EDUCATIVO | Aprende algo nuevo todos los días

EDUCATIVO | Aprende algo nuevo todos los días

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EDUCATIVO | Aprende algo nuevo todos los días episodes

  • Economizing Action: How One Principle Begats Two Analytical Disciplines
    Richard E. Wagner presents a reflection on the nature of economics as a discipline during a lecture for economics students at Universidad Francisco Marroquín, emphasizing that its study involves not only the mastery of analytical tools but also the development of a broader understanding of society and human interaction. Wagner argues that economics should not be reduced solely to mathematical models or optimization techniques; rather, it should also be understood as a framework for interpreting how social order emerges and evolves through individual action, institutions, and systems of human relationships .
    Drawing on the ideas of Adam Smith and the tradition of the Scottish Enlightenment, Wagner explains that classical economics originally functioned as a theory of society and its primary objective was to understand how order and coordination can emerge spontaneously through individual actions, without the need for centralized planning or control. From this perspective, society is not something deliberately designed by a central authority, but rather a complex system continuously shaped by interactions among individuals. This view connects directly to the concept of the invisible hand, according to which individuals pursuing their own interests unintentionally contribute to the creation and maintenance of social order.
    “Economics after the fashion of Smith, Hume, Hutchinson and Company was alternative a as a theory of society.” — Richard E. Wagner
    Wagner also discusses the concept of economizing action, which he presents as a universal principle of human behavior. According to this idea, individuals constantly make decisions in order to pursue their desires, manage competing aspirations, and achieve the best possible outcomes within the limits they face. This principle became the foundation of economic thought and later evolved into the neoclassical focus on utility maximization and mathematical equilibrium models.
    “Everyone has plans, desires, aspirations, of various sorts and with those desires and aspirations as well as potentially conflicts among those aspirations. Each of us faces the challenge of doing the best we can.” — Richard E. Wagner
    However, Wagner also questions the limitations of modern economics when it relies too heavily on mathematical abstraction. While optimization models and equilibrium analysis can be valuable analytical tools, he argues that they often oversimplify human behavior and fail to capture the dynamic and relational nature of society. By focusing mainly on representative individuals and static equilibria, contemporary economics may neglect important dimensions such as institutions, moral development, political structures, and the networks of relationships that shape collective life.
    For this reason, Wagner proposes a broader understanding of economics, which is one that combines the science of optimization with a deeper analysis of social organization. Economics, in this sense, should be viewed not only as a technical discipline concerned with maximizing outcomes, but also as a powerful framework for understanding how societies function, how institutions influence behavior, and how political action can transform social arrangements.
    Ultimately, the lecture invites students to reflect on the dual nature of economics: as both a science of decision-making and a tool for interpreting the complexity of spontaneous social order. By embracing both dimensions, economics can provide richer and more meaningful insights into human behavior and the societies we collectively create.
    Explore more lectures on economics, social theory, and political economy in the New Media collection.
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    37 min
  • Integrating Rationality and Spiritedness to Correct a Misleading Economy
    In this compelling lecture hosted by Universidad Francisco Marroquín, Dr. Richard E. Wagner challenges the conventional understanding of economics by addressing the tensions between rationality and emotion in human decision-making. He reframes the discipline as one that cannot just rely on mathematical calculation or abstract models. Instead, he argues that economic life is deeply connected with uncertainty, expectations, and human psychology.
    Dr. Wagner analyzes the concept of “animal spirits” from the work of John Maynard Keynes. In traditional interpretations, this idea is often linked to irrational behavior that can weaken markets. However, Dr. Wagner disagrees with this interpretation. He explains that what is often seen as a difference between a rational calculation and emotional influence is not really true. In his view, this is an “illusory distinction”, and in reality, both elements work together. People cannot always rely on logic, because the future is uncertain. Therefore, emotions and beliefs are not a problem, but a normal and necessary part of how individuals act in economic life.
    “Animal Spirits are necessary to live to thrive in a world where all decisions are going to place you as the decision maker in a situation where you have to commit yourself right now.” - Richard E. Wagner
    A key concept in this lecture is “undecidability”, which refers to situations where decisions cannot be fully solved using calculations. To explain this, Dr. Wagner uses a simple example: choosing whether to have a wedding indoors or outdoors. He explains that even if people use weather data and probabilities, they cannot know exactly what will happen on that day. There are many possible outcomes, such as light rain, heavy rain, or unexpected changes. With this, he illustrates that real life decisions are more complex than the models presented in decision theory. As a result, it is impossible to calculate the perfect choice in many situations, which highlights the importance of individual freedom in making decisions under uncertainty.
    “You commit yourself at this instant not truly knowing what you're going to get from that act of commitment, that's it, that's the way it has to be.” — Richard E. Wagner
    Then, Dr. Wagner explains the importance of time in decision making. He comments that every decision is made in the present, but its results will happen in the future. This creates a gap between action and outcome. Because of this, individuals must act without certainty. This is described as a leap of faith, where people rely on their expectations and confidence instead of complete knowledge. This idea challenges traditional economic models, which often ignore the role of time and assume that people have enough information to make optimal decisions.
