ECONMOVIES: Government and the Economy- Season 2, Episode 2

  • Published on Sep 7, 2017
  • Thank you so much for watching and sharing this video. Please subscribe and leave a comment. In this episode of Econmovies, I discuss the role of the government and the two extremes of the economic spectrum: State Socialism and Neoliberalism. I also talk about the views of Milton Friedman. By the way, what did you think about the thought experiment? When is taking private property not theft?
    I would love to see know where you stand on the economic spectrum. I've always wondered if my viewers were on the left, right, or in the middle. Either way, let me know what you believe and let's get a healthy debate going. After all, these aren't just academic ideas. These economic philosophies shape public policy and, for better or worse, they will effect the lives of millions of people.
    So, is tax theft? Was Milton right or wrong? What did I leave out in my summery of socialism? Is there another "ism" that I should have mentioned? Let me know. Thanks again. You rock!
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Comments • 38

  • Diego Ralon
    Diego Ralon 2 months ago

    nice job!

  • ducksfan
    ducksfan 8 months ago +1

    Mr. Clifford, I take issue with your use of the word and concept of "theft" to potentially characterize taxes. What should you then call the disproportionate use of tax funded infrastructure and the courts by large businesses? Your outstandingly written and produced videos deserve over 10 times the views they have. Your choice of "theft" just set me off.

  • g00d4sh
    g00d4sh 8 months ago +2

    Nice video. The older I get, the more Libertarian I lean toward. Strangely enough. In my youth I was a leftist socialist. Now, I'm Libertarian. The evolution we go through.

  • Angelo Olteteanu
    Angelo Olteteanu Year ago

    Great video again. Thank you!

  • Bernard Harris
    Bernard Harris Year ago

    Mr. Clifford, I want to say that first you're videos are awesome. You are one of the best teachers of Economics. Your Econ movies really make Econ fun. One of the best videos you made was how you explained the business cycle in Cars. However, this video was, at times, a little too hard to follow. I can imagine my students looking at this and getting lost. Is there some way that you could redo these and simplify it?

  • S A
    S A Year ago +1

    Ethics aside, what about public goods and externalities? Any simple mention of 'tax is theft because it takes away your property' fails to discuss this.

    • Robert Bickers
      Robert Bickers 10 months ago

      This ties in with his HS Econ lesson materials. They go into detail on both concepts so students get a solid understanding.

  • Prit Patel
    Prit Patel 2 years ago +4

    I bought the packet last year for macro, now I am taking micro, however I never received the updated links for the new secret videos. I don't believe you ever responded to my email. Was wondering if you could help! Thanks!

  • angelo palmiery
    angelo palmiery 2 years ago +3


  • toluca56
    toluca56 2 years ago +2

    Hayek is my homeboy. Any system that relies on coercion backed by the threat of violence for its acceptance, is not a system I support. I support free markets, free people, and self-responsibility. I also believe that along with wealth increases, comes a logical moral reason to help others: the more you help others get what they want, the more you get in return. This is not quite the idea of noblesse oblige, but more the logical conclusion that stems from an understanding that people are generally happy once all of their physical needs are met and they have some surplus. And that social capital involves trust. So I believe in helping our fellow humanity voluntarily, no via coercion. We will probably never get rid of the state's interference in the economy, but to the degree it leaves people alone, they prosper. Yes, the government can help with some market failures, but oftentimes they create perverse incentives and policies have unintended consequences. The state, as any bureaucracy, eventually grows beyond its mandate to serve society, and becomes a greedy bureaucracy whose main goal is self-preservation and preservation of power. No matter how noble in purpose it starts out.

  • Antenox
    Antenox 2 years ago

    I'd like to see an analysis of the correlation (or lack of it) between neoliberal policies and market volatility. I think the reluctance to fully adopt a true free market comes from a belief (justified or not) that a deregulated market will result in more market spikes and dips, which are very painful to experience and some of which may turn into feedback loops that accelerate inequality.

  • Harry Christofi
    Harry Christofi 2 years ago +3

    Scandinavian model is the best lol

  • Xenostars
    Xenostars 2 years ago +13

    Friedman and Hayek are both my boyz, and I'd take a bullet for either one of 'em (well, if they were still alive).

  • Brady Anderson
    Brady Anderson 2 years ago +5

    Friedman is bae

  • El Bandito
    El Bandito 2 years ago +4

    I wish the government keeps the population well educated, so that they can make the right choice when it comes to the type of economy they want.

