Welcome to the fourth episode of Adam and Tyrone's exploration of Economic in Three Lessons by Hunter Lewis! Henry Hazlitt's masterpiece has been upgraded, and here on Haman Nature we will guide you through the entirety of this great new book on economics! (links to earlier episodes below)
00:00 — Intro. The poor porcupine hobo is feeling bankrupt. Let's learn economics!
01:15 — Let's read Lesson Two: The Free Price System, Chapter 7: The Essential Role of Loss and Bankruptcy!
04:20 — Private business managers have an incentive not to go broke. What incentive do government bureaucrats have? Also, Tyrone makes a prediction, and Adam has a solution to our financial woes.
15:37 — Cronies want government regulations to protect them from upstart competitors. If all else fails, bailouts! Also, what should the market "look like"? How do we know? Do government regulations actually dysregulate markets?
28:30 — Let's read Lesson Two: The Free Price System, Chapter 8: What About Inequality?
33:17 — Argue to 100. Quit saying inequality doesn't matter. Argue why libertarian approaches to dealing with poverty are superior on every dimension.
37:35 — Our incomes reflect our usefulness to others, along with the ease that others can find better replacements for what we offer them. Our "pay" in a free society isn't random! Also, you don't own your labor. You own yourself and you can make contracts. Not the same. The most inequality is found in the least free systems.
54:00 — Let's read Lesson Two: The Free Price System, Chapter 9: Why Greed Is Not "Good" in a Free Price System
37:36 — Greed is short-term thinking. Long-term self-interest is often mistaken for greed, but it's the opposite. One is parasitical. The other is the engine that builds civilization.
1:02:39 — How freedom encourages people to "act right". A virtuous society encourages virtue in its citizenry.
1:15:18 — Tyrone reads good. Adam straightens out the foolish notion of business managers focusing on maximizing "stakeholder" value.
1:18:25 — Outro. Thank you for watching Haman Nature!
Book mentioned: Economics in Three Lessons by Hunter Lewis:
Rush song mentioned - "The Trees":
Book mentioned, Alex Epstein's Fossil Future.
Wall Street scene mentioned - "Greed is good":
Other People's Money scene mentioned - "Larry the Liquidator":
Part 1 of this series:
Adam's other show: Natural Order Podcast
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