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George Gammon, host of the popular Rebel Capitalist show, warns that the Fed won't have to force the public to adopt a central bank digital currency (CBDC). Instead, the public might clamor for it, being promised safe, high-interest checking accounts at the Fed, just like Jamie Dimon. The Rebel Capitalist show: https://Mises.org/HAP405a Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: https://Mises.org/Nashville23 Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Against Our Limitless Regime 01:00 Introduction 02:08 Public Interest in Economics 10:11 Misinterpretations of CBDCs 17:46 Why the Public Will Want Cbdcs 27:06 CBDCs and Digital Dollars 35:32 Implications of Fed Checking Accounts 40:49 Real-World Examples 44:11 How Cbdcs Will Be Implemented 46:33 Decentralized Solutions and Alternatives

Ryan McMaken and Zachary Yost look at the many factors behind Ukraine's failure to defeat Russia or move closer to NATO membership. Ukraine is sadly caught between a cynical NATO and a Russia that is in it for the long haul. Be sure to follow War, Economy, and State at https://Mises.org/WES.

Mark Thornton joins Ryan and Tho on Radio Rothbard to take a closer look at the state of the US dollar and how price inflation and economic crises are likely to play out in the months and years ahead.

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Michael talks with Tom Woods about RFK, Jr., whether the elites are evil or just incompetent, and the secret of Tom's success. Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Introduction 02:35 Simplifying Complex Ideas 04:34 Incompetence or Malicious Intent in the Regime 09:03 Robert F. Kennedy Jr. 13:24 Establishment Pushback on RFK, Jr 17:19 The Ayn Rand Institute vs. Tom Woods 23:49 Ayn Rand's Predictions Becoming Real 25:28 Tom's Upcoming Book: Chronicling the COVID Years 30:13 Remembering the Victims of COVID Policies 36:28 Making Your Life Better with Tom Woods

Recorded by the Mises Institute in the mid-1980s, The Mises Report provided radio commentary from leading non-interventionists, economists, and political scientists. In this program, we present another part of "Ten Great Economic Myths". This material was prepared by Murray N. Rothbard. The public memory is short. We forget that, from the beginning of the Industrial Revolution in the mid-18th century until the beginning of World War II, prices generally went down, year after year. That's because continually increasing productivity and output of goods generated by free markets caused prices to fall. There was no depression, however, because costs fell along with selling prices. Usually, wage rates remained constant while the cost of living fell, so that "real" wages, or everyone's standard of living, rose steadily. Virtually the only time when prices rose over those two centuries were periods of war (War of 1812, Civil War, World War I), when the warring governments inflated the money supply so heavily to pay for the war as to more than offset continuing gains in productivity. We can see how free market capitalism, unburdened by governmental or central bank inflation, works if we look at what has happened in the last few years to the prices of computers. A computer used to have to be enormous, costing millions of dollars. Now, in a remarkable surge of productivity brought about by the microchip revolution, computers are falling in price even as I write. Computer firms are successful despite the falling prices because their costs have been falling, and productivity rising. In fact, these falling costs and prices have enabled them to tap a mass market characteristic of the dynamic growth of free market capitalism. "Deflation" has brought no disaster to this industry. The same is true of other high-growth industries, such as electronic calculators, plastics, TV sets, and VCRs. Deflation, far from bringing catastrophe, is the hallmark of sound and dynamic economic growth. For more episodes, visit https://Mises.org/MisesReport

In this episode, Mark looks at the "minor issue" of dollar devaluation. While everything in the economy seems great—including stock markets, price inflation, unemployment, and consumer confidence—the value of the dollar index has fallen 12% during the rebound in stocks since last October. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Robbie "The Fire" Bernstein is a co-host with Dave Smith of the popular podcast Part of the Problem, as well as his own podcast Run Your Mouth. He joins Bob to walk through the shocking and hilarious moves by Biden officials to downplay recent allegations of corruption. Find More from Robbie Including His Tour Dates: https://Mises.org/HAP404a $5.1M Payment to Biden Businesses: https://Mises.org/HAP404b Biden Attorneys on The Hunter WhatAspp Message: https://Mises.org/HAP404c Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: https://Mises.org/Nashville23 Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Against Our Limitless Regime 01:00 Introduction 03:06 Review of Mueller and Durham Investigations 06:21 Matt Gaetz Grilling Durham 10:01 Suspicious Activities During the Mueller Investigation 14:57 FBI Setting the Stage 20:08 Hunter Biden IRS Investigation and the WhatsApp Message 29:37 Tech Censorship and the FBI 32:47 White House's Response to the WhatsApp Message 38:33 Hunter Biden's Perspective 46:03 More on the Validity of the WhatsApp Message 51:50 Attorney General on Questioning the FBI 54:20 How Robbie Became an Expert and an Anarcho-Capitalist 1:00:11 Robbie on Tour

