"People who prioritize time affluence over time famine, particularly those that will spend money to gain more time affluence, they're happier than the folks that won't."
"A good Behavioral Economist is also a good economist. It's not about replacing standard economics but improving it."
"We're trying to integrate insights from not just psychology, but also anthropology, sociology, medicine, psychiatry, et cetera, into economics."
"Sugary drinks are 10% of all food stamps spending, yes, the number one item."
"All of that waste along the way... tells you that there is one truth to money: I have basic needs."
"Isms do not create things, workers do. Isms only decide who gets paid."
"Ukraine is now targeting Russian oil refineries, causing significant damage and impacting Russia's oil production."
"Anyone who believes in indefinite growth on a physical, finite planet is either mad or an economist."
"I don't think it's pretentious at all. I actually think it speaks to the idea that often people think of economics as something that's very fixed and very doctrinaire."
"The most expensive kind of money that there is, is free money."
"According to our estimates, in the year 2035, because of automation and artificial intelligence, we believe that GDP here in the United States will not be 28 trillion, which would be if you drew the growth linear, but instead will be 40 trillion dollars."
"The subject of economics is about choices and about decisions."
"Economics is about using scarce resources to achieve specific goals."
"Opportunity cost is one of the fundamental concepts related to economic decision making."
"Economics is about human action... purposeful behavior."
"There is no way of making money on this planet other than by fulfilling people's needs."
"Price is what you pay, value is what you get."
"Most economists agree that a world embroiled in various forms of trade protection is a world that is worse off."
"Nobody has come up with a satisfactory answer to the question 'what creates value?' But that doesn't mean we shouldn't keep asking."
"An economy to function well requires a lot of communication."
"Why is deflation bad? Because when deflation occurs, people stop spending money because they expect things are going to get cheaper."
"Suburban markets and street vendors' economies are beginning to revive, evoking a sense of nostalgia."
"The National Bureau of Statistics of China officially announced on January 17th that the GDP grew by 5.22% in 2023."
"China is currently facing a real estate crisis and a debt crisis, compounded by a crisis of confidence, which has ultimately led to a crisis of capital outflow and unemployment."
"A more transparent Central Bank... the markets will do your work for you."
"We continue to make good progress on bringing inflation down."
"We're committed to getting inflation back to 2%."
"Countries that are closest to laissez-faire capitalism, that have the most economic freedom, are also the richest."
"Money is a store of value, a unit of account, a medium of exchange, and then there's a fourth characteristic that we don't talk about: it's a system of control."
"The explosion of revenue in the NFL based on sports gambling money and TV contracts is enormous."
"For every one percent change in a mortgage interest rate, real estate prices tend to go down by about 10%."
"Public goods are goods that are what we call non-excludable and non-rivalrous...like sunshine."
"Let's get back to empathic people running the world and not people who are making excess money just by reinvesting money."
"Economics has to be re-understood as a branch of moral philosophy."
"When you have inflation running hot and rates being artificially suppressed, that means negative real rates, which is the most bullish backdrop for gold possible."
"The way that this messes up the funding ecosystem then is... it's going to change the economics... that's going to be not good for something that is certainly helping many indie studios actually exist."
"It evaporated seemingly overnight in a liquidity crisis, which is economics speak for 'all of the money is gone.'"
"All of these economies have stock markets at all-time highs, they all have extremely low unemployment, and they are all officially in recession."
"Inflation is a sneaky way to help employers cut wages without employees feeling like their wages were actually cut."
"This is crazy, gold and silver, monetary metals, the world's best inflation hedges for thousands of years."
"As long as real rates remain negative, that's very, very bullish for gold."
"It's like a massive game of Monopoly where all key players are trying to buy the best properties, but for now, there's no better place than Djibouti."
"Inflation, like alcoholism, the good effects come early... The hangover comes later."
"Capitalism is the social cooperation that occurs under the institution of private property."
"Consumer expectations for inflation are absolutely critical to what the Federal Reserve does."
"Whatever the Fed is doing, it seems to be working because retail sales are coming in stronger."
"If the consumer actually prevents us from falling into a recession, well maybe that means we've actually hit a bottom in the stock market."
"This is wage inequality by race and gender in a nutshell."
"This entire system we've built is a complex of unintended consequences and Bitcoin is an immune response from the collective economy."
"The entrepreneur is the elementary unit of the free market."
"If India is growing at 13.5% from today for the next 25 years... America is growing at 4% from today... in 2047, both our economies are the same."
"Fiat currency for people that don't know is just money backed by the government fiat currency. The word fiat means by decree."
"It's not just economics that we're going to talk about tonight. We're going to ask what it means to American democracy."
