#020 - Steve Baker - Why Government is Failing You

In 'The Structure of Scientific Revolutions', Thomas S. Kuhn argues that scientific progress does not occur through a gradual accumulation of facts, but rather through periodic revolutions that disrupt existing paradigms. Kuhn introduces the concept of 'normal science' and 'revolutionary science', where normal science involves puzzle-solving within an established paradigm, and revolutionary science involves a paradigm shift that fundamentally changes the way scientists view the world. He explains that these revolutions are driven by the accumulation of anomalies that cannot be explained by the current paradigm, leading to a crisis and eventually a new paradigm that offers a different perspective and new ways of conducting research.

This book, written by Peter and Andrew Schiff, uses a fictional island nation to illustrate key economic principles. It explains how economies grow through production and savings, rather than consumption, and critiques Keynesian economics. The story covers topics such as the importance of capital, the dangers of inflation, and the consequences of government intervention in the economy. The book is known for its engaging and humorous approach to complex economic issues.

This book is a sweeping and revolutionary work that integrates history and rigorous theory to argue that the money and banking sector can be managed by the free market without central banks, inflation, business cycles, or economic instability. It provides a wholesale reconstruction of the legal framework for money and banking from ancient times to modern times, applies law-and-economics logic to banking, critiques fractional-reserve banking, and applies the Austrian critique of socialism to central banking. Huerta de Soto defends the Austrian perspective on business cycles, advocates for a 100% reserve requirement, and presents a policy program for radical reform. The book is considered a masterpiece that demolishes the case for fiat currency and central banking, highlighting their negative impacts on economic stability and freedom.

This book explores the paradox of Scotland's banking system, which was highly dynamic and resilient from 1716 to 1845 despite operating without government controls. Goodspeed argues that the imposition of regulations in 1772 undermined the flexibility and resilience of the Scottish banking system, increasing the risk of financial instability. The book revises historical interpretations and advances our understanding of unregulated banking and its implications for financial stability.

In this book, Keynes critiques the Treaty of Versailles, particularly its economic provisions, which he believed were overly punitive and would lead to widespread economic suffering and instability in Europe. He argues that the treaty breached the principles of the Armistice agreement and the Fourteen Points, and that the reparations demanded from Germany were unrealistic and would have devastating economic consequences. Keynes also provides a personal account of the key players at the Paris Peace Conference and predicts that the treaty's terms could sow the seeds for future conflicts.

Human Action is Ludwig von Mises' magnum opus, where he defends an a priori foundation for praxeology and methodological individualism. The book argues that the free-market economy outdistances any government-planned system and serves as the foundation of civilization. Mises explains complex market phenomena as the outcomes of countless conscious, purposive actions and choices of individuals. He critiques government attempts to regulate and control economic activities, emphasizing the futility and counter-productiveness of such interventions. The book is a systematic treatment of the whole body of social and economic relations, integrating various economic problems into a comprehensive system.

In 'Economics in One Lesson', Henry Hazlitt provides a concise and instructive introduction to economics by dissecting common economic fallacies. The book's central lesson is that good economics involves considering the long-term and indirect consequences of any policy for all groups, not just the immediate effects on a specific group. Hazlitt uses examples like the 'broken window fallacy' to illustrate how focusing only on immediate benefits can overlook the broader, often negative, consequences. The book advocates for free markets, economic liberty, and non-governmental solutions, making it a critical read for understanding basic economic principles and the pitfalls of government intervention.

In this seminal article, Hayek argues that the knowledge necessary for economic decision-making is dispersed among individuals and cannot be centralized. He emphasizes that market prices play a crucial role in disseminating this knowledge, allowing individuals to make rational economic decisions without needing complete information. Hayek critiques central planning, suggesting that it cannot match the efficiency of market mechanisms in utilizing local and specific knowledge held by various members of society.

Published in February 1936, 'The General Theory of Employment, Interest and Money' by John Maynard Keynes revolutionized economic thought by challenging the classical economic theories of his time. Keynes argued that total spending in an economy can fail to generate full employment if total savings exceed total investment. He introduced key concepts such as the 'Principle of Effective Demand,' liquidity preference, and the marginal efficiency of capital. The book emphasizes the importance of aggregate demand, the role of government in stabilizing the economy, and the interaction between monetary and real economic factors. Keynes's theories have had a profound impact on economic policy and continue to influence macroeconomic thought and policy to this day.

In this book, George Selgin challenges the conventional wisdom that monetary policy should aim for price stability. He argues that a falling price level, driven by increases in productivity, is more beneficial for economic growth. Selgin uses historical evidence and theoretical analysis to support his argument, known as the 'productivity norm. ' He contends that this approach would provide more honest price signals, reduce monetary distortions, and lead to better economic outcomes. The book has been praised for its originality and remains relevant in discussions on monetary policy.

All Out War is a comprehensive political history book that provides an inside story of the 2016 EU referendum. Written by Tim Shipman, the Political Editor of the Sunday Times, the book offers a thorough and gripping narrative of the events, motivations, and key figures involved in the Brexit campaign. It is praised for its lucid prose and thorough research, having been described as the 'fullest and most reliable account' of the campaign by the London Review of Books.

In 'A Theory of Justice,' John Rawls develops a moral theory of justice as fairness, which is an alternative to utilitarianism. The theory is based on the social contract approach and uses the concept of the original position and the veil of ignorance to derive two principles of justice. The first principle, the greatest equal liberty principle, ensures that each person has an equal right to the most extensive total system of equal basic liberties compatible with a similar system of liberty for all. The second principle, which includes the difference principle and the equal opportunity principle, states that social and economic inequalities are to be arranged so that they are to the greatest benefit of the least advantaged and attached to offices and positions open to all under conditions of fair equality of opportunity. Rawls's theory aims to reconcile liberty and equality in a well-ordered society.

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