They should outsource governments jobs. Here in Canada public servants are still working from home over 2 years after start of the pandemic. Savings cost to the taxpayer would be huge if they outsourced those jobs
I totally agree when Richard mentioned minimum wage and gig work. Flexibility and choosing your own working hours and location is very valuable and a good trade off for many people. I have had many jobs in the past that left wing folks would of loved for me, but i hated it, even when i made more gross income and had benefits. I didnt have much flexibility, didnt like my compensation mix, i had to take all these fringe benefits, high W2 salary (pay 35% plus to taxs and even more to benefits i dont want) and have no bonus possible. I am alot happier now I own my own LLC and do contract work and consulting for a number of companies and friends, all 1099, pick my work type, location and the amount. I can legitimately buy most of my supploes and needs via tye LLC that are youred personally and for my business and paymyself a small salary with wayyy lower tax burden. I also do alpt pf barter with my friends who I work for and get housing, food, gas etc. My actual net purching power pr consumption ability is higher than at the corporate job, but with much greater flexibly and pay 20% of the tax. I do have a theory why these folks love these jobs especially government full time jobs with a union and pension. It maximizes the tax paid per hour worked and allows much more power of the government to do whatever they like. For example I am looking to buy a house now, I pay myself $38k year and have revenue of $325k but I purposely always invest all of the 50% margin back in to reduce tax, in addition I pay zero rent, utilities, gas, very little food, my company pays most of my credit card bill. I am looking at a $220k home and have $80k saved. The bank says absolutely no way your income is too low 😂, no I can easily pay myself 4x the salary but I dont want to you can see how low my exspenses are and I will not even actually live there I will Airbnb the house and rent the farm land and harvest the lumber. So my net income will be significantly higher after I purchase it. He said yeah I understand but mortages are all backed by Fannie and Freddy and they absolutely hate anything other tha gross W2 income. For example if I had a normal job and make $60k gross I could get the mortgage and then only if it was my primary residence 😂. Are you kidding me? Thats idiotic, my ability to pay for that would be significantly worse. But it makes sense since Fannie and Freddy where set up by the government and their main priority is not repayment ability it is housing for good follow the rule type's. My prior corporate job I made $145k gross and net was $95k that I could then ise to invest in my company, buy equipment, tools etc. Now I have about $200k after actually costs of doing business to buy the same stuff. I am in agriculture and all my friends own large farm's, on avg they pay themselves $45k a year but have net worth in the millions and live like they make household W2 of $200k. They also have a very hard time getting a mortgage and ussualy have to put most of it down cash, to get any mortgage. It is insane that people are told their best employment option is to be a full time wage employee with benefits.
"Economists have long known that worker compensation is “compressed.” Firms overpay their worst workers, and underpay their best workers. The problem is especially severe in the public sector, free of a hard budget constraint. But compression is everywhere. Compression is the fundamental reason why firms prefer abler workers. If all workers were exactly paid their personal productivity, subpar employees would be just as profitable as stars." This is from a man who's never done a day's work in his life. Who works in an industry that he admits is "pointless." Caplan is evil.
We need to Privatise and de-regulate everything to solve the economic problems. The most major problem is the lack of Christianity, and this lack leads tk social neo-socialism and economic socialism.
Bryan Caplan (along with a majority of Libertarians) thinks Christianity and all other religions are stupid. It never ceases to amaze me how religious conservatives perpetually kowtow to people who despise them.
Bryan's often insightful, but he's presenting a misinterpretation of the labour theory of value that Adam Smith addresses in the first chapter of Wealth of Nations; that labour adds value even if the final product isn't useful. It's a mistake that was corrected in literally some of the first words ever written about economics.
The fact that LTV incorporates the concept of Socially Necessary Labour Time is _not_ a point in its favour. It's just a roundabout way of conceptualizing use value, while also baking in value judgments about which goods are and aren't "socially necessary." Also a huge fudge factor. Honestly, what even _IS_ the Labour Theory of Value? Is it a moral theory of how resources ought to be divided? That's fair, but while it _does_ capture some moral intuitions that I find compelling, the juice ultimately just isn't worth the squeeze. I can say "I think people ought to be compensated for the work that they do" equally well without all this extraneous theoretical baggage. Is it a scientific theory of economics? If so, then what's the use of it? In what context does it give more correct and more parsimonious answers than standard, marginal theory of value?
Adam Smith was not in any way the first writer about economics. Value is imputed backward from the consumer. There is no value if the consumer doesn't purchase, no matter how much labor has been invested in the product. Without the consumer valuing enough to purchase, no value was created.
