A lecture on basic economics by Dr. Jennifer Roback Morse

Dr. Jennifer Roback Morse

Dr. Jennifer Roback Morse, former professor of economics at Yale University and George Mason University, gave a lecture on basic economics.

The MP3 file is here.

Topics:

• The study of economics is anti-postmodern – there is objective truth independent of what people think
• The study of economics believes in fixed principles of human nature
• Economics studies the allocation of scarce resources that have alternative uses
• Economics studies how people exchange resources
• How both people who engage in a voluntary trade always believe that they will be better off
• How both people who engage in a voluntary trade both benefit from the exchange
• How incentives motivate people to act
• Understanding supply and demand
• Understanding how “free” government services are rationed
• Understanding opportunity costs
• How prices signal producers to produce more or less, and consumers to buy or not buy
• Market-driven prices versus price controls
• The role of substitution
• The necessity of allowing failure in a free market

The requirements of economic growth:

• private property
• contracts
• the profit motive
• competition
• free trade
• entrepreneurship, creativity and innovation
• the rule of law

If you like this podcast, you can take a look at Thomas Sowell’s textbook on “Basic Economics“. Highly recommended!

Filed under: Podcasts, Acton Institute, Adam Smith, Alternative Uses, Basic Economics, Economics, Economics Tutorial, Free Trade, Hayek, Jennifer Roback Morse, Learn Economics, Mises, Scarce Resources, Scarcity, The Wealth of Nations, Trade, Voluntary, Von Mises, Wealth of Nations

MUST-LISTEN: Dr. Jennifer Roback Morse explains basic economics!

Wow, I thought that her earlier podcast on marriage and family was good.

This new podcast is a MUST for social-conservatives who nevertheless like big government, taxing the rich, public schools, and single-payer health care. I listened to this twice already, and it’s going to become one of my favorites for sure!

The MP3 file is here.

Topics:

• The study of economics is anti-postmodern – there is objective truth independent of what people think
• The study of economics believes in fixed principles of human nature
• Economics studies the allocation of scarce resources that have alternative uses
• Economics studies how people exchange resources
• How both people who engage in a voluntary trade always believe that they will be better off
• How both people who engage in a voluntary trade both benefit from the exchange
• How incentives motivate people to act
• Understanding supply and demand
• Understanding how “free” government services are rationed
• Understanding opportunity costs
• How prices signal producers to produce more or less, and consumers to buy or not buy
• Market-driven prices versus price controls
• The role of substitution
• The necessity of allowing failure in a free market

The requirements of economic growth:

• private property
• contracts
• the profit motive
• competition
• free trade
• entrepreneurship, creativity and innovation
• the rule of law

DOWNLOAD THE PODCAST. LISTEN TO THE PODCAST. REPEAT.

The Ruth Institute accepts donations. I sent her TWO already this year. She does on-campus events, just like William Lane Craig. If you want to have an impact on the university, she should be considered for funding.

You can find more economics lectures at the Acton Institute.

Filed under: Podcasts, Acton Institute, Adam Smith, Alternative Uses, Basic Economics, Economics, Economics Tutorial, Free Trade, Hayek, Jennifer Roback Morse, Learn Economics, Mises, Scarce Resources, Scarcity, The Wealth of Nations, Trade, Voluntary, Von Mises, Wealth of Nations

MUST-READ: The Western Experience debunks the doomsday predictions of the left

I just got an e-mail this week from someone I know who voted for Obama. He was worried about the bogeyman peak oil. Where does the left get all these crazy views? I actually think that atheism causes people on the left to be afraid of the unpredictable future. They imagine insane doomsday scenarios and they become very frightened. They then try to make the world predictable by imposing totalitarianism, to control consumption of scarce resources.

It’s the secular equivalent of “Left Behind” fiction, only they actually believe it. It’s their religion.

But the thing is, it’s all false.

Take a look at this post by Jason over at The Western Experience.

Here’s the summary:

• Who was Thomas Malthus?
• What did he predict?
• Why did his predictions fail?
• Who was Paul Ehrlich?
• What did he predict?
• Why did his predictions fail?
• Some more insane predictions of the left

You might want to read his short, informative post. (It’s a perfect post) And then remember, this is the worldview of the left. They believe this, right up to Obama’s mad science czar.

Previous stories about Obama’s science czar:

• Science czar says trees should be able to sue and born babies are not human beings
• Science czar advocated forced abortions, mass sterilizations and totalitarianism
• Why leftists push policies that kill tens of millions of innocent people
• The murderous views of leading environmentalists

The fact that their predictions are always wrong doesn’t stop them from acting crazily.

Filed under: Polemics, Coerced Abortion, Consumption, Contraception, DDT, Doomsday, Extreme, Extremist, Fail, Failed, Future, Left, Margaret Sanger, Overpopulation, Paul Ehrlich, Peak Oil, Predict, Predictions, Progressivism, Radical, Radicals, Religion, Resource, Scarcity, Science czar, Sex, Sterilization, Thomas Malthus, Totalitarianism, Unpredictable