Basic Economics

not trying to make a snide joke based on the books name

But if you actually are interested...

Basic Economics https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_api_fabc_XzxSFbXWNGB0F

https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_apa_fabc_jnc4FbX7F9W1Z

Great then welcome to the club. Feel free to purchase your copy of our handbook here. Don't forget to also buy a Gadsden flag, marijuana grinder, and a bitcoin while you're at it.

It's the immigration law that creates that grey market. I pointed this out in my first post. You are effectively arguing against the restrictions on immigration.

I've read Basic Economics. Have you?

Yellow

Purple

Start here: https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730/

Also most large companies are publicly traded, meaning even the lowest earners in the country can buy stock and become the owners. It’s hugely empowering and available to anyone. It’s the greatest wealth generating mechanism in the history of the world.

Stop playing the victim role and try it for yourself.

Oh that's just our recommended reading.

> Seems like the govt should provide decent toiletries to whoever would like em,

Why. Why should I pay for your toiletries?

> Just because you’re down on your luck doesn’t mean you shouldn’t be treated like a human and shown kindness.

Who's stopping you from showing kindness? My problem is you using the giant shooting machine that is the government to force ME to pay for YOUR shit.

> Plus, government provided toiletries would create well paying jobs,

Yeah, the planned economy worked just great in the soviet union. No problems with that system at all. Why, the government can just make everything we need for free! What could possibly go wrong?

> provide a cheaper product to the consumer (since no one is profiting off the transactions).

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." -Milton Friedman

How or better yet why will products be cheaper when everything is free? Is this like a perpetual motion machine?

....

The world would be a better place if everyone read and understood Basic Economics by Thomas Sowell

I was actually talking about the Reagan economy, but I understand that our history and economics education is lacking in this country.

This will be my last response. You're clearly not sophisticated enough to have an intelligent, non-combative, and reasonable discussion. You might want to educate yourself a little bit before making a fool of yourself. At least then you could have some actual references and data before making ridiculous claims.

I've linked below a good place to start educating yourself. This book was written by world-renowned economist, Thomas Sowell. The audiobook is even free, so you can listen to it on your drive to work! It's written without jargon or equations, so that the layman can digest it and understand how economics works. It's a great read.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

That's what I thought OP was referring to, and discouraging people from doing! :) I mused that OP wanted all the good deals for himself/herself.

If you have the means to weather out the storm for, say, a handful of years, then I assume that this is a splendid time to buy some stocks, funds and bonds? Then again, I'm not an economist, and economy can be incredibly complicated. My father is a successful entrepreneur, and my brother is an accountant. Let's just say that I'm at a loss when hearing their conversations about contemporary economic policies. The economic gene seems to have skipped me completely. I bought this book recently though, to catch up on the basics.

Sorry, I'm rambling. Have a good day, and keep safe!

I think that's what you need to do. Try this one. https://www.amazon.com/dp/0465060730

> Basic economics you might say

Interesting, I wanted to find more on this so I bought this book. It’s not saying anything similar to what you said.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730/ref=sr_1_2?dchild=1&keywords=Basic+economics&qid=1596720133&sr=8-2

Just because you cannot see or understand things that are plainly in front of you does not mean that they "appear to be differing from what is actually the case". You are just wilfully ignorant and then pretend that your world view is the unanimous consensus, which it is not.

You simply have not even a cursory understanding of basic economics. I suggest you have a look at the book of the same title, it should be required reading in high school. Then come back and argue at eye level with me please.

Yes an entire book's worth. https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

There's thousands of hours of material you can read and watch on the effects of welfare programs in America that started in the 1930s.

Fundamentally people who advocate for UBI are the same people who want just communism / marxism, they don't understand economics, they don't understand incentives and they have a deep hatred and resentment for the rich. They don't know and they don't WANT to know economics. Like all ideologues they have an easy solution for all problems ( steal money and give it to someone else ) and they don't understand any of the reasons why this fails.

Basic Economics

That's not how it works. Here.

Basic Economics https://www.amazon.com/dp/0465060730?ref=ppx_pop_mob_ap_share

Basic Economics by Thomas Sowell really hits this idea home (intentions vs consequences)

I’m actually excited to see your post because this has been on my mind so much lately.

It’s crazy to me that so many of us, myself especially, are allowed to vote without having a solid understanding of economics and specifically the primary, secondary, etc. consequences of specific policies.

As Thomas mentioned, it benefits politicians to talk about intentions of a policy because it helps them get elected although in the long term it hurts society because we have to deal with consequences of that policy that are often not felt until long after that politicians is in office.

If you really want your mind changed and are willing to concede many hours of your life to understanding why some disagree: Basic Economics https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_api_i_djezEb47NAA2J

You're being very generous on his behalf because you think you agree with an argument he didn't even make. Here, I'll demonstrate.

