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Prof. Steve Horwitz: Does Government Create Jobs?

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Many people have been talking about job creation lately, especially politicians. But is government the best creator of jobs? And is job creation the best thing for the economy? Professor Steve Horwitz explains that there is a difference between creating jobs and creating wealth. Creating jobs is relatively easy, but the most economic progress is made when jobs are eliminated because they become unnecessary. This does lead to some unemployment, but the alternatives are worse. To prevent transitional unemployment would also halt innovation, growth, and the reduction of poverty. So what is the best way to create valuable, meaningful jobs? Professor Horwitz says, "The best job-creation program in human history is the free market and the entrepreneurship it generates."

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27 авг 2024

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Комментарии : 644

@Chiszle 11 лет назад

Holy crap I was saying this stuff when I was 11 and my parents got hella annoyed.

@leebrondum2643 10 лет назад

steve jobs even has word jobs in his name

@aliadeeb4011 10 лет назад

and now he's dead. Obama kills jobs, period.

@leebrondum2643 10 лет назад

Ali Adeeb so true

@fjoo 10 лет назад

Ali Adeeb And immigration creates jobs. :p

@garymorrison4139 10 лет назад

Yes we get that already but did you notice that jobs is another word for someone else's profits? Job means you work while someone who does not profits from your servitude. Ownership is a means of social control that we are bound to serve, not free to serve but bound to serve.

@aliadeeb4011 10 лет назад

I think we are free to serve rather than bound. No one forces you to have a job. People who work own things too and Steve Jobs as well as many people who head a large company work very long and hard I'm told. There are exceptions.

@Mr.Mister420 3 года назад

Free market entrepreneurship is the best Job Creator not Govt.

@alexfralin5438 10 лет назад

People create jobs, not government

@WilhelmDrake 10 лет назад

Alex Fralin - "People create jobs, not government" Not if those jobs pay Government Money (USD, CAD, AUD, etc). National Currency is a monopoly. Taxes denominated in National Currency function to create unemployment. When a monopolist restricts supply you get excess capacity, inotherwords, you get unemployment. Unemployment is therefore evidence that the government has not spent enough to cover the tax bill and the desire to save.

@PeterSramka Год назад

The last time I checked the government was made up of people. Your comment is nonsensical.

@shmufle 11 лет назад

"just give them spoons" holy shit lol superconvinced

@zachboi13 11 лет назад

I fucking love this channel. It presents superior forms of arguments that I have been offering to people in half the time! Thank you Learn Liberty, you are amazing.

@nwstraith 11 лет назад

As a computer programmer, I am routinely writing software that puts unskilled labor out of work. If that process continues, I imagine eventually robots and AI will advance enough that there will be very little need for unskilled labor of any kind. How will the free market handle that scenario? Will everyone need to go to college or get a PhD?

@berntengdahl1519 2 года назад

Free markets wont handle that scenario because people will demand regulation. So we will never know. What will happen is that working hours will go down. If we cut your working hours in half, two workers will be needed to write the code that you write on your own today, so one new job has been created. The second thing that will happen is that mandatory education will become longer and longer and eventually most adults will have skills equivalent to what a PhD graduate has today. Shorter working hours and longer mandatory education are trends that have been progressing for generations, mainly because people demand them to be legislated. These trends will continue.

@calculon000 11 лет назад

The thing about these videos is, they start with some economic dynamic that makes sense, and then they lose me when the inevitable "Therefor, the government can't possibly help." part comes.

@elbowstrike 11 лет назад

When the economy sits idle for years on end there is real human suffering taking place. When the market fails to provide, it is necessary for governments to step in and fill the gaps. Unfortunately, Western governments seem to have forgotten how to do this effectively in the post-1970's era.

@Partyffs 9 лет назад

Flawed reasoning. If we elimitated the fast food workers by making the grills and delivery systems automated that wouldn't create more jobs somewhere else. We can today automate 76% of all jobs, meaning 76% of all jobs are pointless for humans to do, where do you want all these people to go?

@megag52 9 лет назад

Mystogan Edolas 1: fast food would be cheaper due to increased economic efficiency. people being more able to afford food is a good enough think on it own. 2: there would be more jobs in creating, designing, building and servicing these machines.

