Tackling Robert Reich's First Two "Economic Myths"

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In a new KZbin series, former US Secretary of Labor Robert Reich promises to explode ten "economic myths." Jonathan Newman joins Bob to respond to the first two episodes in the series, regarding whether economics is an objective science, and whether government intervention interferes with a free market.
Robert Reich's 'Debunking Economic Myths' Series: Mises.org/HAP452a
Bob's JLS Article on Kevin Carson's Studies in Mutualist Political Economy: Mises.org/HAP452b
Dr. Newman Debunking Robert Reich's First Myth: Mises.org/HAP452c
Dr. Newman Debunking Robert Reich's Second Myth: Mises.org/HAP452d
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[@kylewatson5133]

Tackling Robert Reich's First Two "Economic Myths" Third Reich's the charm!

[@longanddeadly]

LOL

[@user-py7wp6nw9h]

GOOD ONE! I am stealing it

[@authenticallysuperficial9874]

😅

[@swilliams937]

Moved on from the left/right paradigm many years ago, but the way Rush Limbaugh pronounced Reich's last name always made me laugh.

[@jpkm123g9]

There's a reason why Borders put Piketty's book in the politics section and not the economics section

[@upyr1]

the funniest thing about Robert Riech is that he's a horrible statist and his surname translates to government, realm, or empire

[@NextScamdemic]

Rush Limbaugh always would mock RR by pronouncing it "Robert Reeiiiissh..sssh..ssshhhh". I never got it but now I totally do haha

[@MBarberfan4life]

Reich is a grifter. Either that, or he really is this dense.

[@ThePoliticalCheckmate-hm8ky]

I have produce many videos showing how dense Robert riech truly is

[@bane3991]

Hes clearly doing it for the money. He makes a ton of money saying this. If he stopped, he would lose his income. Why would he want to stop?

[@podzycie3567]

Excellent steelman around 10:00 mark. That kind of conscientious discussion is really valuable.

[@alidaraie]

"ContraReich"

[@libertycoffeehouse3944]

I think Adam Smith's argument was that markets should be left alone without government intervention and that would lead to greater good not that the government should regulate markets which Reich insinuates.

[@theunfinishedbasement]

That used to be what I believed but I dont think so anymore. Free markets may create great products for lower prices for a time, but when left alone, have no trouble colluding together to price fix all by themselves with no govenrment intervention at all. The truth is, people have selfish tendencies built into their nature. Economics have simply always followed after political phylosophy. Not the other way around.

[@davidhunt313]

Which is the higher moral virtue? To create new Wealth where it did not exist before... or to share and redistribute Wealth??

[@dbladeford]

To create new wealth.

[@JonathanSmith-kz2jo]

I don’t agree with Robert Reich’s politico-economic views, however I have always maintained that an intertwining of history and other social sciences to provide a more holistic understanding of economics whilst still remaining value-free.

[@zastorlexa9800]

Bob: could you please quote the link to the Journal of Libertarian Studies review of Kevin Carson's book? You mention it in the video (13:32). 🙂

[@dks13827]

Reish………uh.

[@isaacolivecrona6114]

Is anyone still taking him seriously?!

[@user-py7wp6nw9h]

Bob, as always your meandering on any subject, together with you language hiccups is very distracting. MaKe the connection between Rich's reasoning and his wanted outcome. In other words,Reich is FIRST bringing up Adam Smith as a "moral philosopher" to allude (and later make the connection) that really, economy is more of a philosophy and a morality...hence THEY should be in charge of it because THEY are moral and virtuous.... you , I and us are not. We're just ugly conservatives "clinging to our religions and our guns" (to quote the master bullshiter himself, Obama). THAT IS what Reich wants you to believe. But he's waving "candy" in your face, with all the "graphics"... Get it, Bob? Get it?

[@dashphonemail]

I like you guys, but you didn't have a good answer to the argument that free markets can't exist without a government to enforce property rights. Alluding to unnamed, pre-modern economies that apparently had no government, or pointing out that you personally aren't motivated to pay for your groceries out of a fear of going to jail, isn't a very strong argument. Saying we'll enforce property rights with a hodge podge of private security firms sounds like a nightmare to eveyone who's not an autistic libertarian. Trust me guys. Libertarians will save the world, but only once they stop being so overly-theoretical, and really reckon with the fact that human psychology needs to be factored into their analysis

[@troll_kin9456]

Giving overwhelming firepower to a small group of elites, along with exclusive moral authority to enforce right and wrong for the entire society, including cases challenging their own conduct is a failure to reckon with human psychology.

[@dashphonemail]

@@troll_kin9456 Right, but you also have to consider the alternative. People don't magically start behaving rationally and peacefully when the monopoly on force is removed. Libertarians can often resemble leftists, displaying a naive utopianism. Governments formed for a reason, like it or not. Better to spend our energy trying to advocate for the best form of government, rather than pretending governments aren't necessary and complaining about their very existence

[@troll_kin9456]

@@dashphonemail They aren't necessary. There's plenty written about this. I expect they weren't planning to spend the podcast summarizing an entire body of literature. "Governments formed for a reason, like it or not." Hillary Clinton murdered people for a reason too. Doesn't mean it was a defensible reason.

[@troll_kin9456]

​@@dashphonemail "Libertarians can often resemble leftists, displaying a naive utopianism." Speaking of Utopias, how's that experiment in minimal government going? "Governments formed for a reason, like it or not." Empires and Kingdoms and Dictatorships also all existed for a reason, but unless you're totally agnostic about the form of government, presumably you would say that those reasons were not defensible, except for the one type of government you prefer. I'm only proposing that maybe there is no exception. If you believe in things like rule of law and consent of the governed, examine the history of how the US Constitution was drafted and that too looks pretty indefensible.

[@kimobrien.]

Capitalism requires a centralized state and money which was once represented by gold and silver.

[@danhallett4952]

Are you joking?

[@ipeteagles]

LOL

[@kimobrien.]

@@danhallett4952 That is why the set up the United states and gave the Federal government the right to regulate foreign and interstate trade. Capitalism can not exist without a state and laws to enforce the rights and demands, of a minority, the big property owners. When the slave owners got in the way of nations development the capitalist defeated the slave and landed property owners in a bloody civil war. They established banks with fractional reserve so they could increase the power of their money because now the same money could be in more than one place at once. The federal reserve was established on the political demands of finance capital like the banker JP Morgan and the richest American capitalists. Morgan no longer wanted to be the one to personal bail out the rest of his class.

[@goldenplayroblox5985]

What do you mean by "centralized" state?

[@kimobrien.]

@@goldenplayroblox5985 The national bourgeois when it came to power in old Europe and America it set up the nation state with uniform laws on trade across the nation state. It got rid of the feudal forms of military alliances of land owners and wars setting up the boundary of kingdoms in favor of hard defendable borders and domination from a major city along with a common culture and language.

[@JonathanSmith-kz2jo]

I don’t agree with Robert Reich’s politico-economic views, however I have always maintained that an intertwining of history and other social sciences to provide a more holistic understanding of economics whilst still remaining value-free.