Is Capitalism Sustainable? Mike Munger and Keith Knight

by | Oct 27, 2020

Is Capitalism Sustainable? Mike Munger and Keith Knight

by | Oct 27, 2020

Mike Munger

“The member of a contractual society is free because he serves others only in serving himself. What restrains him is only the inevitable natural phenomenon of scarcity.”

Ludwig von Mises

Human Action, p. 280; p. 283

 

…“markets “work” even if people are self-interested, because the dynamics of competition limit bad actions”….“The reason that we tolerate, or in some cases celebrate, capitalism is that entrepreneurs find ways to produce new products, new services, or new ways of making things that make consumers better off. Many of us would pay far more than the store price for clean water, wholesome food, cars that run for 200,000 miles, or cell phones that connect us to the entire world. Entrepreneurs think up the new goods or services, and competition drives down the price. The result is that many products not available even to the very wealthy in 1900 are now owned by all but the poorest among us.”

-Michael Munger, Professor of Economics at Duke University

 

 

Michael Munger is a professor of Economics, Public Policy, & Political Science, at Duke University. 

Buy Is Capitalism Sustainable: https://www.amazon.com/Capitalism-Sustainable-Michael-Munger/dp/1630691739/

Prof. Munger’s website: http://michaelmunger.com/

Twitter: https://twitter.com/mungowitz 


0:20 – Define capitalism

3:58 – Capitalism = infinite growth = infinite consumption, on a finite planet

6:43 – The “free” mindset

9:22 – The lighthouse myth: public goods

12:39 – Rent seeking & Adam Smith

16:09 – In defense of profit

19:15 – Correlation v. Causation  

22:31 – Voting: The worst way to make decisions

25:49 – How self interest leads to the common good due to competition

29:02 – Favorite economist? 


BitChute: https://www.bitchute.com/video/awQnNPOltdQK/

LBRY: https://lbry.tv/@KeithKnightDontTreadOnAnyone:b/Is-Capitalism-Sustainable–Michael-Munger—Keith-Knight-:4

Minds: https://www.minds.com/newsfeed/1167345274956734464?referrer=KeithKnightDontTreadOnAnyone

Archive: https://archive.org/details/mike-munger

About Keith Knight

Keith Knight is the founder of the YouTube, Minds, and BitChute Channel- "Keith Knight - Don't Tread on Anyone". Having supported Barack Obama in 2008, and Mitt Romney in 2012, he become a Libertarian Anarchist after running out of arguments for when initiating violence is morally permissible. His goal in life, is to spread knowledge of critical thinking, the Non-Aggression Principle, Self-Ownership, natural law and the Private Property Ethic.

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