"Behavioral Economics is about observing the world and identifying where standard economic assumptions may not hold."
"Every recovery is K-shaped. Innovation takes root during tough times, especially recessions."
"Wealth is created by labor, whether that labor be the factory worker or the inventor that produces the machine the worker is on."
"Capitalism in its current form is unsustainable."
"Prices can be thought of as little messengers that run back and forth between people who want things and people who can supply them."
"Use prices, think about monopolies, use theories about how people compete and how they act to change human behavior. It’s a bunch of tools to put in your hand to understand the world around you."
"But for now, at least remember that amongst all of these disagreements, economists are still all working towards a common goal: solving the central economic problem."
"Our economies are also wealthier today thanks to the teachings of people like Keynes, who showed that the business cycle could be managed by governments so that economies continue to grow wealthier over time."
"The invisible hand is basically the notion that consumers and firms serving their own best interest will do what is best for society."
"Paul Krugman famously said that productivity isn't everything, but in the long run, it's almost everything."
"The internal contradictions of an economic system become unmanageable and then there's a kind of explosion; the system dies and a new one is born."
"There is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by free enterprise."
"My book on capitalism was motivated by my sense that the world that I saw could not be adequately explained by the economic theory that I was given."
"Smith wrote, 'It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.'"
"People's expectations about inflation actually have a real effect on inflation."
"Inflation is not caused by businesses; this is caused by government. Government expands the money supply."
"Expectations of future inflation are very a very important part of the process of creating inflation."
"I'm going to cut to the chase and skip that over, because I think what I wanted to say to you is have a conversation with you about the more core idea of the book, which is the other bit of it, which is the idea that we may be entering a transition beyond what we know as capitalism."
"If you were to take all the world's wealth and divide it amongst everybody... not long, with a matter of years, that money would end up in the exact same hands."
"I think capitalism is the best system known to man to lift people up from poverty."
"This is capitalism where income doesn't start at zero."
"When there is a huge surge in debt, that is facilitated by central bank operations, this tends to shift the aggregate demand curve upward and outward."
"Inflation, as Milton Friedman once said, is anywhere and everywhere a monetary phenomenon."
"The theory is not about delivering freebies for everybody, just bring the money and do it; it's about managing resources and priorities effectively."
"Keynesian view is that when the economy is depressed, it's usually not because people are bad workers or any deep structural problem, but just because there isn't enough spending."
"It's theft and enslavement... It's theft and it's enslavement if you take away a portion of person's wealth by causing by diluting the currency supply and causing prices to rise."
"A little bit of inflation is considered good because that two percent inflation is what drives economic growth and expansion."
"Gauge Theory is probably the most sophisticated form of the differential calculus that we've ever needed to invent, and the fact that economic theory forms a natural gauge theory is really a stunning discovery."
"New economic thinking...has to be a body of theory that has a kind of consistency."
"Economies of scale is the basic economic theory that as an individual institution, or even entire economy, produces more of a particular good or service, the unit cost of that good or service is reduced."
"The real job creators are the American consumers because that's where most of the demand comes from."
"Pre-market capitalism is the greatest wealth-creating engine in human history."
"Men and women play the roles of being the buyer and the seller, and market forces influence the price just like they would in any market."
"I believe that the capitalists know how to make it better, and the Socialists know how to maybe divide it."
"The concept of free money and printing money is not sustainable."
"Stability begets instability. The high returns attract additional participants, adding structural risks to the story."
"The failure of the entrepreneur is a necessary ingredient for economic growth."
"The key to a vibrant economy is widespread circulation of wealth."
"Markets are not kumbaya; we all get to have a nice orderly exit at the top. Markets are chaos."
"The Bitcoin having is a supply shock... if demand stayed constant, the price would naturally go up because there's less of it available on a net new basis."
"Capitalism's vision of efficiency is predicated not on ensuring the long-term function or sustainability of our systems or the common sense allocation of resources labor or products, but on minimizing costs and maximizing profits."
"The idea that somehow if we give things to the rich in particular... that somehow making the rich richer or letting the rich be rich will quote trickle-down and improve the lives of the poor I think that's not true either."