When people work, even if there's a pandemic, we have a better economic outcome.

Notice how there's no nuance? Only a blanket statement with no citations or argument really being made?

For thousands of years humans have used some form of money for exchanges of goods and services. If paper money didn’t exist we would probably go back to gold. But before you enter your perfect utopia you may want to consider reading this book

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

> I'd prefer interesting counterarguments.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

Nobody seems to realize that Basic Economics is an actual book

> Capitalism itself is the enemy, not just fiat currency or corrupt governments. Fiat and corruption are just symptoms of using capitalism. To survive as a species, we don't just need private money, we need to ditch the destructive idea of using competition to organize society.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730/ref=sr_1_1?keywords=basic+economics&qid=1580297565&sr=8-1

Basic Economics by Thomas Sowell

Economics in One Lesson by Henry Hazlitt

Bezos doesn't have enough liquid assets to buy even 1% of coastline.

Let's assume that someone 1000x more rich than Bezos wants to go with your plan.

For arguments sake lets say the cost of the coast *today* is 500 trillion. The exact values don't matter much as you'll see.

Over the course of a year Super Bezos buys up 99% of the coast and spends almost 500 trillion.

The last 1% of coast at the end of the year will be worth 500 trillion.

Again don't get too caught up on the numbers. We don't know how much exactly the entire coast costs or how much the last 1% of coast will appreciate due to the other 99% being taken off the market. What we *do* know is that the cost of the remaining coast is going to trend upwards in a nonlinear fashion.

It's the same thing as buying the last remaining diamond for sale on Earth in the year 2350. That diamond is going to cost a hell of a lot more than the same diamond today when they are plentiful.

Make sense?

I highly recommend this book.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

>If you were about facts over feelings you wouldn't be for supply side economics. Give a rich person money and they hoard it. Give a poor person money and they spend it.

Wealth isnt zero sum, unless you think wealthy people stuff all their cash in their mattress. Please stop talking about how you have facts if you don't understand this, its like economics 101.

>do even a little research and you'll find out tax cuts to the poor have a correlation with increased economic activity whereas tax cuts to the rich do not.

This is provably false considering that close to half of America consume more in government services than they pay in federal income taxes.

>Less spending? Take a look at Clinton vs Bush or Obama vs Trump. The deficit and national debt have increased more under Republican presidents than under Democrats.

False obamas deficit was close to 7 trillion, which is double Trumps deficit.

I'm going to stop here because its kind of embarrassing how fundamentally misinformed you are. Instead of lecturing people on reddit about shit you don't know, go read a book.

Preferably this one....

Who pays taxes? Corporations do not pay taxes. Their consumers pay taxes that are put on corporations in the form of increases prices. So a VAT would be increased costs on all consumers. You know the people who buy things? They want to add a VAT ON TOP OF the current tax system not to replace anything. You have no grasp of economics or how things like taxation disincentives production and consumption. You lack critical knowledge. Start here:

https://youtu.be/bOMksnSaAJ4

Read his book: https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

And get back to me when we can have a productive discussion.

You realize that these billionaires don't actually have billions of dollars right? They have assets worth billions, but if they tried to actually cash out those assets, they would be worth far less. Pls learn more about economics than stupid statistics that don't mean anything. https://www.amazon.com/gp/aw/d/0465060730/ref=tmm_hrd_title_0?ie=UTF8&qid=1590451049&sr=8-3

Instead read this amazing book from Thomas Sowell:

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

It’s 2 o clock in the morning. I don’t feel like writing an essay reciting the entirety of economics 101 to some dumbass that can’t figure it out for himself. Pick up a fucking book here’s plenty:

Free to Choose: A Personal Statement (Rose Friedman and Milton Friedman, 1980)

Why Nations Fail: The Origins of Power, Prosperity, and Poverty (Daron Acemoglu & James Robinson, 2012)

https://www.amazon.com/Capitalism-Freedom-Anniversary-Milton-Friedman/dp/0226264211

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

Educated people don’t believe in communism. To answer your question in summary it is because capitalism and democracy leads to nations developing and having a higher standard of living than those under communism historically and in overall practice. The best countries to live in the world adopt democracy and capitalism. That’s the basic answer.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

Here's another perspective.

https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_apa_fab_50aAFb7S6QATJ

A lot of conservative solutions are simply "quit using the government to screw around with stuff".

I wold definitely read Thomas Sowell's Basic Economics (or anything by Sowell really).

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

His work should be readily available from your local library. His audiobooks are quite good and can be borrowed digitally from most libraries using Libby or OverDrive.

Then you really need to work on your phrasing and looking at the situation someone is in before you come at them like you did me. Your previous message is an obvious bait that I've received many times. I answer honestly and then I get a combination of strawman and ad hominem attacks in return.