    The lecture also discusses how this perspective affects our understanding of markets. Some critics argue that free markets do not work well because people are not fully rational. However, Dr. Wagner argues the opposite. He says that markets function precisely because individuals are willing to act under uncertainty. He takes entrepreneurs as an example because they make decisions based on expectations about the future, not certainy. This process allows markets to adapt and change.
    “The real virtue of freedom and liberty, as forms of social organization and social order, is that the practice of freedom is different from a world in which the world is governed by a sense of entitlement.” — Richard E. Wagner
    Finally, Dr. Wagner criticizes systems that promise guaranteed results, often called “entitlements”. These systems suggest that outcomes can be controlled or predicted, which, in his words, is not realistic. In contrast, he defends that a free society depends on individuals who accept uncertainty and take responsibility for their choices. The lecture concludes that understanding the connection between rationality and emotion is essential for explaining human behavior and supporting economic freedom.
    To continue exploring insights on economic freedom and rationality, follow more analysis through New Media and expand your understanding of current challenges.
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    37 min
  • China’s Economy: The Mother of All Bubbles
    The Universidad Francisco Marroquín (UFM) hosted its annual lecture series at the Milton Friedman Auditorium, featuring economist Christopher Lingle. The lecture addressed the central question of what causes economic bubbles, why China’s case matters, and how global financial dynamics shaped its current situation. By linking observations since 1987 with comparative analysis, Lingle argued that policy-driven distortions, central bank interventions, and political control have positioned China’s economy at a turning point.
    “Government interventions whether or not they're well-intended or based upon evil or ideology lead to distortions and imbalances in the economy.” — Christopher Lingle
    To start with, Lingle explained the mechanics of bubbles. He noted that excess central bank liquidity fuels asset price inflation. Governments, aiming to stabilize economies, often create conditions for malinvestment and later contraction. He cited the U.S. housing crisis as an example, warning that China’s case might prove larger in scale.
    Besides, Lingle examined China’s debt ratio. According to him, the nation’s debt-to-GDP ratio rose from 150% in 2008 to more than 330%. What made this notable was the efficiency decline: where once $1 of investment yielded $1 of growth, China now requires $4 of investment to produce the same outcome.
    Another factor involves local government debt and the property market. Entire cities, financed through shadow banking, remain under-occupied. Such investment reflects a system that favors immediate targets over sustainable growth. The comparison to Japan’s bubble economy of the 1980s revealed parallels. Yet China’s expansion lasted longer because of global liquidity injections from foreign central banks and purchases of U.S. Treasuries.
    “The slower China’s economy grows, the more political control is imposed—and the cycle feeds itself.” — Christopher Lingle
    On the other hand, Lingle analyzed the political dimension. Under Xi Jinping, power has concentrated, increasing state control and reducing flexibility in economic management. This loop, slower growth justifying tighter control, which in turn slows growth further, creates a lasting weakness. Combined with demographic change and the relocation of manufacturing to countries such as Vietnam and Mexico, China faces both internal and external pressures.
    Finally, the lecture emphasized how systemic vulnerability emerges from incentives. While the global economy enabled China’s rise, the same connections now expand risks of its downturn.
    To continue exploring insights on global economics and policy dynamics, follow more analyses through newmedia.ufm.edu and expand your understanding of current challenges.
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    55 min
  • Bruno Leoni: La libertad y la ley Seminario Sesión 2
    En el marco del ciclo de conferencias de la Universidad Francisco Marroquín, el historiador económico, abogado y escritor Ricardo Rojas analiza tres capítulos centrales de la obra La libertad y la ley de Bruno Leoni, orientados a la filosofía del derecho. Los temas principales abordados son: la noción de Rule of Law, la importancia de la certidumbre jurídica y la relación entre legislación escrita y libertad individual.
    “Lo que no deberíamos hacer nunca, es lo que se suele hacer, usar la expresión Rules of law como sinónimo de Estado de derecho” - Ricardo Rojas
    En el primer capítulo, Rojas distingue entre el Rule of Law anglosajón y el Estado de derecho europeo. Señala que mientras el primero se apoya en tradiciones, costumbres y precedentes judiciales, el segundo se sostiene en constituciones y legislación escrita. Además menciona que a través de autores como Dicey y Hayek, se plantea que lo esencial no es tanto el origen de las normas, sino que existan jueces capaces de limitar el poder de los funcionarios, garantizando igualdad ante la ley y evitando la arbitrariedad del gobierno.
    Rojas explica el segundo capítulo la certidumbre del derecho que hace referencia a la estabilidad y previsibilidad de las normas jurídicas a lo largo del tiempo. A diferencia de las leyes escritas, que pueden cambiar rápidamente según intereses políticos o decisiones legislativas, la jurisprudencia evoluciona gradualmente y ofrece una mayor confianza para la planificación y la seguridad jurídica.
