Economics in Six Minutes
Karl Marx thought labor creates all value and get exploited when they don’t get the whole value, but the Austrian economist Carl Manger said no, values are subjective. American economist Henry George said the surplus is rent, so tax that, and have free trade. Austrian economist Ludwig von Mises said pure socialism would be hopelessly inefficient, and government intervention makes the economy worse. Friedrich Hayek said so too, because knowledge is decentralized, so just let the spontaneous market order work. John Maynard Keynes in Great Britain thought government should make and spend money during depressions, but New Classical economists point out that when people expect inflation, government stimulus just raises prices. Milton Friedman in the USA says don’t try to manipulate the money, and let folks choose for themselves. The bottom line to all this is that economic freedom leads to the most prosperity. Don’t restrict labor and capital other than to prevent coercive harm to others. Don’t tax labor or enterprise. Get public revenues from rent and pollution fees. Let the market handle the money and banking. True free trade and enterprise are good; decentralized and market-based governance works best. As Henry George said, economics and ethics are one. The environment and the economy are one. Good governance and economics are one. Share rent, charge for damage, don’t steal wages. That’s economics in six minutes, and the path to prosperity.
Economics in Six Minutes by Fred E. Foldvary
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