Summary:
Understanding the economy is a lot easier than you think, and Howard Yaruss comes on this episode to prove it. His newest book, Understandable Economics, fosters a comprehensive understanding of the spectrum of markets—outlining clear justifications for government intervention and the creation and allocation of goods/services. Rather than labelling some markets ‘free’ and others ‘controlled,’ it is more helpful to explore the degrees to which each market utilizes both characteristics. Tune in to hear us discuss the most useful fundamentals of the economy, and be sure to check out Howard’s book for a fruitful source of concepts and explanations.

Highlights:
-Howard Yaruss discusses his new book, Understandable Economics
-Howard is an attorney, author, business man, and professor at NYU
-Howard believes that economics is not readily understandable because it is frequently not taught correctly. You may leave an economics course with even more confusion about how the economy works
-Economics is not a science; it’s about producing and dividing up all of the goods and services that govern our world
-His book is not economics for dummies; rather, it is an effort to explain economics as it should be explained
-Markets exist on a spectrum. Every nation has some government control—even North Korea has some element of free markets
-Free markets are like a highway. They are a great system of transportation, but if there were no rules, they wouldn’t work.
-There should always be a clear justification for government intervention, but when they overreach, they create a negative view of the government
-People need to get involved and understand what is going on in the economy, and Howard’s book contributes to this.
-If the market isn’t working, then it is acceptable for the government to get involved in funding the progress of innovations like EVs.
-You can’t dictate a transition just because the market isn’t ready for it yet. It’s important to let the markets work it out
-A lot of people believe that the government is the spender of last resorts
-We shouldn’t be for or against regulation. It’s all about coming to an agreement on what regulations are necessary and helpful

Useful Links:
Financial Survival Network
Understandable Economics