Our system is totally fucked but not for the reasons that people like Bernie talks about. He's just going to increase the problem, figuring that if everyone can just take why can't we just take more? That's why when asked how to pay for his plans the retort isn't what Warren says, a bunch of new taxes and trying to make it sound pretty "for just 2 pennies!" He and his people ask how are we paying for the wars or the bailouts or whatever else we obviously can't afford but are? Well, just do the same thing for these programs which are morally better.

For this specific situation, of taxing billionaires. They are calling for a wealth tax. Rich people don't really pay an income tax. Bezos makes like $150k/yr, an income tax is an ant of his total wealth. If you tax someone's wealth though, that's a whole different ballgame. That's taking into consideration any investments, property, collectible, anything of value someone has.

In the case of Bezos that means to pay it, let's use Warren's 2% rather than the outrageous 70% mentioned in the OP. That would mean he's paying over $2 billion in taxes for just one year. No one has that type of money laying around. The banks only insure up to $100k so you aren't keeping $2B in a checking or savings account. You aren't keeping it in cash because it would be a large room filled. So it's in investments as otherwise it would be losing value due to inflation. Most of his money would be in Amazon stocks.

So most likely for him to pay his tax bill he would have to sell off a large amount of stocks to do so. That volume usually needs a bunch of approvals as it's ripe for insider trading. It also usually gets taken out bit by bit so there isn't a huge swing in the stock price. Selling that many stocks is going to cut into his control of Amazon, which he's proven he's a great CEO going from where they were to where they are now. Also it's going to lower Amazon's stock. You also have to factor that other billionaires might be invested in Amazon. Even if they aren't, they are all going to have to be divesting to pay their tax bill. All stocks are going to drop which is going to tighten up capital that businesses have to use.

Most businesses are running on tight margins because prices are on a natural race to the bottom. Everyone is competing on the world stage. So when money gets tight because investments are drying up the first thing that gets cut is personnel. Dump the old timers who are paid well, pick up younger people for less, cut benefits, cut pay, cut hours, cut everything you can to keep the profits enough to not lose more investments.

So we have stocks going down because people have to divest to pay their taxes which leaves businesses with less money to work with. Employees have less job options as companies don't have the capital to grow or liquid cash to cover larger than necessary overhead. Also, everyone who is investing their 401k or other retirement options are also losing money as these people take money off the table. Everyone gets poorer because while that money is "their's" it's held in investments and for all you know that's the money that was loaned to you to start your small business or your mortgage.

Because most people live paycheck to paycheck they just assume rich people have $100B sitting in their savings account doing nothing, just a large rainy day fund. Anyone with money has it working as inflation is going to eat large chunks of it. I mean if Bezos just threw that all into a savings account at 1% interest when we are at 2-4% inflation, he would be losing over 1-3B a year. If he just gets a really modest return he can live like a king forever. He's choosing to leave it on Amazon to help the company grow which provides more jobs and more cheap consumer goods making it so we don't need to make as much money to have what he's selling.

We are connected. If he wins it's because he's providing more value for us, his money comes from us wanting to give it to him. If he suffers we all do, with a lack of employment and a lack of cheap stuff. This goes for any of them. It's not looking at one person as evil and the other as a victim. The economy doesn't function without both parts and both are equally important. The difference is labor assumes no risk while Bezos could lose all of his wealth tomorrow.

The only enemy to be had is the government as they provide no value they just move resources from one area to another and usually they misallocate those resources which causes a bubble. Like we saw in 08. The government wanted more home owners so it forced banks to give out bad loans. People needed to make money off those bad loans so rolled them up with good ones and sold them as a package. Housing prices were the most consistent thing to invest in until the bubble burst so everyone trusted the agencies telling them they were good. Then the interest rate went up and no one could afford their home. Investments all run dry. Everyone loses their money. Government, after taking tax payer money to get poor people into homes then takes more tax payer money to bail out banks.

This was a real quick overview but if you want an easy, quick read on it check out Economics in One Lesson. To be honest I haven't read that but everyone I've learned from suggests it, so I trust it's good. If you want something more intense, which is where I got most of my knowledge of principles I'd suggest Basic Economics. I love Sowell's work, I haven't read anything from him that wasn't amazing.

Neither is your simplistic bullshit... thus the book recommendation.

Basic Economics https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_apa_i_X1xsFbGTX33B1

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

TIL Thomas Sowell has no idea what the fuck they're talking about......

I apologize for not having the time to write an entire novel on how socialism is a deeply flawed system. But I can link you to an already written book.

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

And here is a more historical take on the failing of socialism.

https://www.wsj.com/articles/socialism-fails-every-time-11554851786

I hope this slakes your curiosity friend.

The free market / capitalism is amazing. You may argue that they are bad for x, y, and z... and that maybe they have a net negative. BUT before you get to that conclusion, you have to also recognize the reasons why the free market is also amazing and accomplishes so much (even for the poorest).