@Partyffs 9 лет назад

Sam Dawkins 1: To bad people don't have jobs anymore, so no matter how cheap it gets they still can't buy it. 2: That fuck!? There are 3 billion people working today, if we automated everything we could, then by your "rational" we would have 2.28 billion people creating, designing,building and servicing machines. Btw only the servicing part can't be fully automated yet, so we would have 2.28 billion people working maitinance, and you don't see any problem with that?

@megag52 9 лет назад

Mystogan Edolas im only talking about fast food jobs or similar type jobs 1: yes the people now unemployed will find it hard to buy a burger even if food is cheaper but most of society will find it easier to buy food is on the whole society is better of 2: 3 billion people dont work in fast food, so we are on diff wave lengths on this one in regards to the ideas that the rise of AI will significantly reduce the need for human skills/labour on a scale never imagined possible until recently, i do agree this may be a very very big deal in the future. you may see jobs like nurses, police and lawyers actually over taken by computers one day. all that can be said is we really cant stop it. you cant hold back the tide. just like its impossible to imagine the tractor, or airplane, or electricity being made illegal to increase job opps, so to is it going to be impossible for these advancements from being prevented. even if in Australia it was illegal to have a computer of certain ability used in a work place, its still going to happen elsewhere, and those that refuse to use the advanced technology will just be unable to complete economically. like i said we cant hold back the tide

@mikeblain9973 9 лет назад

+Mystogan Edolas The reasoning works if you look at the bigger picture, rather than just at securing one particular type of job. Think back to 1972 with the first desktop PC, people were afraid that computers would eliminate most "office jobs". But we know the computer industry has become a huge employer worldwide.

@MagicSteel1 9 лет назад

+Mystogan Edolas IDC. They need to get better skilled or/and find work at cheaper wage - an option which is disabled under minimum wage law. Taxpayers are not obligated to give them jobs they don't even need, and certainly businesses are not obligated to give them jobs at their cost. Now, finding "Where" is exactly what market is there for. It's not an answer you or some government agency finds for other people. It's something they gotta find out themselves on market. It's called entrepreneurship. And yep, again, you need to get rid of government regulations to allow people to try all sorts of new businesses. Where would people find funding to try new businesses? Making loans from bank using the money saved by not having these wasteful jobs in the first place. This is really where loans should be made - making capital investments - instead of subsidizing worthless college degree or wasteful SUV sails.

@AlexLopez-nj2sj 11 лет назад

A lot of people started saying it, some people think it originated in Alberta,Canada when a politician was wondering why people were against using machines in the mines.

@ShamanMcLamie 11 лет назад

Great point. Joseph de Maistre once said "Every nation gets the government it deserves." What is more important than educating the asses in Washington D.C. is educating the people, for they are the ones responsible for deciding which asses go to Washington D.C.

@wbiro 8 лет назад

The government has a LOT of money, so they do have the potential to create jobs - if not directly, then via research and development. The Main Problem A lack of an overall life-guiding philosophy, which would have the needed implications on not only government forms (and business, science, education, individual attitudes, and international relations), but on government policies and funding.

@EricVinton 8 лет назад

The government does not have any money of its own. It is our money.

@bob-thebuilder2898 2 года назад

Bullshit

@Wyattinmnk 11 лет назад

It's the principle. The goal is not to give everyone a job. Jobs are a means to an end, and the end is the enjoyment of what we have produced with our labor. The only way we can enjoy anything is by actually producing things that we can enjoy.

@CarbonicHolyPally 11 лет назад

Vulcan motto: The good of the few is rulled by the good of the many. Rules are needed to set boundaries for good and evil.

@mdak06 11 лет назад

Too many folks are afraid of change and want everything to stay exactly how it is once they are at a comfortable point in their lives ... and the world doesn't (and shouldn't) work that way.

@FrankTurk 11 лет назад

For example: the Fort Peck Dam was installed to generate 1.052 GW annually. It will have to run 1,000 years to run 1 TW or electricity.

@shinokiba 11 лет назад

Well said. Old jobs disappear, new ones reappear. This is progress and good for our species.

@splashstrike 8 лет назад

Governments can create useful Jobs. The free market is poor at doing research with no obvious benefit. Steve Jobs and Bill Gates are very good example, they owe a huge amount of their wealth to Government jobs. A half century of science in public universities on quantum physics, computing theory, semi-conductors, programming languages etc. made what they did possible. Nearly all the technology of WW2 : Jet engines, radar, rockets, computers, atomic power were researched with huge government spending.

