Regulatory capture is an insidious way that the state--at best!--chooses winners and losers, and if Gary North is right, there is a direct link from regulation to socialization or nationalization of industry and commerce. In this video, I take a quick look at the concept of regulatory capture, talk about a few articles on the topic, and make some recommendations for how consumers and business owners should deal with regulation. I encourage you to take a deeper dive if you're interested. The four articles I discuss are: The Drive for Regulatory Harmonization, by Robert Higgs https://mises.org/library/drive-regulatory-harmonization The Theory of Economic Regulation, by George J. Stigler https://www.biknotes.com/_files/ugd/b8b6dc_5882e87bc9bb47aca3d2cc3f08b96413.pdf#page=406 Preventing Regulatory Capture, by Mark Calabria https://www.promarket.org/2016/07/17/preventing-regulatory-capture/ and The Snare of Government Subsidies, by Gary North https://mises.org/library/snare-government-subsidies

In what kind of video do I get to call Bob Murphy and Jeff Herbener "The New Kids on the Block?" This kind. It's time for an in-depth discussion on MMT--its good points and its shortcomings. Douglas, the MMT Macro Trader recently published a video in which he claims to debunk Austrian Business Cycle Theory (ABCT) and explain the MMT perspective. However, he has some fundamental misunderstandings about ABCT and what would be necessary to debunk it that call for some discussion. Douglas's video is fairly good and appears to be in good faith, but he gets a few things wrong, and I explain where the MMT perspective is missing out and detail several shortcomings of the MMT perspective, and what we can learn from the Austrian approach that will help us not just understand economics, but understand what we don't know and can't know in economics. ------------------------------ Reference Links ------------------------------ Douglas's video: https://youtu.be/NKOo-v1Vp5Q Campbell Harvey on Yield Curve Inversions: https://people.duke.edu/~charvey/Term_structure/Harvey.pdf Bob Murphy on Yield Curve Inversions: https://mises.org/wire/inverted-yield-curve-and-recession My MMT-and-Bailey Fallacy article: https://mises.org/wire/mmt-and-bailey-fallacy Master Builder example: https://mises.org/library/malinvestment-not-overinvestment-causes-booms Per Bylund responds to Wray: https://qjae.scholasticahq.com/article/77380-is-it-money-because-it-is-redeemed-in-tax-payments-a-response-to-kelton-and-wray Wray's 2016 paper: http://wer.worldeconomicsassociation.org/files/WEA-WER-7-Wray.pdf Mises on Originary Interest: https://mises.org/library/human-action-0/html/pp/806 Chapter 2, Section 5 of Man, Economy, and State: https://mises.org/library/man-economy-and-state-power-and-market/html/p/947 ContraKrugman, episode 92: https://contrakrugman.com/92/ 0:00 Opening 1:49 Part One: Basic Ideas 14:42 Part Two: The Austrian Business Cycle 29:19 Part Three: The MMT Business Cycle 45:48 Part Four: Correlations and the Yield Curve 51:25 Part Five: Evaluating More Arguments 1:21:58 Part Six: Conclusion