"The universal basic income... everyone in a society gets a certain amount of money free and clear to do whatever they want, no questions asked."
"Sound money means economic prosperity and limited government."
"Make the poor rich, and the planet will improve, or at least get out of their way while they try to make themselves rich."
"A UBI might actually incentivize people to work."
"Putting money into people's hands actually helps markets function better, it helps businesses start, it's actually good for the market economy."
"If every job lets you live a comfortable life, wouldn't that free up jobs for the people who truly want to work in more advanced fields?"
"An economy is not just a question of what we produce, it's everything from how we organize care to how we keep our ecosystems alive."
"Invalidation of previous bull market theses."
"Market pricing is an imperfect mechanism, but it works pretty well."
"Political instability can weigh on an economy."
"Supply chain bottlenecks is the popularized rationalization for the surge in prices but the supply chain story sheds more shade than light." - Kevin Walsh
"Profit maximization occurs where marginal revenue equals marginal cost."
"Just throwing cash even mlk he's wrongly pinned as the guy who wanted ubi martin luther king jr wanted a federal job guarantee and he wanted a guaranteed minimum income for people that could not work for whatever reason could not work."
"All major central banks have fallen prey to the same misconception."
"We don't work for the economy, the economy is supposed to work for us."
"Automation becomes less expensive than labor when you artificially raise the price of labor."
"The market will fix everything and should fix everything."
"UBI is the promised conclusion of the Industrial Revolution, recognizing we have enough to give everybody to survive."
"Abundance of money means scarcity everywhere."
"It's phenomenally risky and it's based on a monetary theory which I think has bought us some prosperity and some euphoria but we'll end with a hell of a hangover."
"Bureaucratic managed economies always lead to disaster."
"The economic salvation of the masses can only be accomplished by getting a large number of people to practice the scientific method."
"An excessively indebted economy cannot have large rises in prices without collapsing demand."
"The true engine of the American economy are workers."
"Reason, above all, is the champion of capitalism."
"This is a world where we could see I presume we could see massive monetary inflation and deflation in real economy at the same time, is basically what you're saying?"
"Will artificial intelligence overturn Hayek and freedom?"
"Capitalism is not a social construct made up in a back room by a bunch of fat cats."
"The inherent vice of capitalism is an unequal sharing of blessings."
"There are always a couple of theories when it comes to monopoly power. One is that monopoly power should be broken if it harms the consumer. The other is monopoly power should be broken if it represents too heavy a percentage of the market."
"With central planning and central banking you can't spin all the plates and keep them spinning properly or else we'd all be speaking Russian today."
"Tampering with interest rates introduces discoordination."
"Correlation historically says: less government, more economic freedom, more prosperity for human beings."
"Economic rent should be socialized... you don't have rent being used to pay interest."
"Mystification of the role of central banks... the dragon of inflation... attack on labor."
"Capitalism is the most efficient distribution of resources. And don't let anyone tell you otherwise."
"As long as the free market exists, there will always be boom and bust."
"Bitcoin over time will increase in purchasing power as the available supply continues to decrease."
"The idea of capitalism is that you and I come up with an idea."
"Matching markets have been really, really successful."
"It's not clear to me that making spending cuts actually reduces public debt because ultimately public spending can be good for people, can be good for the economy, and when you cut it, you create a vicious cycle."
"We don't have a profit problem as much as people say what we have is the value."
"When a country becomes rich enough, there's a simple tendency for a lot of people to say, 'Okay, you know what, we're all rich enough, let's start redistributing the wealth, right?'" - Ben Shapiro
"This is not a bug, this is a feature. This is something that people on the left very much want: fewer people working."
"It's not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest."
"We give every American a thousand dollars a month. You know, you have a little bit more freedom from scarcity."
"Price to value: There's no ceiling to your income."
"Saying that your economic system operates under conditions of post-scarcity is like saying that you have a flying machine that only operates under conditions of zero gravity."
"The term 'Veblen goods' is used by economists to describe goods whose demand increases as their prices rise."