"There's a lot of wealth that's built from investing."
"Compound interest is the most powerful force in the universe."
"The economic impact of COVID-19 will push as many as 88 million to 115 million people further into global poverty."
"The importance of wealth in our economies and the inequality of that wealth have been going up for decades, but the tax revenue raised from that wealth has not followed suit."
"If you don't fix inequality, the economy will get worse and worse."
"A smart wealth tax is the quickest and simplest way to reduce dangerously high inequality."
"The idea that we can just pour money into the problem and it goes away is ridiculous."
"Capitalism is getting to the money, and the product... that's why you have to have strong regulations."
"But it's really fascinating from a government point of view 'cause the amount of money that ageing costs us... If we could delay those diseases even by just a few years, there are trillions of dollars on the table."
"Going from abundance to scarcity actually has a dramatic impact on how we perceive things that we will potentially purchase."
"Roblox has an efficient, scalable business model that produces great unit economics."
"Banks create money when a bank gives out a loan; it is actually newly creating money out of nothing."
"I am ardently free market and very pro-capitalism."
"Rent in America is astronomical. It is unregulated and unattainable."
"US national debt rising by $1 trillion every hundred days... that is a fact."
"Capitalism is, to use a technical term, the fuck-you system of economics."
"Economics is everywhere. Economics is why buildings go up; economics is why cookies cost $3.00."
"Economics is about the allocation of scarce resources."
"You have $75 of consumer surplus, economists call it. You could just think of it as benefit from living in a civilization or benefit from living in a market where you are not always the person who pays just the edgy price that the market is selling the thing at."
"Economics is everywhere around us, it’s easy to access and it comes with a set of tools that you get better and better at using."
"Scalpers do add value though. They make available consoles to people who can otherwise not be first in line to buy them. As supply increases/demand falls, they'll obviously sell for less. They still make a profit for the service they provide."
"The willingness to pay more is where we'd call like, if we're going with the subjective theory of value, this is what value would be."
"I just want to understand. So you're telling me that somehow a scalper, who has to put in their own labor and time to figure out how to sold ticket, that these people are able to more appropriately price something than somebody else that could just list it higher? Can you walk me through that?"
"In reality, socialism is based on two fundamental principles: democratic control of the means of production, something which I sincerely believe in, and decommodification."
"Worker cooperatives tend to be more resistant to price shocks, better to work at, generally more profitable, more likely to survive the first three years of business."
"Karl Marx and all of his writings were driven by the assumption that the goal of an economy should be to maximize human freedom."
"What is the maximum amount of money that you would pay to not die? People will pay anything because they want to live."
"I tend to believe that in a post-scarcity society, we would be concerned with alleviating the needs of the impoverished in the global south."
"My MS meds cost $6,208 a month in USA. Same company sells the same drug in Europe for one-tenth of the price and still profits. Without the ACA, the taxpayer pays most of my costs. Socialism isn't the problem; for-profit companies writing the regulations are."
"True inflation may have peaked in late 2022 at 18% and still hovers around 8%."
"Here's a cup of coffee. That'll be $395,000."
"An economy is a collection of production and consumption processes that are all working towards solving the central economic problem."
"Economics is considered a social science, and although some other scientists from more 'rigorous' fields don’t always welcome it into their little club, it still follows the same processes to explore the world around us."
"The economist may attempt to ignore psychology, but it is sheer impossibility for him to ignore human nature."
"How would a real economist respond? That- that is an actual exam question."
"Economics is the study of people and choices."
"The spending is an approved activity, we must spend lots and lots of dollars, but we must make sure that we also shut down your business in case anybody ever gets COVID."
"Money making is a social activity, and success is shared."
"The Austrian School of Economics teaches about the market economy...everything that is worth having is produced within the market economy and available to everyone, including money, jobs, security, justice, goods, and services."
"Austrian economists have shown that the social problems...are actually caused by prior government interventions into the economy."
"Almost all economic fallacies result from the fact that people only consider the immediate impact of a policy on a particular group of people."
"The first secret of inflation is that monetary inflation at the Fed causes price inflation."
"The third secret of inflation is that monetary inflation is the cause of the booms and busts of the business cycle."
"Economics really isn't about money as much as it is about human behavior though."
"Economics is the study of how humans make choices under the condition of scarcity."
"The most important thing is for you to face up to the fact you live in an economic system that isn't the beginning and end of anything, that is part of an evolving history, that has very serious flaws and faults."
"There is no such thing as trickle-down economics. It simply doesn't exist."
"Bitcoin... takes the forces of nature... and spits out the greatest form of order that we as human beings use in the social realm, which is money."
"The losses are socialized, and the gains are privatized."
