Monday, August 9, 2010

Economics 101

I stumbled across a link on another blog to a website called "Freedom and Prosperity".  The website is put together with a great deal of thought and is very professional, streamlined and simple to follow.

I highly recommend taking the time to look through their prepared educational videos.  The videos are a bit like watching a speech by a professor at University.  They are put together much like a classroom setting to educate about the basics.

In case some of you don't want to leave my blog and check out their page directly, I'm putting their economics class videos below.


1) Don't Copy Europe's Mistakes
In this CF&P Foundation video, Eline van den Broek explains that government interference is driving up healthcare costs in America and warns that European style health "reform" will make the situation even worse.  Based on what has happened in Europe, she explains that universal health coverage is not the same as universal healthcare, that insurance mandates mean more government control, and that price controls simply do not work.(November 3, 2009) 4:39 minutes


2) Moral Hazard
This CF&P Foundation's Economics 101 video discusses the Moral Hazard, which occurs when bad choices are subsidized. This often happens when government intervention lets people take risks while having little or no skin in the game. Housing policies, for instance, subsidized mortgages, thus enabling irresponsible borrowing and leading to bubbles and bailouts. Politicians may be setting the stage for the next crisis with a too big to fail policy that will subsidize the biggest financial institutions. (January 11, 2010) 3:38 minutes


3) Government Monopolies
This CF&P Foundation's Economics 101 video discusses how competition promotes innovation and results in higher quality and lower costs. Government-run schools are a tragic example, by contrast, of why monopolies generate bad results. This video uses the example of school choice to explain why competition is a better approach. (February 9, 2010) 4:58 minutes


4) Lessons Learned From Sweden
Sweden is a powerful example of the importance of public policy. The Nordic nation became rich between 1870 and 1970 when government was very small, but then began to stagnate as welfare state policies were implemented in the 1970s and 1980s. The CF&P Foundation video explains that Sweden is now shifting back to economic freedom in hopes of undoing the damage caused by an excessive welfare state. (March 8, 2009) 5:17 minutes


5) The Onerous Compliance Cost of the Internal Revenue Code
The tax system is a complicated nightmare that forces taxpayers to devote ever-larger amounts of time, money, energy, and other resources in hopes of complying with the internal revenue code and avoiding IRS persecution. This CF&P Foundation video shows that this corrupt mess is the result of 97 years of social engineering and industrial policy that began almost immediately after that dark day in 1913 that the income tax was created. (April 12, 2010) 5:09 minutes.

6) Deficits, Debts and Unfunded Liabilities
Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are America's real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. (May 10, 2010) 4:19 minutes.

7) Job-Killing Impact of Minimum Wage Laws
Minimum wage laws seem like a good idea, but arbitrarily mandating a certain wage can have terrible consequences. Business are not charities, so if the minimum wage is set above the market level, this eliminates job opportunities – particularly for the less fortunate members of society. Since employees and employers should have freedom of contract, the right minimum wage is zero. (June 14, 2010) 4:25 minutes

8) Repealing Obamacare and Restoring a Free Market in Healthcare
Government programs and intervention were making a mess of the healthcare system, even before Obamacare was enacted. Repealing Obamacare is a good idea and will prevent a bad situation from becoming worse. This CF&P Foundation video explains, however, that repeal is just the first step if we want to genuinely restore a free market and create an efficient and cost-effective healthcare system. (July 12, 2010) 4:19 minutes


1 comment:

Carl McPherson said...

Lessons from Sweden at 2:35
I'm still chuckling to myself. Sometimes the truth can be hilarious too.