Don’t Tread on Anyone

How Free Markets Make Poor Countries Wealthy (feat. Benjamin Powell, Ph.D.)

Here’s why: almost a hundred years ago, the Austrian economist Ludwig von Mises explained that socialism, even if run by benevolent despots and populated with workers willing to work for the common good, could still not match capitalism’s performance. Socialism requires abolishing private property in the means of production. But private property is necessary to have the free exchange of labor, capital, and goods that establish proper prices. Without proper prices, socialist planners could not know which consumer goods were needed or how best to produce them….Socialism also gives tremendous power to government officials and bureaucrats who are the system’s planners—and with that power comes corruption, abuse, and tyranny. It is no accident that the worst democides of the twentieth century occurred in socialist countries like the Soviet Union, Communist China, and Nazi (National Socialist) Germany, where planners simply decided to eliminate populations they thought interfered with their plans.

– Robert Lawson and Benjamin Powell, Socialism Sucks: Two Economists Drink Their Way Through the Unfree World

Dr. Ben Powell is the Executive Director of the Free Market Institute at Texas Tech University and a Professor of Economics in the Rawls College of Business and a Senior Fellow with the Independent Institute.

Other books discussed:

Wretched Refuse?: The Political Economy of Immigration and Institutions

Out of Poverty: Sweatshops in the Global Economy

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Zelenskyy Enslaves Men Into the Military

“In particular, it is forbidden for men aged 18–60, Ukraine citizens, to leave the borders of Ukraine,” a statement from the service said, according to CNN. “This regulation will remain in effect for the period of the legal regime of martial law. We ask the citizens to take this information into consideration.”

– Ryan McMaken, Ukraine’s Regime is Now Kidnapping Fathers for Military “Service” (Mises.org) Feb. 28th, 2022

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Freedom = Social Cooperation = Superabundance (feat. Marian Tupy)

After analyzing the prices of hundreds of commodities, goods, and services spanning two centuries, Marian Tupy and Gale Pooley found that resources became more abundant as the population grew. That was especially true when they looked at “time prices,” which represent the length of time that people must work to buy something.

Superabundance.com

Marian L. Tupy is a senior fellow at the Cato Institute’s Center for Global Liberty and Prosperity, coauthor of Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting, coauthor of the Simon Abundance Index, and editor of the website HumanProgress.org.

Book discussed: Superabundance

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How to Tell if a Politician is Economically Literate (feat. Per Bylund, Ph.D.)

Core to understanding the economy is recognizing that it is about human actions and interactions. In fact, the economy is people acting and interacting. It is little or nothing else. We tend to think of the economy in terms of resources, machines, businesses, and perhaps jobs. But that is a simplification that is misleading. Those are important, but they are all means to ends. The economy is about using means to attain ends. To put it differently, it is how we act to satisfy our wants, to make us better off . Simply put, the economy is about creating value.

– Per Bylund, How to Think About the Economy: A Primer (p. 15)

Per Bylund, PhD, is a Fellow of the Mises Institute and Associate Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.

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The Most Important Graph in the World & Why Socialists Hate It

(Source: Mark Perry at the American Institute for Economic Research)

Over that period (1980-2018), the world’s population rose by 71.2 percent, yet the average working time required to earn enough money to buy 50 kinds of energy, food, raw materials, and metals fell by 71.6 percent. Put differently, the amount of effort required to buy 1 basket of the 50 commodities in 1980 bought 3.5 baskets in 2018. As we will explain, abundance occurs when the nominal hourly income increases faster than the nominal price of a resource. Furthermore, when the abundance of resources grows at a faster rate than population increases, we call that relationship “superabundance.” This relationship between population growth and the abundance of resources is deeply counterintuitive, yet it is no less true.

Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet

Marian L. Tupy is a senior fellow at the Cato Institute’s Center for Global Liberty and Prosperity, coauthor of Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting, coauthor of the Simon Abundance Index, and editor of the website HumanProgress.org.

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