The Human Action Podcast

Tackling More of Robert Reich’s 'Economic Myths'

Jul 5, 2024

Dr. Jonathan Newman discusses Robert Reich's economic myths videos with flawed assumptions. They dissect misconceptions, highlight free market incentives, and debunk labor theory of value. The podcast challenges ideas on wealth accumulation, fairness in income distribution, and corporate donations in politics.

00:00

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Episode guests

Jonathan Newman

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Episode notes

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Quick takeaways

Wealth is not solely determined by effort but by the value one brings to the market.

Corporate political donations can influence politicians' actions, reflecting a deeper issue of power dynamics in politics.

Deep dives

Wealth and Income Dependence on Setting Rules of the Game

CEOs and Wall Street traders control income and wealth through stock options, buybacks, and market timing. They may have inside information, create monopolies, or leverage political influence. Inheritance plays a significant role in predicting future income and wealth with 60% of all wealth inherited.

Intro

4min

Return for Entrepreneurs in Market Economy

11min

Entrepreneurial Profit and Wealth Accumulation

13min

Fairness and Income Distribution in Economics

5min

The Myth of Corporate Donations as Free Speech

11min

Critique of a Series Debunking Economic Myths

3min

Are wealthy people getting wealthier because they work harder? Dr. Jonathan Newman is back on the show to discuss Robert Reich's latest videos about debunking economic myths.

Robert Reich incorrectly blames the free market when businesses act on incentives provided by the government. He condenses this information into short, impactful videos for his audience. However, most of what Reich talks about isn't really economics. And when he does discuss economics, he relies on flawed assumptions that have been meticulously refuted over the past century. Bob and Dr. Newman dissect the misconceptions and provide some insights.

Robert Reich's "Debunking Economic Myths" Episode 3: Mises.org/HAP455a
Robert Reich's "Debunking Economic Myths" Episode 4: Mises.org/HAP455b
Dr. Newman's Post on Reich's Episode 5: Mises.org/HAP455c

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The Human Action Podcast

Tackling More of Robert Reich’s 'Economic Myths'

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Wealth and Income Dependence on Setting Rules of the Game

Misconception of Wealth Tied to Effort

Critique on Corporate Political Donations

Implications of Corporate Political Influence

Remember Everything You Learn from Podcasts