Great Conversation with Mises Institute Economic Professor, Dr. Jonathan Newman

Oct 10 2024 • 38 mins

Summary
In this conversation, Dr. Jonathan Newman discusses the principles of Austrian economics, emphasizing the importance of private property, the implications of price controls, and the significance of understanding economic concepts like the Diamond-Water Paradox. He highlights the need for economic education, particularly in the context of inflation and government intervention, and advocates for resources provided by the Mises Institute to foster critical thinking and informed decision-making in economics.
takeaways
Austrian economics is based on logical deduction and individual freedoms.
Private property is essential for economic growth and freedom.
The Diamond-Water Paradox illustrates the concept of marginal utility.
Thinking like an economist involves considering long-term effects and all groups affected by policies.
Inflation is primarily caused by government actions, particularly money printing.
The uneven effects of inflation disproportionately harm those on fixed incomes.
Education should be free from state control to promote critical thinking.
The Mises Institute provides valuable resources for economic education.
Understanding the division of labor is crucial for economic efficiency.
Propaganda influences public perception of economic issues.

Titles

The Case Against Price Controls
Decoding the Diamond-Water Paradox
Sound Bites
"Price controls are a bad idea."
"Private property is the bedrock of a free society."
"The Diamond-Water Paradox explains subjective value."

Chapters

00:00
Introduction to Austrian Economics
06:51
The Importance of Private Property
10:13
Understanding the Diamond-Water Paradox
12:58
Top Economic Lessons for Young Economists
28:20
Inflation: Causes and Consequences
34:29
The Role of Propaganda in Economics