"Exchange value appears first of all as the quantitative relation."
"The President of the United States is the beneficiary of what I call the strong markets efficiency theory."
"The market itself will take care of bad companies by creating information about what the good companies are."
"The financial crisis of 2008 may have been the first death throes of the Ponzi scheme, but governments around the world weren't about to sit back and let it fail."
"Gold is money and these National currencies are money substitutes."
"Nvidia very quickly walked back this decision and offered an apology."
"A society based entirely on unbridled free markets is generally not going to end well."
"Negative interest rates are fatal over the long term to the banking system."
"The real source of wealth in the world is the creation of knowledge."
"You cannot have high input costs and high earnings."
"Capital in the 21st Century is a really, really, really good book that does a really great job of explaining in fairly approachable terms how the economy we live in isn't just some incidental product of forces we can't understand."
"Wealth is never destroyed. It is merely transferred."
"In the UBI world, we all actually win, no one's a loser."
"Free market capitalism works and always lowers prices."
"It's been deflationary since the history of time, it's nothing new."
"Stimulus doesn't expand the economic pie over time."
"Governments produce money and credit out of thin air basically and they can fill in those holes."
"Bitcoin is already deflationary, and with miners borrowing fiat, it's even more scarce."
"Capital is dead labor, that vampire-like, only lives by sucking living labor." - Marx
"The genius of capitalism lies in its ability to make self-interest serve the wider interest."
"A rising tide lifts all boats, not a fraudulent statement like in the past."
"As soon as everyone realizes that that's the big thing the psychology we talked about last time it's when is the recognition that they can't stop printing money."
"Dollar strength begets more dollar strength."
"Universal Basic Income is a plan that's been around for ages... It's wildly popular."
"The Saints are now the team to beat in the NFC South."
"A cashless Society where it will be extremely difficult to buy or sell unless you have the mark of the beast."
"Money is essential to speech is not something that was under debate."
"Should money be managed by banks... or should we enable this peer-to-peer system in which we can all act in our own best interest?"
"We’re living in a crisis of neoliberalism. Neoliberalism is a disaster."
"The market substitute angle...is a really, really important frame of reference."
"Creative destruction allows resources to be efficiently allocated to more prudent entrepreneurs."
"I'm a market socialist. Socialism does not short-circuit the pricing mechanism; it assigns arbitrary values."
"The spending multiplier: when people spend, that becomes somebody else's income, and then people save a portion of that and they spend the rest."
"We can get rid of recessions life can be better for all of us."
"The market is a process of creative innovation and it would be dynamic."
"A gold standard is always a limit to a political system's power."
"It's capitalism where income doesn't start at zero."
"Whatever you think of trickle-down economics or Reaganomics... they warm to it because it actually worked."
"You cannot tax your way to growth nor can you tax your way to an election victory." - Steve Baker
"If the loans become value devalued and your savings become devalued but if your wages go up then you're earning the same amount of buying power for every hour of labor you engage in."
"Energy is the economy; there's nothing we do that doesn't use energy."
"There is not evidence that inflation is transitory."
"Capitalism just is never going to work that well for most people."
"The prevailing assumption was that markets always allocate Capital productively."
"You will own nothing and be happy about it, that is the Playbook of serfdom."
"Capitalism works; the amount of people that fail in capitalism is under a percentage point."
"The free market is this tsunami that already decided that Bitcoin is the best form of money in the world. I guess the question is, what are the brakes like exactly? How are they going to stop?"
"You cannot have free market capitalism outside an ethical context."
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." - Frederic Bastiat
"It's that FOMO; so more and more money comes in until you hit a tipping point."
"Money is not abstract nor is it some item of precious scarcity."
"It's remarkable, people who just have no business affording two or three thousand dollar Taylor Swift tickets well somehow spend two or three thousand dollars on a Taylor Swift ticket."
"There's no amount of money that solves homelessness truly, there's no amount of money that solves inequality truly and also is it right to actually just take from whoever you want to take."
"For socialism to work, some people have to get something for doing nothing."
"Money answers with all things. The Lord gives you the power to get wealth."
