Recent Podcast Episodes

Recorded on 31 January 1981 at the University of Colorado, Boulder.

The time market determines the pure rate of interest. Price per unit of time may be wages or rent. The interest income will be earned by the capitalist who has assumed the task of advancing present money.

In order for anyone to make ethical judgments, he must know the consequences of his various actions. In questions of union actions displacement or unemployment for oneself or others will be considered unfortunate by most people.

Economics begins with the concepts of scarcity and choice. If there was no scarcity it would all be free. Resources like time and materials need to be allocated to economically feasible uses. This will depend on the consumers' demand for the final product.

Economists can say little about population and its size, despite the gloomy views of Malthus. More people are a good thing because of the division of labor. Living standards are higher when populations are higher.

The gold standard is not a game but a social institution.

As factors of production, supply and demand of labor, land and capital will determine how much the producer will get out of this process. This process occurs in different stages.

The disappearance of oil has been forecast every decade. Prices were overlooked. When the price is high it is more profitable to look for oil. Total reserves on the ground are higher than they were in 1890.

The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential.  Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means falling demand curve.

The objective of the corporate firm is to maximize profits and avoid losses - the same objective of the free market. But the costs are paid out before the income comes in. Stockholders will sell stock to shake up the managers.

Thou shalt not sell a certain product or service below a certain price, e.g. wheat, cotton, corn, cheese, sugar. This will result in an artificial unsold permanent surplus, as it does in the American farm situation.

The only cartels that have lasted have been government cartels. There is no essential difference between a cartel and an ordinary corporation or partnership. Not even the De Beers cartel is all powerful.

Business men must make sure they can cover their costs by incoming revenue. The production function will yield a certain quantity of a product. The firm considers marginal costs and average costs to weigh where along the demand curve production is.

The peanut butter crunch was in 1980. Crop acreage and production was cut down by 45% by government price support, import quotas, and cartelizing of the industry. The price of peanuts more than tripled.

Recorded on 27 July 1975.

Obama's White House Office of Information and Regulatory Affairs is run by Cass Sunstein. Sunstein and Vermeule's paper on conspiracies theories, e.g. JFK, TWA 800, global warming fraud, MLK killed by feds,concludes that some theories create problems for government to solve.

Autodidactic influential libertarian, Isabel Paterson is best known for The God of the Machine (1943). Ayn Rand contributed ideas to it but continued to learn from Paterson both politics and history. Rand rescued the book and promoted it.

Recorded in Vienna, Austria; 25 May 1988.

Interviewed by Judge Andrew Napolitano on the “Freedom Watch” program, 27 January 2010.

From The Man versus The State. Narrated by Jock Coats.