | That Which is Seen, and That Which is Not Seen

Economics in One Lesson and That Which is Seen, and That Which is Not Seen. Henry Hazlitt and Frédéric Bastiat shows us the difference between good and bad economics. Learn Austrian Economics in a fun way!

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Music on CC license:

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[BURCHDOGSHOW]

Your explanations are really good. You should do one explanation for each chapters in Econ in One Lesson

[nemo]

Does anyone remember learning this in high school or college? Neither do I. A MAJOR failing of educational systems is not teaching young people about work, capital, money, investment, value.

[marunio]

Bastiat was a great mind of his generation. So good that Hazlitt wrote such a fantastic book which contains his thoughts.

[visuallycourses]

The shoe example was really enlightening.

[Gio-ymuj]

Don't forget the consumption of time too. Time is irrepacleable on a worker's life.

[josephmugeci]

I love your mode of explanation it is quite clear. Thank you so much

[YashArya]

00:00 The Good Economist looks at both the Seen and the Unseen/Forseen
1:25 Broken Window Fallacy
3:50 The Blessings of Destruction: Do wars (or natural disasters) promote economic growth?
4:20 Can the government create jobs through public works and bureaucracy?

[ahmedmattan]

liked just for that string image. loved it so much. instantly knows what you was talking about. made me feel so smart haha

[emmanueloshaddai]

You're a good economist.
What is your view on standard oil's dismantling?

[mysticcybertron]

Thank you for the educational video, King T'challa.

[jbgant]

Does anyone know the background music playing in this video? Thanks

[thebestSteven]

1 massive criticism. The music is audible but indistinguishable. It's like a buzzing nearby that you can't identify or remove. Either remove the music or make it fully audible.

[oakenembers]

Do one for real inflation, shadowstats + recent zerohedge article titled "Devonshire: True Inflation"

[daveletterman]

Could you please help explain section 3 of "Enough to Buy Back the products" chapter? I am new to economics and especially confused on the "wage and salaries in US averaged 69 percent of national income" part.

[ferarioladimeji]

Can someone help me with solutions to this questions.
True or False with Short explanation.



1. The USA is the world's bigest economy, according to PPP- adjusted GDP figure

2. The Mercantilists view trade as zero- sum game

3. Absolute advantage theory suggests sountries should import goods other countries produces more cheaply.

4. According to the Heckscher-Ohlin theorem, car should be produced in the USA rather than in Mexico

5. When testing the Heckscher-Ohlin theorem in practice, Leontief found that the USA exported labour- intensive products and import capital-intensive products

6. Estonia's and Finland's close trade partnership could be explained by gravity theory

7. China economy is shifting from manufacturing to services

8. Trade tariffs on food tends to be higher than on industrial goods

9. Due to capacity constraints, trade tariffs are usually lower amng developing countries

10. The bound tariff is higher than preferential tariffs



11. Saudi Arabia has the biggest proven oil reserves in the world

12. The cash i have in my wallet and deposits on my regular bank account are included in the monetary aggregate M1

13. The economy is believed to have a positive output gap when the potential (long- term average) economic growth

rate is above the actual economic growth rate

14. A government should LOOSEN its monetary and/ or fiscal policy when actual economy growth EXCEEDS potential

(long-term average) economic growth

15. Bank reserve requirement should be TIGHTENED when economy is experiencing a NEGATIVE output gap

16. Interest rates should be RAISED when the economy grows well ABOVE its positive (long - term average) growth rate

17. Monetarists view fiscal policy less effective than monetary policy

18. Devaluation of one's currency can help to reduce one's trade deficit.

19. Gold. Silver and other metals are examples of Fiat money

[LuisDiuk]

very cool, hey you read a lot of books, have you read Capital Theory of Eugen von Böhm-Bawerk?

[mrlucky]

If we laid all the economists in the world end to end, they still wouldn't reach a conclusion.

[RomeBlack]

the problem with this is you do not consider that money can be hoarded. the benefit redistribution would offer, hopefully in productive ways, is taking away money from people who hoard it and don't inject it back into the economy. not every business owner spends their excess money reinvesting in their workers pay or business. instead, they save it for future generations to be filthy rich. That is basically just capital flight imo. I hate bureaucracy and nonefficient government, but I also realize that without some redistribution we would end up with a monopoly.

[rameshacharya]

That Which is Seen, and That Which is Not Seen!

[lucasraphaelpianegonda]

Abbreviation of million is mio not mln