"The cure for high prices in commodities is no longer high prices."
"That's the hope that we have for the future, that competition will break things."
"Scarcity and decentralization is key in the success of a nation or a collapse of a nation if we're not able to adapt to those things."
"The market likes to [ __ ] the majority of people the majority of the time."
"As the reward gets smaller, the price of Bitcoin tends to kind of go upward as it becomes rarer."
"If you have too much competitive consumption you get really bad social outcomes."
"Capitalism works great if it's allowed to work. We have corporatism, which is a different problem."
"I think the action in the market is more a function of changed expectations."
"This one-time creative destruction event will wipe the slate clean in order for us to build a new and honest monetary system."
"But here's the thing. In the most high-level economic view, there is no real reason that this had to happen."
"The economy is at its most productive when the middle class is at its most powerful."
"Show me the incentive, I will show you the outcome." - Charlie Munger
"The free market will do a much better job than any individual or group of individuals trying to centrally plan an economy."
"Inflation is a slower form of reset... you're still your currency is still being reset it's just happening slow enough that you're willing to volunteer it."
"Our economic cycle works like a wheel that spins and spins."
"I'm a secular stagnation guy... it means that you're kind of always close to one [depression] and that if anything goes wrong you don't have a very good way to respond."
"Bitcoin represents thermodynamically sound money and thermodynamically sound property and a modern High Velocity economic Energy System."
"Yeah, money isn't real. We made it up and we can and should do whatever we want with it."
"Thanks to capitalism you don't have to take anyone else's marbles to get more marbles of your own."
"So for example uh I think that Bitcoin is the winner for uh the global store of value right like you become a money maximalist I always use the example if you grew up in the United States you're a dollar maximalist."
"I think that um maximalism uh is not true on a macro basis it can be true in a silo."
"Trickle-down economics has never worked and it's time to grow the economy from the bottom in the middle out."
"If you don't have a border and you don't control it, you don't have a country."
"Productivity isn't everything but in the long run it's almost everything."
"Communism... all coins that everyone should have."
"Trickle-up economics is the opposite of trickle-down economics."
"Money represents an idea backed by confidence."
"What is money? Money is economic energy stored in different assets."
"Money follows the path of least resistance... it's the Asian, Brazilian, and Indian markets."
"Austrians have a very simple approach to economics: using logic and reasoning."
"The invisible hand has to do with cooperation, not competition."
"They don't like workers getting paid more, they want to squash that because that is exactly what will do away with some portion of the demand side of our economic system." - Anna
"Sustainable capitalism is just a facelift for the same old failed communism."
"You will own nothing and you will be happy: sounds like the Transcendence of private property from Marx."
"Putting capitalism and socialism in a dialectical relationship in fact might have been Marcus's most significant contribution to leftist thought."
"Another big difference that Choi found is that economists don't understand the idea of holding cash in a low interest rate account while also having high interest rate debt."
"Markets take longer to adjust than you expect and then they move faster than you can imagine."
"Wages were kept artificially high early in the depression and the result was a big increase in unemployment."
"The greatest system to lift people out of poverty is just capitalism."
"We need $2000 until this pandemic is over and then we would shift into some sort of form of universal basic income."
"Capitalism is irredeemable because it doesn't need to be redeemed. It's already in its strictest purest sense, it is a utopian and perfect system."
"Capitalism creates this explosive growth that lifts everybody."
"Money is mostly arbitrary, representing time and labor."
"In the long term, [productivity] is almost everything."
"This is the evolution of our economy to actually work for us."
"The freedom dividend can explain what universal basic income is for those people who don't know."
"Crashes are never slow burns, everyone runs to the door at the same time."
"I think it's not a zero-sum game, I think it's a game where as the industry develops everybody wins."
"We're entering the end phase of this post-World War II debt super cycle... The value of gold exploded."
"The reason people are poor is because of bad financial behaviors, that's it."
"Voting for what you don't want is throwing your vote away."
"We just had the guest here ask about minimum wage, well what if you could start a business in your home?"
"Prices are held down when people compete for us."
"Monopolies are always a result of government intervention into the economy."