Australian Senator David Leyonhjelm makes an impactful speech about the risks of being cavalier with other people’s money, of valuing everything and understanding nothing about the cost
THIS is a very humorous and instructive (albeit PG rated) overview of economics.
Here are the super-summary notes:
1. Microeconomics: The price of sh*t is determined by supply and demand.
2. Macroeconomics: Oh, sh*t!
3. Keynesian economics: Sh*t happens because of animal spirits.
4. Neo-keynesian economics: This sh*t is sticky.
5. Neo-classical synthesis: Sh*t happens in the short run but not in the long run.
6. Behavioural economics: This sh*t is irrational.
7. Austrian school: Sh*t happens because of the fractional reserve banking system.
8. Pareto Improvement: Taking my sh*t is okay when I don’t give a sh*t.
9. Goldman Sachs: How did we end up with all this sh*t?
10. Greg Mankiw: You can read about this sh*t in my favourite text book!