"The people arguing against fossil fuels are standing on the backs of the benefits of fossil fuels." Watch the full episode at https://Mises.org/RR142. Radio Rothbard is a weekly podcast featuring a cast of Mises Institute voices and special guests. The show tackles politics, current events, culture, media, and of course the predatory state, all from an uncompromising Rothbardian perspective. Radio Rothbard is the weekly anti-politics podcast you won't want to miss! To subscribe on your favorite platform, visit https://Mises.org/RothPod

On this episode of Radio Rothbard, Tho Bishop is joined by Mises Research Fellow Connor Mortell (https://Mises.org/Mortell) to talk about Connor's research project on energy policy. Tho and Connor push back against common narratives—even some promoted by libertarians—of fossil fuels and green energy and the necessity of keeping a human focus on energy policy. The Radio Rothbard mug is available in the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE RothPod for 20% off Recommended Resources "How Should We Regulate the Sun (Since Our Government Regulates Nearly Everything Else)?" by Connor Mortell: https://Mises.org/RR_142_A "Fossil Fuels Enable Us to Better Fight Fires and Other Environmental Disasters" by Connor Mortell: https://Mises.org/RR_142_B "Fossil Future with Alex Epstein" (Human Action Podcast): https://Mises.org/RR_142_C Fueling a Freer Future (Mises Institute Primer Series): https://Mises.org/RR_142_D Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

Michael and Walter Block discuss the Ukrainian conflict, reparations, immigration, and the Israel-Palestine conflict. Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 01:37 Resolution of the Ukrainian Conflict 05:24 Reasons Behind Ukraine 06:41 Reparations and Property Rights 15:43 Discrimination, Non-Aggression, and Free Association 21:53 Stakeholder Capitalism: Definition and Motives 32:42 ESG in a Free Society 37:02 Immigration: Hoppe vs. Block 47:56 Political Motives for Increased Immigration 53:37 Israel and the Palestinian Conflict

While solar and wind make poor replacements for fossil fuels, there is one alternative energy source that could potentially replace them: nuclear. In spite of coming into public view under the shadow of the atomic bomb, significant global investments in nuclear power plants were made from the mid-1960s up until the early 2000s. Unfortunately, tragedies such as the Chornobyl meltdown caused by Soviet incompetence and the fallout from the tsunami-damaged Fukushima power plant in 2011 led governments to close existing nuclear reactors and foreclosed the building of new ones. The stagnation in global nuclear policy has occurred alongside an increase in climate change concerns. While nuclear power is a proven, viable alternative to fossil fuels, a meaningful increase in nuclear power would require a significant change in political policies, as well as investment in next-generation energy infrastructure. These may be wise policies for the future, but they are not practical for those demanding a radical shift away from fossil fuels within the next decade. For context, to replace fossil fuels with nuclear energy in twenty-eight years, four one-gigawatt nuclear power plants would have to be built every day. In the last thirty years, four gigawatts of nuclear capacity have been created only every 540 days. Other alternatives to fossil fuels and green energy have been considered as well, including hydroelectric, geothermal, hydrogen fuel cells, and biomass. None of these are in a position to replace fossil fuels within the next few decades. All of them have been the subject of additional objections by various interest groups that are concerned about global warming. For example, environmentalists have raised concerns about the impact of building hydroelectric dams. Most importantly, the innovation required to come up with a new energy source that has fossil fuels’ benefits and little impact on emissions requires a very unique natural resource: human genius. Only in a society that prioritizes human creativity and entrepreneurship can individuals make the sorts of breakthroughs necessary to revolutionize energy production. Yet it is precisely this human element that is ignored, and often explicitly demonized, in favor of “the end is near” hysterics. The result is an intellectual environment that makes it difficult to seriously discuss the tradeoffs inherent to energy policy and environmental protection. ______________________________________ Want to learn more? For more animated content, check out Economics for Beginners at https://BeginEconomics.org.