@marlonmoncrieffe0728 7 лет назад

splashstrike Then simply abolish many government regulations and restrictions and invest money into NASA.

@georgecataloni4720 11 лет назад

I like how this video was aimed at how government doesn't create jobs, but what about those who advocate a jobless society like The Venus Project?

@eugenepatrickdevany3004 11 лет назад

The government: imposes payroll taxes of 15.3% to help create jobs overseas, gives $50 billion a year in tax deductions to encourage wealthy people to take their investments in private job creating business and give it to nonprofits, gives companies like McDonalds several thousand dollars for each veterans they employ - but this means that a non-veteran is out of work longer and the government encourages people to retire later but this means that there are fewer jobs for younger workers.

@ENoob 11 лет назад

just because people dont view their bank as a risk doesn't mean it isn't. They need your money to invest and all investments carry an element of risk that the loan will not be repaid. this applies to any loan, such as when you loan your money to the bank, that is why they pay interest on savings after all. I'm not talking about fraud protection, I'm talking about spreading your risks, that is definitely something that you can protect yourself against.

@martindj88 11 лет назад

Premises: 1) Copyright was introduced by the government. 2) Copyright is enforced by the government. 3) Copyright provides monopoly on the copyrighted material to the author. Conclusion: Copyright is a monopoly created by the government. Please tell me where the error in my reasoning is. Thanks.

@puellanivis 11 лет назад

Except before 1934, the FDIC didn't insure investor's accounts, which mean when the bank went belly up, you lost your money. NO ONE EVER SEEMS TO REMEMBER THAT YOU LOST YOUR MONEY IF YOUR BANK FAILED...

@ShamanMcLamie 11 лет назад

The resource base economy isn't dependent on a homogeneous world culture, it's more dependent on the idea that technology would become so advanced and productive that everyones needs would be provided and need, want, and conflict would become a thing of the past.

@chriswroads 11 лет назад

I think efficiency would be a better word to use than value.

@rawrified101 11 лет назад

I'm happy to hear that. I took a sec to read the only article I was able to find that lined up with the evidence you had indicated for Roosevelt's failure. My estimation of the article is that it is two graduate students trying to use pure theory to make a point about keynesianism. It is very difficult for me to support that assertion as the article did not provide any of the theory they used to reach their conclusions about what would have happened without intervention.

@k3misiatko 11 лет назад

the problem is that nowadays the speed that automation is replacing human work is going equipotential, and there is no time for human workers to adapt.. to obtain new skills

@CarbonicHolyPally 11 лет назад

That is the Catch 22 here as a person can control the Corporation and can act like a person but not be sued as a person. All the Benefits of personhood but not any liabilities of going to jail.

@hurlydaddy 11 лет назад

I really don't have any more to say as I agree completely with your take on it. Difficult decisions by people not competent to make them(regardless of party affiliation).

@lordnate2000 11 лет назад

Unemployment in the long term, could only be caused by government regulations. The only way an increase in production would not be desired, is if the desires of all were completely fulfilled, which is unrealistic.

@EasternAnime 11 лет назад

The fact of the matter is taking the most technologically advanced and ,for lack of a better term, easier path of doing a certain job or employing particular workers for the most efficient and monetarily productive business. I.e. outsourcing jobs to China and other developing countries to max out profits. As opposed to keeping jobs in a place like the u.s where people expect to be paid well for what they do and not settle for just enough to get by and horrible working conditions.

@Deadwind002 11 лет назад

Right, there hasn't ever been a true free market however the most free market that existed in the US previously was responsible for huge growth and poverty reduction. Individuals create jobs through cooperative and voluntary action with wealth that they created in a free market. If I make a machine that allows me to hire less individuals, I can lower my prices and other individuals can save money, freeing up wealth to create other jobs. This has been the process for over a hundred years.

@anacap007 11 лет назад

There is something. The debate needs to shift from an economic one to a moral one. People can debate endlessly on the effects of economic policies but what people tend to overlook regarding government policies is immoral use of force behind it. Shift the argument to that and now you're getting somewhere. People will either have to embrace 'the ends justify the means' position or admit morality must be abandoned for the sake of practicality.

@ShamanMcLamie 11 лет назад

"to say that it was completely unprovoked flies in the face of reality just as it does with 9/11 also an inexcusable yet not entirely unprovoked attack upon U.S soil." Very well said.

