The Importance of Profits

Steven Horwitz

Here's a really nice video of less than 4 minutes by Sean Malone exploring "The Importance of Profits."  It's no "Fear the Boom and Bust" but it has great pedagogical value of its own and it gets matters right. 

And yeah, he quotes me.

Comments

[Bill Woolsey]

That long quote clearly photocopied from some ancient scroll was the best part.

[ADA]

Steve,

Pretty good. Except for one thing.

It's not only businesses that lobby.

It's also special interest groups allegedly representing consumers and/or laborers that demand market intervention to get things for their members at the expense of others. Like forcing healthcare insurance to cover this or that.
The politicians also have a strong political incentive to foster the myth that they can force producers to give stuff at no extra cost to consumers. You know the story.

Just blaming business on the lobbying is oversimplifying the causes for interventionism in a very counterproductive manner. You know perfectly well that people like Elizabeth Warren are destroying the price system as part of their agenda.

But the rest is pretty effective.

[ADA]

Steve,

By the way, I know it's not your video. Sorry, if the previous comment sounds as if I'm criticizing you.

[Doc Merlin]

Excellent video, thanks for the link Steve.

[topills.com review]

I agree somewhat that the Austrian are to blame for their own perception.