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1305, 2017

Price system: free market vs. government intervention

By |May 13th, 2017|Categories: Blog, Films|0 Comments

What is the role of the prices on the market? What happens when the government interferes with the market and sets a maximum or minimum price at a level other than the free market would? [...]

1804, 2017

Economics in One Lesson – That Which is Seen, and That Which is Not Seen

By |April 18th, 2017|Categories: Blog, Films|Tags: |0 Comments

What distinguishes a good economist from a bad economist? We may invoke Hazlitt’s question: Why is it that economics is haunted by more fallacies than any other study known to man? To explain this, [...]

1104, 2017

Austrian Business Cycle Theory – What causes business cycles?

By |April 11th, 2017|Categories: Blog|0 Comments

In one of the previous episodes we discussed time preference and interest rates. If you have not seen it, watch it before you start this episode. Today we will discuss how dreadful crises arise. [...]

603, 2017

Minimum wage

By |March 6th, 2017|Categories: Blog|0 Comments

According to many politicians we only need to raise the minimum wage! If the task is as easy as passing merely one bill, if this will make all workers earn more, then why not just [...]

1302, 2017

Value of things

By |February 13th, 2017|Categories: Blog|0 Comments

How do we determine the value of things? Aristotle had asked a question that remained unanswered through centuries: Why water that is vital for all life is cheap, while diamonds are expensive, even though [...]

1910, 2016

Inflation and deflation

By |October 19th, 2016|Categories: Blog, Films|5 Comments

We often hear in the mainstream media that inflation is desirable, that it’s positive for the economy. Central banks are not happy when inflation doesn’t reach the desired level. But is it true that [...]

1909, 2016

Investment vs consumer loan

By |September 19th, 2016|Categories: Blog, Films|0 Comments

Two good friends from childhood - Jack and Paul - met after years in the bar. They began to talk about their life and when it came to finances, it turned out that Paul [...]

2608, 2016

How is wealth created?

By |August 26th, 2016|Categories: Blog, Films|0 Comments

Imagine a world in which suddenly all the tools disappear. All buildings, cars and machinery or even basic tools such as knives, hammers and shovels vanish. What would the economy look like if we had to [...]

306, 2016

Supply and demand

By |June 3rd, 2016|Categories: Blog, Films|0 Comments

I am going to ask you a weird question: What was the demand for cars in year 1120? Someone could answer without any hesitation: “None, there was no cars at the time!” However, imagine [...]

904, 2016

Interest Rates and Time Preference

By |April 9th, 2016|Categories: Blog, Films|0 Comments

If people only had high time preference, we would probably still be in the Stone Age. Increases in production are only possible through saving and capital formation. Economic growth comes from people denying immediate [...]