Rational Egoist Podcast: Ludwig von Mises and the Failure of Socialism

In this episode of Rational Egoist podcast, host Michael Liebowitz interviews Dr. Mark Thornton, a senior fellow with the Ludwig von Mises Institute and an American economist of the Austrian school.

Dr. Thornton provides a free audiobook titled "The Skyscraper Curse" for subscribers, which can be accessed through this link: https://mises.org/library/skyscraper-curse.

The conversation centers on Ludwig von Mises' economic theories and their application to socialism. The discussion covers how government intervention, such as manipulating the money supply and price controls, misleads entrepreneurs and puts investors and capitalists at personal risk. The Great Depression is also analysed, with government intervention being blamed for its cause, not capitalism.

The mainstream media is discussed for its sensationalism and misrepresentation of real economics as it is not in the business of educating the masses on economics and will just spread misinformation regarding socialist ideologies.

Dr. Thornton explains that the federal reserve paints a false picture that more regulation and intervention are needed when a free market capitalist economy is the only solution. Mises demonstrated that socialism does not work, not even in theory, as a free market economy requires private property and the exchange of value through prices. Socialism uses up resources, while capitalism produces more resources and creates new things.

The failure of communism is examined, with the Soviet Union collapsing due to one central control guessing what is needed instead of measuring supply and demand through prices. The Rational Egoist podcast offers a thought-provoking discussion on economics from the perspectie of Ludwig Von Mises .

Michael Liebowitz is a philosopher, political activist, and host of the Rational Egoist podcast. He is a passionate advocate of reason and his views have been heavily influenced by the philosopher Ayn Rand. Liebowitz has dedicated his life to promoting its principles of rational self-interest, individualism, and reason. In addition to his work as a podcast host, Liebowitz is also a prominent spokesperson for the Libertarian Party for Connecticut - USA and has been involved in a number of political debates advocating for individual rights and freedoms through his YouTube videos and interviews. Liebowitz's life story is a testament to the transformative power of the writings of Ayn Rand.

After spending 25 years in prison, he was able to turn his life around by embracing the principles of rational self-interest and morality espoused by Ayn Rand. He has since become an influential voice in the libertarian and Objectivist communities, using his own experience to inspire others to live their lives in accordance with reason, individualism, and self-interest.

Liebowitz is also the co-author of "Down the Rabbit Hole: How the Culture of Correction Encourages Crime," a book that explores the ways in which misguided societal attitudes towards punishment and rehabilitation have led to a rise in crime and recidivism. In addition to his work in politics and philosophy, Liebowitz is a regular guest on the Todd Feinburg show at WTIC, where he provides expert commentary on a range of political and social issues.