  • The Nigerian Conservative

    I wish I could subscribe twice to this channel

  • T I
    T I 2 years ago +2

    Name one unregulated market in the US lol. Everything is regulated.

  • T I
    T I 2 years ago +5

    Read The Law by Frederic Bastiat and Economics in One Lesson by Henry Hazlitt. Some of the best economics and political economy books written.

  • T I
    T I 2 years ago +8

    The market is made up of you and me. State socialism benefits the government, not the people.

    • BW T
      BW T 7 days ago

      But who is the “government “ here?

  • Moe_sama27
    Moe_sama27 2 years ago +2

    It difficult to concentrate while Terminator was playing in the background. One of my favorite movies!!!
    It really depends on the government for me :/

  • Nathan Jones
    Nathan Jones 2 years ago +38

    Before I started taking econ, I was a fervent leftist. After a year, I'm now a libertarian and Milton Friedman is my favourite person in the history of the world.

    • Andrew Hamill
      Andrew Hamill 2 years ago +3

      @Nathan Jones
      Increasing wealth gap in the US is THE RESULT of Government granting special privileges to corporate entities. You can say "well business shouldn't bribe Government" but if Government doesn't have the power to grant such privileges there wouldn't be bribes to offer. So the blame falls squarely on corrupt politicians setting up a system that incentivizes companies to lobby in their own interests to eliminate/create barriers for new competition. Once the cat is out of the bag, companies that refuse to play ball are quickly eliminated.
      And the "success" of social democracies is untrue. The Scandinavian countries you are most likely referring to are living off the success of their prior years of free market systems. Even now we are seeing these countries devolve into massive deficits, decreasing benefits and increasing cost of living under the burden of ever increasing taxation. These countries will fall to the same fate as all these mixed model economies (runaway inflation and fleeing business).
      Brainwashing marketing? At least through marketing, it's companies waving a carrot instead of a stick at consumers. The state doesn't even bother with that, it uses its monopoly of force to get us to do its bidding.
      Ponzi schemes are another form of coercion (ie misleading someone into something that it would under proper knowledge not freely take part in). So no its not a loophole.
      Hyper regulation of industry is the mechanism Government uses to push out competitors in favor of massive corporations so they can obtain donations to get re-elected. Giant corporations know they have the capital to comply with increasing regulation and that their potential competitors don't, so it's a wise investment for them to make. Most regulations come as a result of lobbying from massive corporations who want to maintain and expand on their market share.

    • Isaac Liu
      Isaac Liu 2 years ago

      Nathan Jones also markets look super pretty and innovative when you first see them but when you really get to externalities, monopolies, and if you ever do econ of inequality that's when people take a left turn and step away from market fundamentalism

    • Isaac Liu
      Isaac Liu 2 years ago +2

      Lol do you go to Uchicago or something

    • Harry Christofi
      Harry Christofi 2 years ago +2

      +Nathan Jones I'm still a Social Democrat (Center Leftist lol) because the Scandinavian model works and it could work here too one day also Milton Friedman thinks everything centers around currency (Monetarism lol) while in reality it's demand that makes an economy better lol not just sound money watch this video to see your hero get destroyed by a British Social Democratic Economist lol

  • ssali sally
    ssali sally 2 years ago

    Can yu pliz make us a video about the elasticity of substitution. I find some problems in understanding it. Thanks once again

  • ssali sally
    ssali sally 2 years ago +1

    Thanks for the practical lectures. Can't miss subscribing. . To my opinion, a free market is more of a merit due to the competition.

  • Jacob Clifford
    Jacob Clifford  2 years ago +9

    Did you like the video? Where do you stand on the economic spectrum? Was Milton Freidman a genius or a free market zealot? Let me know.

    • Faizan Shan
      Faizan Shan 3 months ago

      Little economics i know i think he was a genius but i wouldn't call myself a hardcore libertarian yet. I would like to get more knowledge before i can even criticize anyone. But what do you think? You lean on free market side or some sort of intervention or hardcore government role?

    • A one legged man
      A one legged man Year ago +1

      it is obvious friedman was genius. he invented new formulas in statistics and won a nobel prize. and made people think twice about the reality of socialist's claims. while having his own tv show.

    • J Dawg 25o
      J Dawg 25o 2 years ago +1

      I liked it. EXCEPT for 6:45. Why.

    • Isaac Liu
      Isaac Liu 2 years ago +1

      ACDCLeadership pretty good and pretty unbiased but it would be good to include a more socialist economist along with Friedman to balance it out