@KeitelStevele 11 лет назад

This is one of the best videos I've seen on your channel in a while.

@pbfrank13 11 лет назад

Roads were already established, children didn't need to work on family farms which was undocumented child labor as production labor worth increased through innovation. Roads existed before the interstate system, private road and rail that actually served customers and made a profit where as we have Amtrak and the failures of Union and Central Pacific. FDR screwed insurance and healthcare in this country with his price/wage controls and the subsequent circumvention of nontaxable health benefits.

@pilgrimlost 11 лет назад

So, thousands of workers benefit from hard labor rather than hundreds doing a skilled industrial job? Don't kid yourself - those laborers still come with their upper-management and a consulting company that 'deals' in laborers. Wouldn't those workers be better off doing something else than hard labor? That's the ultimate point. If the government spends too much effort 'trying to help people' there isn't real advancement, but instead people are stuck doing undesirable jobs.

@puellanivis 11 лет назад

"intentionally" has to be their intended choice of actions. Rather, "unintentionally caused" or contributed to is a better word. They didn't respond fast enough, and when the Great Depression hit, they shrank the money supply wrongly thinking that was the right thing to do.

@SuperGregoryRoss 11 лет назад

I can't find that. I found that a William Aberhart said it in 1935 in a Canadian newspaper. The time is right for Mises to have said it, but I can't find it anywhere on MisesDOTorg as a quote. If you find it, let me know!

@bradmotoko 10 лет назад

Then government can do everything possible to push technological innovation and create an safe environment for entrepreneurs, while investing in human capital to equip workers with the skills needed to succeed in the new jobs. Government is not inherently a bad institution and shouldn't be left out of the equation.

@Karenronwood 11 лет назад

At the end of the nineteenth century, and the beginning of the twentieth century, it was widely argued that the government should more fully control money and the issue of money, supposedly because fluctuations in the volume of money caused economic instability, booms and busts, though arguably it was more a matter of debtors demanding government intervention to ensure inflation, and creditors demanding government intervention to ensure deflation.

@RoyCyberPunk 11 лет назад

Yeah what's up with RU-vid lately, when one tries to post it gives you an error.

@elzoog 11 лет назад

One gripe I have with this video is that human labor is in fact, not scarce (like he says at around 1:30 or so). To prove this, have him advertise that he will pay $10 for someone to take out his garbage and see how many offers he gets. Or let's look at education. For any teaching position, you will get about 5 qualified applicants for that position. I would further say that the reason you now need a college degree to work at McDonalds is that you need it to be competitive.

@AndreasFtten 11 лет назад

This is yesterdays news: Based on the impression that the economy can grow unlimited, that all labour can be done more efficently, that all people can readjust and adapt their skills when needed. Transformation is inevitably. But politics is to balance the need for technical development AND the needs of people, to smooth transformation processes. This kind of one-eyed liberalism will probably only favor the ones that benefit on technological revolutions, not the rest.

@puellanivis 11 лет назад

Yes, they did increase the money supply prior. They mistakenly did not think that the market was over-speculating, and so lent out more money because people wanted more money... but too much of it were debt, so when they tried to correct the problem by taking all the extra money out of the economy, they helped make the situation first. And bad banks DID fail in the Great Depression, and GOOD BANKS, TOO! But guess what? Since this was prior to the FDIC, PEOPLE LOST ALL THEIR SAVINGS.

@CarbonicHolyPally 11 лет назад

Until 1871 and all during the Civil war Corporations were a temporary entity licensed by the US Government. Say 3 companies wanted to make cannon for the Union, well Iron, Smelting and wagon companies formed a Corporation. After the contract they were disbanded. This was the way it was in the USA from founding the USA till the end of the Civil War.

@DavidHudman 9 лет назад

If I wanted to find more music like what's in the background of this video, what should I search for?

@kevzilla2336 11 лет назад

because you turned on transcribed captions which are horribly inaccurate. Click the CC button on the bottom of any RU-vid video to turn it off.

@hurlydaddy 11 лет назад

The original comment was by TheGhettoFineLaxer not me but I will answer your questions. #1 Their is ample evidence that FDR prolonged the Depression("FDR'S Policies Prolonged Depression By 7 Years, UCLA Economists Calculate" by Meg Sullivan Aug 10,2004). #2 All lives are valuable and if we choose not to intervene it is not because we value others lives less. It is because intervention would worsen loss of lives of all involved. #3 We can not know the outcome with non-intervention.