On this week's episode, Mark summarizes the many problems with EVs, and focuses on two consequences funded by taxpayer subsidy. Large, overpriced, long range vehicles have been subsidized at the expense of more efficient technological applications. These EVs are significantly heavier compared to their fossil fuel counterparts (which have engines and gas tanks). These heavier vehicles create greater crash risks for passengers and pedestrians. Failure to disclose such issues reveals some uncomfortable truths about the political elites who drive this agenda onto the American people. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Bob walks through a recent interview of MMT champion Warren Mosler, in which he claims that Fed rate hikes lead to larger government interest expenses and hence support economic growth and inflation. Bob presents both theoretical and empirical evidence against Mosler's claims. Bob's Debate with Warren Mosler: https://Mises.org/HAP403a Bob's Review of Stephanie Kelton: https://Mises.org/HAP403b Bob's EconLib Article on Austerity: https://Mises.org/HAP403c Technical Article on Why the Treasury Can't Overdraft: https://Mises.org/HAP403d Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Against Our Limitless Regime 01:00 Introduction 04:07 Are MMTers Even Worth Arguing With? 09:12 Mechanics of Government Spending According to MMT 13:07 The Actual Mechanics of Government Spending 22:02 The 1980s Recession: Caused by Raising Rates? 28:41 Explaining MMT's view of Inflation 31:55 Inflation and Recessions 41:28 MMT vs the Data 44:36 Historical Examples Disproving MMT 53:03 Mosler's Logic Behind Interest Rate Hikes Preventing Recession 01:02:55 Mosler's Logic vs the Data 01:08:48 Conclusion

Ryan, Tho, and Kerry Baldwin take a look at why some politicians say they're "nationalists." Is nationalism a good thing or is it just another way to justify more government meddling in our lives? New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

The Mises Institute's Executive Editor Ryan McMaken joins Bob to discuss his latest article, in which Ryan spells out the state of the M2 money supply and possible implications for consumer prices and an impending recession. Ryan's Mises.org article on M2: https://Mises.org/HAP402a Ryan's QJAE article on the inverted yield curve: https://Mises.org/HAP402b Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Against Our Limitless Regime Promo 01:00 Introduction 01:20 What is going on with M2 Money Supply 08:42 Has M2 Been Negative before? 10:29 Explaining How Money Supply is Calculated 15:10 Money Supply and Inflation 24:14 When will there be a recession? 27:06 The Inverted Yield Curve

There are now more armed civilian federal agents than there are US Marines. These well-funded armies of federal enforcers from the alphabet agencies are there to be used against US citizens at the whims of federal policymakers. Every last one of them should be disarmed. New Radio Rothbard mugs are now available at the https://Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

As we enter the dog days of summer, I have heard several media conversations and a few private ones that express exasperation over languishing capital markets. Why do things take so long to unravel? What will happen next? When will X, Y, or Z happen? Why are tech stocks so bullish now? The market takes time to process the information that it already has — or is in "process" — and everyday brings new data. The Austrian perspective highlights the role of reality in the market process. This is especially important in this period of unprecedented government intervention and the chaos it has generated in markets. Be sure to follow Minor Issues at https://Mises.org/MinorIssues.

Recorded by the Mises Institute in the mid-1980s, The Mises Report provided radio commentary from leading non-interventionists, economists, and political scientists. In this program, we present another part of "Ten Great Economic Myths". This material was prepared by Murray N. Rothbard. The financial press now knows enough economics to watch weekly money supply figures like hawks; but they inevitably interpret these figures in a chaotic fashion. If the money supply rises, this is interpreted as lowering interest rates and inflationary; it is also interpreted, often in the very same article, as raising interest rates. And vice versa. If the Fed tightens the growth of money, it is interpreted as both raising interest rates and lowering them. Sometimes it seems that all Fed actions, no matter how contradictory, must result in raising interest rates. Clearly something is very wrong here. The problem here is that, as in the case of price levels, there are several causal factors operating on interest rates and in different directions. If the Fed expands the money supply, it does so by generating more bank reserves and thereby expanding the supply of bank credit and bank deposits. The expansion of credit necessarily means an increased supply in the credit market and hence a lowering of the price of credit, or the rate of interest. On the other hand, if the Fed restricts the supply of credit and the growth of the money supply, this means that the supply in the credit market declines, and this should mean a rise in interest rates. And this is precisely what happens in the first decade or two of chronic inflation. Fed expansion lowers interest rates; Fed tightening raises them. But after this period, the public and the market begin to catch on to what is happening. They begin to realize that inflation is chronic because of the systemic expansion of the money supply. When they realize this fact of life, they will also realize that inflation wipes out the creditor for the benefit of the debtor. Thus, if someone grants a loan at 5% for one year, and there is 7% inflation for that year, the creditor loses, not gains. He loses 2%, since he gets paid back in dollars that are now worth 7% less in purchasing power. Correspondingly, the debtor gains by inflation. As creditors begin to catch on, they place an inflation premium on the interest rate, and debtors will be willing to pay. Hence, in the long-run anything which fuels the expectations of inflation will raise inflation premiums on interest rates; and anything which dampens those expectations will lower those premiums. Therefore, a Fed tightening will now tend to dampen inflationary expectations and lower interest rates; a Fed expansion will whip up those expectations again and raise them. There are two, opposite causal chains at work. And so Fed expansion or contraction can either raise or lower interest rates, depending on which causal chain is stronger. Which will be stronger? There is no way to know for sure. In the early decades of inflation, there is no inflation premium; in the later decades, such as we are now in, there is. The relative strength and reaction times depend on the subjective expectations of the public, and these cannot be forecast with certainty. And this is one reason why economic forecasts can never be made with certainty. For more episodes, visit https://Mises.org/MisesReport

