Thoughts from Maharrey Head #63: Basic Economics – Why Centralization Never Works

“10 Minutes Closer to Freedom”


Ignorance of economics leads millions of Americans to embrace bad political policy. In this episode of Thoughts from Maharrey Head, I outline a few crucial basic economic principles you need to grasp so you don’t fall into politicians’ traps.

Minimum wage laws, anti-price gouging laws, regulations and “free” healthcare¬† – Americans clamor for these kinds of interventions into the economy because on the surface they seem beneficial. They will help people. But this kind of central planning and intervention always come with a dark side that politicians ignore. While we focus joyfully on the wonderful results, these policies wreak havoc on the economy. They are like slow acting poison. Few notice its effect until it’s too late, and even when the sickness becomes clear, the interventionists blame everything except the poison they administered.

In this episode of Thoughts from Maharrey Head, I cover a few basic economic principles with the help of Frederic Bastiat and F.A. Hayek. These principles will help you avoid crappy policies.

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SHOW NOTES AND LINKS

That Which is Seen, and That Which is Not Seen – Frederic Bastiat

The Use of Knowledge in Society – F.A. Hayek

Anti “Price-Gouging” Laws Aren’t Helpful

Elitist Arrogance on Minimum Wage Hurts Minorities – Walter Williams

Economics in One Lesson – Henry Hazlitt – the best introduction to basic economic thinking out there. It’s relatively short and you can download a PDF version free at the link.

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