@vadimu.2027 4 года назад

I DEMAND MORE SUCH VIDEOS !

@ManintheArmor 11 лет назад

It's not that I am opposed to technological progress. I think all these wonderous inventions and innovations are great. The last thing I'd want to do is go back to days of menial labor. I've considered the idea of a moneyless economy, as advertised by Jacque Fresco, but I have doubts about that ever occuring within this lifetime. How does a jobless person find a job to afford a higher education/credentials, in order to get a job? What can they do now?

@greevar 11 лет назад

Incorrect. The cellular network was built with government subsidies and tax breaks. The communications industry was given 200 billion dollars to upgrade our internet infrastructure and instead they put it into rolling out wireless and long distance services.

@Tivvv3 9 лет назад

Yup, automation, entrepreneurship, research, creativity are the things needed for the future, to succeed on the free market, the best place to find what's working and what's not, for more productivity. High Risk - High Reward needs to be the model for everyone, but to accomplish that, we're probably going to need an Unconditional Basic Income.

@shlockofgod 11 лет назад

You have to remember that much of that patent trolling was defensive. The state has created a system were people can patent an idea (even if they do nothing with it) and sue anyone who uses it. So companies have to patent as many things as possible to avoid being sued. I think Apple have patented devices with round corners just in case. Whenever there's government force involved, things get screwy.

@josephferano 11 лет назад

a.) You cannot control someone's body/actions b.) Sometimes people act or use their bodies in an immoral way Therefore = You cannot control when someone uses their body in an immoral way That's a simple syllogism for the logic part. The person who creates a gun for the moral right of personal defense is not responsible for the death of a person when it was used by someone in an immoral way. However, if you coercively force someone to do something immoral, then you are responsible.

@AlternativaRed 11 лет назад

All of those words are wrong. The one who prolongued the depression was Herbert Hoover, not Roosevelt.

@johnnymassie 11 лет назад

This video misses another point. When the Chinese prefer to use human labor over expensive machinery, they have decided that the project overhead should be split among several hundred or thousands of workers instead of going on to the balance sheets of heavy equipment manufacturers. This whole scenario is not based on the idea of doing things the hard way. Rather it is based on the idea that project overhead can be split in such a way as to benefit as many members of society as possible.

@kev3d 11 лет назад

If you steal software that was meant to be sold, the software's owner is out a sale. It isn't the product itself that is scarce, instead it is the time, money and energy spent on creating the works we call Intellectual Property that is in short supply. And morally, since someone else put the effort into buying or creating a work, it is only fair that those who want it compensate the creator as they request.

@vipero00 11 лет назад

"and market signals can indicate to the people what sorts of skills they should be investing in and where the new jobs in the future will be." Now if we can just get the people to listen. We have enough government and regulation majors.

@gergenheimer 11 лет назад

I think you misunderstood my point - by no means am I suggesting that a monetary system needs government sanction to function. On the contrary, governments have caused untold problems by their interference in monetary matters over the centuries. When I say "monetary system", I simply mean some form of standard that is agreed-upon organically in the marketplace, which traditionally took the form of precious metals denominated by weight.

@puellanivis 11 лет назад

"The Federal Reserve allowed some large public bank failures, particularly that of the New York Bank of the United States, which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed." So... actually, no. If anything, the Federal Reserve was responsible for shrinking the economy (even under Austrian interpretations), which caused enormous bank failures. The Fed gave too much money before, and not enough after, causing the Great Depression"

@ShamanMcLamie 11 лет назад

Because the automation makes the goods cheaper and frees up labor that means people have excess income to spend on goods/services previously not available. Increasing demand for those goods/increasing and the need for labor. Thus providing jobs for those who lost their jobs to the new technology.

@Slipknotyk06 11 лет назад

Mathematics is an a priori science full of axioms. In order for 1+1=2 to be understood, you must know what 1, 2, +, and = symbolize. Assembling these in the order that they make a self-evident statement "1+1=2", you have created an a priori axiom. Identity is another a priori concept, and one that science cannot exist without. Without mathematics, the other sciences cannot exist without exceeding epistemological bounds.

@ENoob 11 лет назад

Actually you didn't "lose your money" you lost some of it. When the bank of america collapsed at the start of the bank run before the great depression people actually got over 95% of their deposits back, but the money was tied up until the liquidators could discharge the banks debts.

