Fifth lecture of Principles of Economics explains property as the only workable solution to the problem of scarcity, how ownership prevents conflict, the logic of self-ownership, and how secure property rights enable saving, capital formation, peaceful cooperation & civilizationa ...Show more
313. Principles of Economics Lecture 4: Labor
Fourth lecture of Principles of Economics explores labor as the sacrifice of leisure for future gain, explaining disutility, production and productivity, how wages reflect marginal output, why work never disappears, and how voluntary labor and capital raise the value of human tim ...Show more
Gold became money as determined by the free market because of its properties—scarcity. But with the invention of Bitcoin, we are now seeing a historical event that will never be repeated. Bitcoin’s characteristics make it a direct competitor to the central banks because of its ab ...Show more