"The Ingredients of Economic Growth" | Mark Thornton

[@2vnews902]

3 Cs of Economic Growth: Cut Regulation, Cut Spending, Cut Taxes

[@2vnews902]

If you start giving an economy fish (easing Federal Reserve monetary policy, excessive federal government spending; deficit, national debt), the economy starts fishing less and starts dining more. Temporary misallocated (Keynesian stimulated) employment increases and growth of sustainable production employment decreases.

[@donstacy7012]

GDP: God Damn Pathetic statistic

[@2vnews902]

Middle class is a byproduct of a market economy without excessive regulation, it isn't manufactured by government redistribution of wealth, minimum wage laws or a politician's tax gimmicks.

[@YouilAushana]

Someone gets to, _"keep the change."_

[@Triumphant712]

Another great video! Thank you!

[@Sigridovski]

This is wonderful.

[@aretlev]

Those kids must be bored out of their minds.

[@iL1keTurtlesPoker]

I'm not sure if that's a personal shot at Mark or if you think they'll be bored by an economics conference, I personally think this was a very good lecture, especially the part about China.

[@AmberNorth]

We dont need sound money we already have that. We need sound currency. Money is the units of the measure of value that are not only a representation of value but also have value. Examples would be gold,silver, spices, sea shells, oil. Similar to the units of length that not only represent length but also have length examples would be an inch worm,a ruler or yard stick. Currency is only a representation of value it doesnt have any actual value. Examples would be the dollar, bonds, or digits in a computer or a piece of paper that you write an IOU or the verbal representation of a promise. Similar to the units of length that dont have any actual length like the inch, foot, or meter. Saying currency has value is like saying an inch has length or a pound has weight. They are all just representations. Even if gold where to be the dominant form of money we would still have currency in the form of pieces of paper that represented the gold. The problem with having a currency system that is limited by gold is that it limits the amount of value man can create. We dont limit the number of inches, or pounds, and we shouldnt limit the unit of the measure of value, because we dont know how much value man is capable of creating. Defining the unit of the measure of value in terms of gold is like defining the unit of the measurement of length in terms of an inch worm. There is not enough inch worms to measure all the length we might need to quantify just like there is not enough gold to measure all of the value man might be able to create. That is one of the main reasons we keep having to redefine the dollar, man created more value than gold was capable of representing. What limits the number of inches? the amount of length in the universe and the number of pounds is the amount of mass in the universe or the subjective unit of a byte is the number of charged particles in the universe. So what is a representation that could quantify all of the value in the universe, I would recommend a joule = a unit of currency.

[@christiansmith-of7dt]

Im alot braver than you realize , just look at all the things i did that noone else had

[@christiansmith-of7dt]

Thanks guys