    "La legislación nos puede dar certeza de corto plazo, pero el sistema de elaboración judicial nos da certidumbre a largo plazo; la jurisprudencia evoluciona con cada caso, ofreciendo estabilidad y confianza en que los principios se mantendrán." - Ricardo Rojas
    Según Rojas, Leoni resalta que la función de los jueces no es sólo aplicar la ley, sino también interpretarla y desarrollarla de manera que los principios legales sean consistentes y predecibles en el tiempo. Agrega que la participación de abogados, testigos y peritos en los procesos judiciales contribuye a la construcción colectiva del derecho, similar a cómo en la ciencia se consolidan teorías a través del debate y la crítica, como explica Popper.
    "Un exceso de legislación quita libertad; es mucho más razonable un sistema donde podamos actuar libremente y acudir a jueces o árbitros cuando no hay acuerdo, mientras que la legislación establece procedimientos razonables para evitar arbitrariedades." - Ricardo Rojas
    En el último bloque, Rojas aborda la relación entre legislación y libertad, señala que, según Leoni un exceso de legislación detallada restringe la libertad, mientras que una legislación más general, combinada con un poder judicial que interprete y adapte las normas, permite que las personas actúen libremente y que el sistema legal funcione de manera justa.
    En síntesis, mediante la obra de Leoni, Rojas, reivindica un sistema jurídico flexible, construido de manera gradual y colectiva, que equilibra estabilidad y libertad. En este sentido, Rojas sostiene que la crítica al exceso de legislación escrita se combina con una defensa de la jurisprudencia como base de un derecho más previsible, abierto al debate social y mejor adaptado a la protección de la libertad individual.
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    26 min
  • La libertad y la ley | Seminario Bruno Leoni sesión 3
    Ricardo Rojas presenta una reflexión basada en el pensamiento de Bruno Leoni, en la que introduce los conceptos de libertad, ley y representación democrática, destacando su relación dentro de las sociedades contemporáneas. La sesión forma parte de un seminario académico centrado en la obra “La libertad y la ley”, cuyo objetivo es cuestionar la forma en que se entiende actualmente la democracia y el rol de la legislación. Desde el inicio, se plantea que el problema no radica en la existencia de leyes, sino en la manera en que estas son creadas e impuestas, lo cual puede afectar directamente la libertad individual.
    Para contextualizar el tema, Rojas explica que Leoni distingue entre el derecho evolutivo y el derecho legislado. Argumenta que, el primero surge de manera espontánea a partir de la interacción social, la resolución de conflictos y la jurisprudencia, mientras que el segundo es producto de decisiones deliberadas de autoridades que buscan imponer normas a toda la sociedad. En este sentido, el conferencista resalta que el problema no es que la ley sea escrita, sino su carácter impositivo, como se evidencia en la siguiente afirmación:
    “Por lo tanto, dice Leoni: todo el mundo está involucrado en la creación del derecho". —Ricardo Rojas
    A partir de esta distinción, Rojas presenta el derecho como un proceso dinámico y participativo, en el que diversos actores contribuyen indirectamente a su formación, en contraste con un modelo centralizado de creación normativa.
    Más adelante, el conferencista desarrolla el concepto de representación política, destacando su evolución histórica. Rojas explica que, en sus orígenes, los representantes actuaron como mandatarios directos de los ciudadanos, obligados a cumplir su voluntad. Sin embargo, con el paso del tiempo, esta relación se transformó y los representantes adquirieron autonomía, generando una separación entre quienes eligen y quienes deciden. Menciona que esta situación ha derivado en una crisis de la representación en las sociedades modernas, donde el peso del voto individual se reduce considerablemente y el control ciudadano se vuelve limitado.
    En esa misma línea, Rojas plantea una crítica al concepto de voluntad general, señalando que no existe una única voluntad colectiva, sino una diversidad de intereses individuales que frecuentemente entran en conflicto. En la práctica, este concepto suele utilizarse para justificar decisiones que benefician a ciertos grupos en perjuicio de otros, especialmente bajo la lógica de la mayoría. De esta manera, Rojas evidencia que la democracia puede convertirse en un mecanismo de imposición más que en una verdadera expresión de consenso social.
    “En este capítulo, sobre la libertad y la representación, lo que Leoni nos muestra es que el concepto moderno de representación incluye que determinadas personas van a ser compelidas por la fuerza a hacer lo que decidan otras determinadas personas sea por la regla de la mayoría” – Ricardo Rojas
    Finalmente, el conferencista establece una comparación entre el sistema legislativo y el funcionamiento del mercado, señalando que, mientras en el mercado las decisiones son voluntarias y basadas en acuerdos entre individuos, en el ámbito político las normas se imponen incluso a quienes no están de acuerdo. A partir de ello, Rojas concluye que uno de los principales riesgos de la legislación moderna es la concentración del poder en autoridades que ya no responden directamente a los ciudadanos, lo que hace necesario replantear el rol del derecho y promover formas más participativas y descentralizadas en su construcción.
    Visita: newmedia.ufm.edu
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    40 min

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Aprende sobre economía, política, historia, actualidad, coyuntura, arquitectura, filosofía y mucho más con conferencias y eventos de la Universidad Francisco Marroquín en la que participan…