Mises Institute Fellow Patrick Newman joins Bob to discuss a recent tweet from Stephanie Kelton, which argued that the government's "red ink makes our black ink possible." Patrick and Bob point out that these MMT tautologies are very misleading at best. Patrick also lays out the argument in his journal article, saying that MMT's debt monetization won't cause a boom-bust cycle, but will still reduce living standards. Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ Chapters 00:00 Introduction 01:34 MMT Uses the Bad Parts of Keynsianism 07:50 Are Government Deficits Linked to Non-Governmental Surpluses? 15:33 Austrian Argument vs. MMT Argument 23:26 MMTers say Gov't Deficits Don't Matter 33:27 Differences in New-Keynesian and MMT Theory 42:13 Downsides of Monetizing Deficits

Ryan and Tho take a look at the legacy of Daniel Ellsberg's heroic leak of the Pentagon Papers and the evils of government secrecy. Modern leakers like Snowden, Manning, and Assange do important work educating voters and making the state more accountable. New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

John Klyczek joins Michael on the first episode of REKT. John (jakE) is the author of School World Order: The Technocratic Globalization of Corporatized Education. Topics include the behaviorist, collectivist, and eugenicist roots of public (and state-sanctioned private) education, the globalist organizations behind the stakeholder capitalism regime, and the making of "global citizens" through indoctrination and technocratic surveillance and control systems. Get School World Order: https://Mises.org/Rekt1a Find more work from John: https://Mises.org/Rekt1b Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 01:32 History of Public Education 03:29 Philosophy and Pedagogy 06:53 'Precision Education' Theory 10:57 Collectivism: Becoming a Global Citizen 12:58 Stakeholder Capitalism 23:28 China is the Goal 25:30 ESG: More than State Coercion 35:42 Technology, Social Credit Score, and Education 43:48 What Recourse do Citizens Have Against Public Schooling? 51:06 Fighting Globalism

As we noted in the previous episode, fossil fuels sparked an energy revolution that forever changed our concept of comfort. Powerful individuals around the globe are advocating for a radical change in our energy consumption, and they claim that what are branded as “green” or “renewable” energy sources can replace fossil fuels. But these so-called alternative energy sources really are not alternatives at all. Let’s recall the four characteristics of cost-effective energy: affordability, reliability, versatility, and scalability. Consider two of the most popular “green” energy sources: solar and wind power. Solar and wind make up a large part of almost every prominent alternative energy program and have been heavily subsidized by government spending. Solar and wind proponents proclaim that these energy sources have a lower environmental impact than fossil fuels, have enjoyed increased popularity in recent decades, and have become cheaper over time. This overlooks some important details. Looking at the places where solar and wind are most popular, we see an interesting pattern: the cost of energy tends to be much higher. Why? One reason is that while harnessing sun radiation or strong wind may seem like a low-impact form of energy creation, the machines needed to harness this energy—like solar panels and windmills—are resource intensive. In fact, using solar and wind equipment to generate a given amount of energy requires ten times more mined materials than using fossil fuels. When these machines break down, their disposal creates yet another environmental burden. Another problem is energy dilution, which is the efficiency that is lost when energy is transported over distance or time. Larger commercial solar and wind farms tend to be far away from neighborhoods and other population centers, so extensive infrastructure is required to transmit the energy to people’s homes and businesses, and a lot of energy is lost in transit. On the other hand, home solar panels require large batteries to store energy for periods of low sunlight. Over time, these batteries’ ability to hold a charge diminishes. The concerns about reliability don’t end there. While battery technology may allow a household to prepare for recurring low-sun periods, extreme weather has proven to be deadly for power grids that rely more on wind and solar. For example, a powerful ice storm can freeze windmills, halting energy generation at a time when heat is desperately needed. The 2021 winter storms in Texas saw people freeze to death in their homes because of the catastrophic failure of a power grid due to reliance on wind energy. Even the European Greens’ ambitious plans to close coal power plants have stalled in the face of the reality that even heavy subsidization of green energy cannot replace traditional power sources. While solar and wind can serve as supplemental energy sources, they are nowhere near close to being a serious alternative to fossil fuels, and it is unlikely they will ever be able to replace traditional energy sources. This inconvenient truth has not stopped politicians, celebrities, activists, and other global leaders from advocating for banning fossil fuels. ______________________________________ Want to learn more? For more animated content, check out Economics for Beginners at https://BeginEconomics.org.