@edwinwhite1366 11 лет назад

Good thing we aren't Vulcan. Used to be I'd agree but I keep finding too many cases of government employees abusing this ideology to cause harm to individuals and their property.

@Dgfrmxon 11 лет назад

The problem with "labor transitions" is that we don't know what we're transitioning to. No really, I don't know and you don't know. The people who know the least are the people in knowledge industries. Name a booming tech area, and it'll take all of a few minutes to find someone online who can't get a job in it. The stable jobs are the ones with a periodic work cycle - the exact opposite of where the tech trends. The economic instabilities are growing overwhelming.

@MeMyselfAndWhoKnowz 11 лет назад

This video, through showing only a supply side of economics, leaves out the possibility of creating value through increasing demand, or by using hording to manipulate the supply/demand ration in either direction. For example, say one person or group of people controlled a large percentage of the total amount of a single commodity (such as diamonds, platinum, land or intellectual property or copyrights). They could manipulate its relative value with insider info, manipulate a market, speculate.

@synapse131 11 лет назад

How did you make your wealth? Did you have employees educated in the public education system? Did your business use roads to get good to market? There are a myriad of ways that our govt and society probably contributed greatly to your ability to generate wealth. So, yes, you do owe our society something and taxes are what make these things that help your business be possible. To use a popular turn of phrase, "you didn't build that [alone.]"

@johnnymassie 11 лет назад

My question is with the overall perspective. It supposes that the best possible outcome for such endeavors is the "creation of wealth". This is not always true. Take for example, the ideology behind higher education. One side says that a college degree is a good investment because it leads directly to more wealth for the individual workers. The other side would say that education has intrinsic value which can lead to the betterment of society. Who is right? Both in context.

@garrywarne1 11 лет назад

Peter Singer, Derek Parfit, Shelly Kagan, James Rachels, and many more.

@ProfessorWag 11 лет назад

It sounds like this has less to do with "government jobs" and more to do with efficiency. If government invests in infrastructure, but does so with the intention of "infrastructure" then we get greater wealth. If, however, as in the case in China, the government is simply trying to put as many people on the payroll as possible, it slows the creation of wealth. Therefore, it isn't government, in and of itself, that is stifling, but inefficiency for fear of structural unemployment.

@rawrified101 11 лет назад

I intentionally did not state a position in my comment because the purpose of it was to try and further understand your position to better inform myself before taking an aggressive position on a topic that I am by no means an expert on. If you'd care to answer my questions I would be happy to then do my best to present my position.

@iwanfishz9 11 лет назад

Money does not drives people to work. Ask yourself when you were a kid or now , what kind of job you want to do for free , to help your community and others? Is sitting in a office , filing and handling thousand of files fun?The monetary system is the main source of poverty , wars , murder. People in Africa are starving not because they have no food , but it is because they can't afford it , like the great depression.It time to take on a new system that removes all of these unessities.

@zantrua 11 лет назад

Because there will need to be people making the robots, programming them, or coming up with new jobs for them. There are always new jobs being created that we can't even imagine right now, because no one has invented them yet.

@kkounal974 3 года назад

This seems very oversimplified. And it didn't answer the question either. I don't want bill to magically create jobs, i want to understand what creates jobs, especially meaningful ones, that is to say productive but also healthy mentally and physically for the workers. This has been a waste of time in that department.

@tonistaak 3 года назад

Goods and services. You make a good or service and try to sell it to people, if people buy it, a job is created. If you want to create more jobs you provide people with large quantities of goods or services which they demand.

@BigCountryEO75 11 лет назад

Got to love that Learn Liberty with their talking about real fiscal solutions and important social issues. Finally some people are willing to talk about princaples and ethics over politics.

@pbfrank13 11 лет назад

There is malinvestment in the private sector and markets correct for that, and typically much sooner than when he fed gets involved. Heard of the depression in 1920-21? it didn't last very long, the fed didn't articially create money and credit which allowed prices to readjust to real values. But low and behold the roaring 20s were fueled by expansionist Fed policy. The difference is private individuals will win or lose, when government bails out failures, the taxpayer is screwed

@SilentHollow69 11 лет назад

I know what a free market is, but someone can't just say a free market will create jobs without explaining why. He even said "The best job-creation program in human history is the free market and the entrepreneurship it generates." but there has never been a free market in history. I'm not against a free market per se, but I've never heard or read a convincing argument for it, it's usually something along the lines of government regulation is bad and that's it.