This is a great book that explains in easy ways... with super interesting concrete examples from history... some of what u/DragonGod2718's underlying arguments might be, at least in my opinion, is https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

I have not yet read Sowell's book, it's on my list, but my understanding is that he covers the relationship between rising minimum wage and unemployment. https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

Like many others, I’ve followed the path similar to Thomas Sowell in believing that Marxist wealth redistribution is the only answer to the question. Then I aged, started businesses, started a family, met lots of people poor and rich, learned some history they didn’t teach in school, and gave myself an education in basic economics.

Now I’m a capitalist minarchist in practice and a voluntaryist in the ideal. It’s not because my desire to see a more prosperous and equitable world has changed, but because I learned what it really takes to even come close to achieving it.

Basic Economics https://www.amazon.com/dp/0465060730/ref=cm_sw_r_cp_api_glc_fabc_i3XZFbSWG0ND3

https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730

Take your pick:

Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics https://www.amazon.com/dp/0517548232/

Basic Economics https://www.amazon.com/dp/0465060730/

There is essentially one and only one factor that explains prosperity in the world today - economic freedom. The examples are endless, but consider a few case studies. South Korea and China had roughly similar standards of living after WWII - South Korea embraced free markets and flourished, while China embraced Maoism and millions perished (ever since the 90s when China has embraced limited capitalism, it too has lifted huge proportions of its population out of poverty). Cuba used to be one of the richest countries in the Americas - thanks to the communists they are now facing food shortages. Much the same in Venezuela.

The source of Mexico's ills is that its economy is so highly regulated and taxed. Mexico's economic freedom score is 66 - compare that to the US score of 76 or Hong Kong (before this madness) of 89. High taxes, burdensome regulations, and nationalized industries (e.g. PEMEX) all cripple growth. Another major problem is the crumbling rule of law thanks to the drug war.

If I were in charge of Mexico, I would immediately do the following: slash entitlements, privatize all state-owned industries, end all tariffs or import restrictions, end all immigration restrictions, and roll back all regulations. I would further completely legalize all drugs, depriving the cartels of their source of income, and then crush them with the army. I guarantee you would then see foreign investors pouring money into the country, fueling explosive growth and rising living standards. (This is how Pinochet, though a despot, was able to make Chile the richest country in Latin America).

For more on what makes nations rich and poor, I would recommend Thomas Sowell's Basic Economics. In addition to being a brilliant overview of economics in general, he also substantiates his claims with reference to countries around the world, exploring how different economic policies produce wildly different results. Though I personally haven't read him, I have heard that Peruvian economist Hernando de Soto does good work on Latin America specifically.

> durability rating

Unnecessary. Consumers as a group know how durable given consumables are, and act accordingly in response to any change in durability: https://en.wikipedia.org/wiki/Wisdom_of_the_crowd

> I don't see how increasing minimum durability standards would result in compensation

Then you don't understand basic economics, and shouldn't be giving policy prescriptions.

> What do you mean by a tread width exercise tax?

For example, a tread-width excise tax of $1 per mm would result in a tax of $235 on the sale of a 235mm width tire (e.g. 235/65R16).

For plain economics-oriented books, literally anything by Friedman, Basic Economics by Sowell, and Economics in One Lesson by Henry Hazlit are good for starting out.

For a story, Ayn Rand is great.

For a very brief introduction to Friedman's ideas, this video is amazing.

Be careful out there. Some self-proclaimed 'capitalists' are Corporatists who put out a horrific image for the rest of us. The vast majority of us see Capitalism as a way of making the world a much better place for everyone, not just as a vessel to improve our own lives at the expense of others. There seems to be a big misinterpretation that we don't care about the world and other people, which just isn't true.

Also, it's great that you've decided to try to understand the other side. That's far too rare in today's world, so seriously, good job.

Love that question, so few people asks that. I didn’t get any financial education from my family, we were always dirt poor.

My first really awesome book was rich dad poor dad . Taught me what’s a liability and what is an asset. Anecdotal though and uses real estate to explain. On that note, I did enjoy another anecdotal book, however it probably is controversial these days, the art of the deal . Taught me that you can get things done if you push it. While we are on the topic of questionable ethics in business, sales is a part of things. We are always selling or being sold to. Understanding this is key imo, meet Grant Cardone .

Little bit more math based books are obviously have to start with the intelligent investor . Very boring, it was quite the challenge to get through, but damn it puts company’s value into perspective. I really enjoyed a random walk down wall street. Teaches you while charts are questionable sources of decisions.

Now the last category is economics, because it’s a complex system. Easy to start with I think is debt the 5000 years . It explains how money works and maybe a little history or basic economics .

I think these are amazing books even the boring ones :))