University of Rochester economist Steve Landsburg joins Bob to discuss the abysmal performance of ChatGPT on his undergraduate exam. They also discuss the importance of market prices in guiding behavior and the unexpected problems with the government handing out "free" goodies. Bob's article "Superman Needs an Agent:" https://Mises.org/HAP400a Steven's Book The Armchair Economist: https://Mises.org/HAP400b More Economic brainteasers: https://Mises.org/HAP400c Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 00:26 ChatGPT taking an Economics Exam 03:51 Economics Exam Questions 08:36 Logic and Distribution of Goods 17:21 Fear and Misunderstanding Surrounding Prices 22:12 Economic Brain-Teasers 26:41 Shocking People into Thinking Differently 28:42 Social Costs and Benefits of Having Children 46:50 More Economic Brain-Teasers

If we start with an appreciation of the role energy abundance has played in improving the material existence of humankind, we can consider why fossil fuels played this historic role in our energy consumption and what we should keep in mind when looking for alternatives. Human energy use did not begin with industrialization. Fire is an obvious source of energy, used from the earliest days of man. Our own bodies, burning calories as we breathe, are an example of energy consumption. Wind and animals were used for transportation. What made fossil fuels revolutionary is their cost-effectiveness. In his book *Fossil Future*, Alex Epstein simplified the issue of cost-effectiveness into four points: 1. Affordability: How much does energy use cost relative to how much money people have? 2. Reliability: Can it be produced “on demand,” in as large a quantity as needed? 3. Versatility: Can it power many kinds of machines? Scalability: How many people can it power, and in how many places? 4. By these measures, fossil fuels continue to stand alone. Let’s take gasoline as an example. While prices can fluctuate, such as when gas production is impacted by international crises, gasoline remains affordable enough that both the elite and the working class use it every day. Gasoline is plentiful. In fact, thanks to new surveys made possible by technological advancements, there are more known crude oil reserves in America today than there were in 1977. Gasoline is also reliable in that it will dependably power machinery as long as the engine is functional. It is versatile that in it can power everything from airplanes to lawn equipment. And gasoline is scalable in that once sealed in a drum or vessel, it can be shipped anywhere in the world and can sit in storage indefinitely without losing its potency. Natural gas and coal also have these qualities, which explains why countries like China are increasing their investment in these very fuels even while Western leaders make expensive commitments to move away from them. In fact, it is the reluctance of North America, Europe, and other economies to do the same that is creating the real fossil fuel crisis: a future of declining reliable energy sources. While global turmoil between Russia and the West has forced European countries to consider the realities of energy scarcity, less developed parts of the world have not yet enjoyed the societal benefits of energy abundance, even in peace. In parts of Africa, for example, energy rationing limits access to life-saving medical equipment. In other areas, unreliable energy sources severely limit industrial capacity. While America has the natural resources to significantly increase fossil fuel production, energy companies are unwilling to invest in expensive new refineries that will not be profitable for many years. By pushing energy policy away from promoting production and toward other aims—such as alleged environmentalism—North America and Europe are making reliable energy resources more scarce at the expense of their citizens and the rest of the world. Ironically, those that pay the most lip service to “environmental justice” are promoting policies that directly result in the suffering of the most economically vulnerable in the world. But do green activists’ preferred alternatives have fossil fuels’ useful qualities? Can humanity rely on them? That is the topic of our next video. ______________________________________ Want to learn more? For more animated content, check out Economics for Beginners at https://BeginEconomics.org.