@nubemuffin 11 лет назад

Friedman said if creating jobs is your goal then you can create MORE jobs by making the people dig with spoons. The obvious goal of any person should be to work as efficiently as possible. That way he produces the most amount of goods and services that he can. More goods and services produced in a society = higher standard of living for that society When a society wastes labor resources by making people dig with shovels instead of machines they are wasting potential labor resources.

@hollygibtson1111 10 лет назад

Yes of course, when government demands that more roads and bridges get created, more jobs will be made. When public schools and hospitals get created, jobs also get created.

@trygvb 11 лет назад

The state creates employment by taxing employers that would have used that money to expand and hire new workers in a more efficient manner dictated by market forces

@anacap007 11 лет назад

I obviously jumped through some hurdles that weren't so obvious. If you opposed the minimum wage law because it uses force, then a supporter of such law would have to either acknowledge that while the initiation of force is immoral but necessary to achieve an end (the ends justify the means).

@garrywarne1 11 лет назад

Actually, many of the world's most learned and important ethicists would dispute that statement - the harm principle is quite unpopular among philosophers these days.

@pbfrank13 11 лет назад

I'd agree but that requires even more understanding of history than most are no willing to learn. American Letter Company really got me into reading his works. A true anarchist, calling the state out on its theft and thievery,

@Axelisten 11 лет назад

This is spot on.

@nubemuffin 11 лет назад

The entire point went right over your head.

@Thesterness 11 лет назад

Well said. One farmer driving a tractor may do better work than ten farmers with plows, but what do you do with those nine other farmers who are suddenly jobless? In a humane system, you'd give them a guaranteed basic income combined with paid job retraining to help them adjust to the new economic landscape. Unfortunately, in reality they're generally just left to the mercy of the market. People aren't just cogs to be used and discarded at will. That's the mindset of a slaveowner.

@Typho0n86 9 лет назад

0:45, this could be the solution to a lot of problems in the world!

@mik1984 11 лет назад

How did injecting liquidity through deficit spending prolong the depression when the entire cause of the depression was the collapse of 1/3 of the money supply due to bad monetary policy by FED?

@Finnbar01 11 лет назад

People have to make a living, you know, in order to survive. If people can't even provide for themselves how do you expect them to take on all those challenges you've mentioned?

@BanditRingtail23 11 лет назад

Technically, technology cannot create or destroy jobs. It just changes what kinds are available. In a sense, it's moving around the labor force, much like how a broken window being repaired moves around wealth (instead of creating it as the old argument goes). Yeah, there will always be people who fall through the cracks. We just have to figure out the balance where we have more innovation with smaller cracks. I doubt government is the answer.

@screwypuppy 11 лет назад

People have disliked this video? What's to dislike? The truth?

@onixz100 11 лет назад

Great animations! Keep up this high quality type of video!

@puellanivis 11 лет назад

"One is only taking money from some one to finance the bad choices of another." Ok, so the bad choice of the person investing their money in a savings account is in investing it in the wrong bank... Even when they have no real insight into how healthy a bank is... right... I get it, the banks fail, and that's bad on them for being idiots, but the people who invested money into that bank didn't do anything wrong or at least nothing different from someone opening a savings account in a good bank.

@Deadwind002 11 лет назад

I don't understand what you're saying exactly, if the Fed shrunk the economy, didn't it already enlarge it before? And what I mean by economy I actually mean the money supply. Also if a bad bank fails it should fail. Bad banks should not be propped up.

@againandagainau 10 лет назад

It doesn't matter. Whenever the workers go the price of production goes up. This is a lie and it is not about wealth creation but it is' about greed creation.

@NeverAloneForever 10 лет назад

What is IT? Anyway, what creates wealth and why does it matter what IT is about?

@DMAN123223 11 лет назад

Mostly about structural unemployment and doesn't focus on other unemployment types. In that sense the video really doesn't have to do with the title.

@AlexLopez-nj2sj 11 лет назад

There was a hell of a lot more depressions and recessions before the federal reserve was made.

@Tehrefi 11 лет назад

What's bad in self benefits? In voluntary exchange people would only give their money for goods/services only if they believe it's worth for them. This is the best in capitalism, not the worst.