"Population aging is like a chronic illness for an economy."
"Jong Yu believes that the poor economic situation directly impacts marriage rates."
"The individual consumer should be concerned about economics and economic theory because... they would like to have the largest choice of products at the best possible price and there's one system that tends to satisfy that, and that's the free market system."
"Ludwig von Mises, an Austrian economist, became this century's most uncompromising champion of individual liberty."
"The economics of Ludwig von Mises, if put into one word, that word is Liberty."
"Printing money can cause inflation because it gives people more spending power."
"The economy is a human construct, and thus entirely beholden to our collective behaviors."
"Every single country rations care. The question is, how do you ration it and how do you prioritize it? In the U.S., we do what's called a 'wallet biopsy'. The richer you are, the more likely you are to get good health care. In other countries, they ration based on need."
"Medicare for all... it will cost 32 trillion dollars over 10 years... but here's the problem, if we didn't do Medicare for all, the cost of our private health care system over that same time period would be 49 trillion dollars."
"This course will have a distinct sort of policy angle to it. I sort of do economic policy, government policy is my thing. So I think it's what makes economics exciting and it sort of offers, I think, an interesting angle to understand why we're learning what we're learning."
"Everything you do has a next best alternative you could have done instead. And that is called the 'opportunity cost'."
"Economics is referred to as the dismal science because our whole point is that nothing is free. There is always a trade-off. There's always an opportunity cost."
"I think that a person who could write the best current accounts of current economic history would be doing the most important task of a good economist."
"We need economic systems and political systems that align our incentives in such a way so as to make ordinary people effortlessly do the right thing."
"Hyperinflation is of course a catastrophe, but inflation is also just a slow-motion catastrophe."
"Capital is always about growth; it has to grow because it's always about producing surplus value and surplus value is always about extra."
"Ideas can always, in the long run, trump interests and trump economic interests."
"Healthcare is the ultimate inelastic good; on your deathbed, you'll spend any amount of money to live even an hour longer."
"Economics is called the dismal science because we are not about everyone having everything. We're always the people who say, no, you can't have everything. You have to make a trade-off."
"Positive economics is the way things are, and normative economics is the way things should be."
"The twin forces of supply and demand... Demand is how much someone wants something. Supply is how much of it there is to have."
"Nothing I'm going to say here could be financial advice. It'll be a general discussion of things economic and financial."
"Economists... should be like dentists, humble and competent people whom you go to when you have a problem."
"It is the mechanism of scarcity that increases profits."
"Unfortunately for Rivian, their variable cost of $94,000 is above their average selling price of $86,000, so at the current trajectory, they will never make a positive gross profit."
"You can have universality, quality, or affordability. Those three things, but not all three."
"It's not a good system for capitalists, you know, shareholders, but for the population, it created a lot of wealth, very even income and wealth distribution, very high growth, and very rapidly raised quality of life."
"Money is the ability to command people into action; money is power."
"A recent study confirmed that yes, money does buy happiness, but it costs a lot more money than you would expect."
"If workers took over a factory... the workers together decided what to do with the profits, you think they'd give a few executives twenty-five million dollars?"
"In a deflationary environment, the value of your dollars goes up."
"Economics is driven by scarcity and technology creates abundance."
"It's the reason why diamonds are worth so much, and it's not their composition."
"The future of the world is not going to be determined by who has the most bullets. It's going to be decided in the boardrooms with economics and science and STEM."
"Capitalism isn't working, they tell you. We're in late-stage capitalism. Capitalism is just freedom, choice, and transparency with property rights."
"Decentralized economics or hey, free enterprise, is the way forward."
"You're already voting every day without your knowledge with your own hard-earned dollars."
"For lower wage workers, the people who are working paycheck to paycheck, real wages are up."
"Gossip can directly affect sales prices and popularity with other merchants, so it very much pays to behave around these people."
"Mondragon demonstrates that a cooperative economic model is entirely practical and effective."
"The notion that something that is scarce is going to finally be allocated to those with the most money is morally and ethically unacceptable."
"Inflation remains well above our longer-run goal of two percent."
"Your critiques of the monopolistic tendencies of multinational corporations align very closely with my beliefs."
"The vast majority of economic activity happening in America is beautiful; it's voluntary exchange of both parties benefiting."
"The fastest way out of absolute privation for the world's bottom billion people is through cheap energy."
"We have climate models that purport to explain what's going to happen over a century...but we have economic models layered right on top of those that claim there's going to be various forms of disaster for human beings economically as a consequence of that climate change."
"The decline of western economics is largely based on the fact that we have abandoned the notion that you owe a debt to future generations."
"Capitalism is the best system that we've got."
