Invisible Hands (feat. Kevin Leiber)

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U Previously on Invisible Hands, our hosts Kevin Lieber, Fiona, and Professor Fergberg explained that the study of economics is about trying to understand human behavior whenever people have to make choices among different competing uses of the same resources. One of part of life where we face the most significant and direct trade-offs is politics. Political decisions can affect millions of people, they tend to be binary where there are clear winners and clear losers, and the more power governments have over a wide range of their citizens' lives, the more contentious these decisions often become. The nature of politics creates fascinating and challenging incentives both for political decision-makers such as politicians and government bureaucrats *and* for voters who aren't always as knowledgeable or rational as many of us would like to believe. __________________________________________________ LINKS: https://fee.org/articles/unicorn-governance/ What is socialism https://fee.org/shows/audio/words-numbers/despite-its-rebranding-socialism-is-still-horrific/#player What is capitalism https://fee.org/shows/audio/words-numbers/capitalism-doesnt-mean-what-you-think-it-means/#player Public choice https://www.youtube.com/watch?v=yt7q_yH-8zI Alcohol regulation https://www.youtube.com/watch?v=iwh43DlOaRc How capitalism is making the world more peaceful https://www.vox.com/2015/6/4/8725775/pinker-capitalism The Minimum wage is turning workers into lawbreakers https://www.youtube.com/watch?v=0fsVI3EmUnQ

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U One of the most important lessons from economics is that *everyone* responds to incentives. We all make decisions based on our perception of the likely positive benefits and potential negative consequences of our actions. And since the rules and institutions present in a society define all of the basic incentives people face on a daily basis, knowing which types of rules and institutions lead prosperity and economic growth and which don't is one of the most valuable things any of us can learn. __________________________________________________ LINKS: https://fee.org/articles/human-rights-are-property-rights/ Cooperation and coercion https://www.youtube.com/watch?v=bolJLzaRZ-g How are you free? https://www.youtube.com/watch?v=1NRUtX6bhWU A fair chance https://www.youtube.com/watch?v=RU9wyM4jHH0 Supreme law of the land https://www.youtube.com/watch?v=uuPStEfcK7M Positive and negative rights https://www.youtube.com/watch?v=k-DnN6FCnro When is a law a law? https://www.youtube.com/watch?v=WkNPjC0gVSo Closing Guantanamo https://www.youtube.com/watch?v=8bboweITnQ4 Water is worth fighting for https://www.youtube.com/watch?v=3XusL3udgFo Deregulating airlines https://www.youtube.com/watch?v=sixdylnS5Vo Is self-government possible https://www.youtube.com/watch?v=0rK3ecz_OOI Should the terminally ill have the right to try drugs? https://www.youtube.com/watch?v=bV2idyygYzk Licensed to death https://www.youtube.com/watch?v=rWLYITH8Ovw The fall of Tam’s #6 https://www.youtube.com/watch?v=B7YhWNqIU1g San Francisco’s housing crisis https://www.youtube.com/watch?v=ExgxwKnH8y4

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U Economics is the study of human behavior, whenever people make choices. It can be about money and business, but it's also about so much more! To help you make sense of this complex subject, our host Kevin Lieber (VSauce2) and his friends Fiona & Professor Fergberg outline 6 fundamental concepts: Individual Action, Scarcity, Choice, Trade-offs, Subjective Value, and Incentives. Once you learn about these core ideas, understanding how economies function and why they sometimes don't gets a lot easier. __________________________________________________ LINKS: https://fee.org/articles/economics-helps-you-deal-with-difficult-people/ Broken window fallacy https://www.youtube.com/watch?v=erJEaFpS9ls Subjective value https://www.youtube.com/watch?v=AYuHUdE_pys Thinking at the margin https://www.youtube.com/watch?v=tMhdTn-5fu8 Opportunity cost https://www.youtube.com/watch?v=tMhdTn-5fu8 Incentives matter https://www.youtube.com/watch?v=ML3Ai7XIPfk The power of incentives http://www.antolin-davies.com/global/readings/incentives.pdf Unintended consequences (family-friendly policies) https://www.nytimes.com/2016/06/26/business/tenure-extension-policies-that-put-women-at-a-disadvantage.html Unintended consequences (bottled water) http://www.aei.org/publication/whod-a-thunk-it-unintended-consequences-from-a-bottled-water-ban-on-a-college-campus/ Unintended consequences (traffic) https://www.wired.com/2014/06/wuwt-traffic-induced-demand/ Economic facts and fallacies https://www.youtube.com/watch?v=n0MaY33LJZ0

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U Far from just being their own bosses, entrepreneurs play an incredibly important role in the economy by discovering unmet wants or needs and creating the goods & services necessary to satisfy them. If they do this well, entrepreneurs create brand new wealth and make all of our lives better! Over time, they drive technological development and economic growth. But they can only do this when they are free to enter the market and offer their products to potential consumers *and* when their customers are free to accept or reject these products based on their own subjective evaluation. __________________________________________________ LINKS: https://fee.org/articles/graduates-so-you-want-to-be-an-entrepreneur/ Defining entrepreneurship https://www.youtube.com/watch?v=Oqgzjt-0qZY Can automation be a friend of labor https://www.huffpost.com/entry/can-automation-be-a-friend-of-labor_b_596bbdbee4b09e26b6d768fa Stop vilifying venture capitalists https://www.cnn.com/2012/01/13/opinion/davis-romney-bain/index.html Are entrepreneurs modern day heroes? https://www.youtube.com/watch?v=ChEImWVj_kY

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U Economics is a superpower. Understanding it is like having enhanced vision. When you look at the world around you—full of human beings working, studying, fighting, falling in love, and just living—economics helps you see things that are invisible to most people. Join our our host, @VSauce2's Kevin Lieber, and his friends Fiona & Professor Fergberg as they help you see that the best way to learn economics isn’t memorizing equations or staring at charts, but looking at the way humans make choices. By watching our new series, Invisible Hands, you'll have fun gaining mind-blowing economic insight that can radically clarify the way you see society! __________________________________________________ LINKS: https://fee.org/articles/economics-reveals-the-hidden-order-all-around-you/

Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U The essence of any economy is built on the production and exchange of goods and services. And one of the most important and effective ways we know to achieve the fulfillment of people's wants and needs in any society is through the market process. Join Kevin Lieber (VSauce2) and his friends Fiona and Professor Fergberg as they explain the ideas of voluntary exchange, gains from trade, specialization, division of labor, and emergent order, so that you can better understand what markets are, how they form, and why they're valuable. __________________________________________________ LINKS: https://fee.org/articles/capitalism-encapsulated-mises-in-four-easy-pieces/ Equilibrium https://www.youtube.com/watch?v=GT6wpRilYuU Creative destruction http://www.antolin-davies.com/research/wethepeople.pdf The role of prices https://www.youtube.com/watch?v=zkPGfTEZ_r4 Profit, loss, and discovery https://www.youtube.com/watch?v=TxMem2rkBiM