"Price controls in general are horrible unless there's some type of externality... like insulin."
"All manipulations eventually fail. When you try and suppress the price on something, it becomes less profitable to produce over time, and then shortages develop because there's less and less production."
"This is a conceptual view of how market pricing occurs from an original consolidation, re-accumulation, smart money reversal, low-risk sell, redistribution, clearing the original consolidation."
"Tooth fairy payouts have dropped for the first time in 5 years."
"The free market... is the best and most efficient system that we have."
"The economic system is not deterministic; it's an outcome of all sorts of decisions we make."
"The obsession that we have had with maximizing profits for shareholders alone has led to incredible inequality and a planetary emergency."
"The invisible hand...would guide the economy to improve people's lives, increase education, and improve happiness and material satisfaction."
"I don't understand why do you have to pay to live on a planet you were born on."
"You're confused about...I've never said that...I've said multiple times that almost any form of universal health coverage is gonna be cheaper."
"For the cost of one Iraq war, we could have gotten twenty years of free college for all those kids and the American dream."
"Let's embrace a new notion I call mutually assured prosperity or MAP. MAP, or perhaps still better, the notion of globally assured prosperity or GAP."
"Whiterun brings together many of the economic positives held by the other cities."
"The power of financial markets is the wisdom of the crowds."
"The concern is that if you do this too much and you do it without anything backing up the pieces of paper you now print and give to your debtors, then there'll be a problem."
"The most powerful step that can be taken now is to pass the American Rescue Plan because that is a step that economists across the board have said would help expedite economic recovery, expedite getting people back to work."
"Economics is interesting because it's all of the above. To start with magic, the notion that you can make some change and simply everyone's better off, that is a kind of modern magic that has replaced old-style magic."
"I don't think economics will ever be very predictive. It's most useful for helping you ask better questions."
"The best thing you can possibly do for poor people over any reasonable span of time is to drive energy costs down to the lowest possible level."
"The institution of rent-seeking is fundamentally immoral and just as exploitative as siphoning the surplus value of a worker's labor."
"Every person who dies of exposure on the street has been murdered by an economic system that prioritizes someone's right to make a meager profit on Airbnb over the lives of its most vulnerable people."
"Gold, which we are pretty limited in finding, and time, an ever-shrinking wallet constantly having its budget drained by mysterious forces."
"The capitalist model as we know today...will be replaced with a new version of capitalism which will find a good balance between individual greed and collective responsibility."
"Economics is actually a field of ideology and not really a science."
"The cost of warfare, it's the most expensive thing governments ever spend on."
"The healthcare, it was a lovely idea to give free healthcare, but that's a bill we can't pay."
"We've left the world of supply and demand economics and moved into a world driven predominantly by central bank policy."
"Many economic indicators were strong during much of the Trump Administration and... remain strong today under Biden."
"So long as I confine my activities to social service and the blind, they compliment me extravagantly... But when it comes to a discussion of poverty -- and I maintain that it is the result of wrong economics -- that is a different matter!"
"The government does not make money; we make money. The government can only take money." - Candace Owens
"Marginal versus effective: there's a difference."
"If you have more doctors, therefore more competition in that pool, which would bring down prices."
"Just because someone gets rich, someone else did not get poor."
"The deficit is twice the size it was when Obama left office, and now there's talk of cutting Medicare and Social Security."
"Historically, hiking periods were actually bullish for the stock market."
"The IMF did downgrade the global growth outlook, but most markets adjust before all this stuff happens. Smart money is always ahead of this."
"We are in an era of unprecedented record profits for CEOs."
"If you print money, it's gonna find its way into inflation."
"The dollar's going down. You need more dollars to purchase a fixed quantity of gold, which means the dollar's worth less."
"You can't buy gentrification if you don't understand economics."
"Everyone has their personal preferences, everyone has their budget range, and everyone's going to buy something different."
"It's not a zero-sum game; the wealth of the super wealthy does not depend on somebody else's poverty."
"The accumulation of resources is one of the primary motivators for people to work harder, innovate, and prescribe capital efficiently."
"Profit is an indication that a person has provided more value to others than he has asked for in exchange."
"Maybe the solution to $15 an hour was never a federal mandate, maybe it was the inevitable economic necessity of incentivizing workers."
"Money is created through debt; that's how money enters our economic system."
"We're talking pandemonium. I think we're really seeing a really dangerous moment right now."
"Americans are saving only about 4% of their income on average each month, that's about half the long-term average."
"All it took was for the foreclosure rate to go up to 2% of all housing units, and prices went down 25% nationally and up to 65% in certain cities like Las Vegas."
"More competition means lower prices, more choice, and more innovative products and services for Canadians."