Is this targeted towards teens? The level of discussion here is not impressive. We’re surprised that bureaucrats speak in bureaucratese? That hierarchies are self-reinforcing? These are platitudes, antique ideas that have achieved wide acceptance. 🤦
They are glancing over Bryans entire career in under two hours. Sort of hard to get in to the nuance in that short of time. If you doubt the level of depth Bryan is capable of then check out one of his books or even essays.
@@soulfuzz368 This isn’t a career retrospective; more a like a college bs session. I’ve been reading Bryan off & on for years, although I only have his immigration book. I applaud some of his work but overall he’s emblematic of what I consider to be the colossal failure of libertarianism to have any meaningful impact outside of reinforcing the worst tendencies of the right. His crude moralizing, for example, could only appeal to the homo economicus-embracing amoral right.
@@the_furthest_reaches "His crude moralizing, for example, could only appeal to the homo economicus-embracing amoral right." You're right, that is one possible reason why someone might want to talk about how the decisions that poor people make contribute to their own poverty. Can you think of another possible reason? For instance, the _super-frickin'-obvious one,_ that any normal person up until just a few short generations ago would have seen _immediately?_
Very good discussion..
These are great. More!
Awesome. Thanks for doing this.
This is better than the Joe Rogan Experience. I love it.
They should outsource governments jobs. Here in Canada public servants are still working from home over 2 years after start of the pandemic. Savings cost to the taxpayer would be huge if they outsourced those jobs
Richard at 1:03.50 expresses the true view. Aesthetics rules the world in math, engineering, assortative mating, really just countless fields.
I totally agree when Richard mentioned minimum wage and gig work. Flexibility and choosing your own working hours and location is very valuable and a good trade off for many people. I have had many jobs in the past that left wing folks would of loved for me, but i hated it, even when i made more gross income and had benefits. I didnt have much flexibility, didnt like my compensation mix, i had to take all these fringe benefits, high W2 salary (pay 35% plus to taxs and even more to benefits i dont want) and have no bonus possible.
I am alot happier now I own my own LLC and do contract work and consulting for a number of companies and friends, all 1099, pick my work type, location and the amount. I can legitimately buy most of my supploes and needs via tye LLC that are youred personally and for my business and paymyself a small salary with wayyy lower tax burden. I also do alpt pf barter with my friends who I work for and get housing, food, gas etc. My actual net purching power pr consumption ability is higher than at the corporate job, but with much greater flexibly and pay 20% of the tax.
I do have a theory why these folks love these jobs especially government full time jobs with a union and pension. It maximizes the tax paid per hour worked and allows much more power of the government to do whatever they like.
For example I am looking to buy a house now, I pay myself $38k year and have revenue of $325k but I purposely always invest all of the 50% margin back in to reduce tax, in addition I pay zero rent, utilities, gas, very little food, my company pays most of my credit card bill. I am looking at a $220k home and have $80k saved. The bank says absolutely no way your income is too low 😂, no I can easily pay myself 4x the salary but I dont want to you can see how low my exspenses are and I will not even actually live there I will Airbnb the house and rent the farm land and harvest the lumber. So my net income will be significantly higher after I purchase it. He said yeah I understand but mortages are all backed by Fannie and Freddy and they absolutely hate anything other tha gross W2 income. For example if I had a normal job and make $60k gross I could get the mortgage and then only if it was my primary residence 😂. Are you kidding me? Thats idiotic, my ability to pay for that would be significantly worse. But it makes sense since Fannie and Freddy where set up by the government and their main priority is not repayment ability it is housing for good follow the rule type's. My prior corporate job I made $145k gross and net was $95k that I could then ise to invest in my company, buy equipment, tools etc. Now I have about $200k after actually costs of doing business to buy the same stuff.
I am in agriculture and all my friends own large farm's, on avg they pay themselves $45k a year but have net worth in the millions and live like they make household W2 of $200k. They also have a very hard time getting a mortgage and ussualy have to put most of it down cash, to get any mortgage.
It is insane that people are told their best employment option is to be a full time wage employee with benefits.
sigma overload
5 7 11 13 15:45 24 38 53 57
"Economists have long known that worker compensation is “compressed.” Firms overpay their worst workers, and underpay their best workers. The problem is especially severe in the public sector, free of a hard budget constraint. But compression is everywhere. Compression is the fundamental reason why firms prefer abler workers. If all workers were exactly paid their personal productivity, subpar employees would be just as profitable as stars."
This is from a man who's never done a day's work in his life. Who works in an industry that he admits is "pointless." Caplan is evil.
How can you trust a doctor to treat your cancer if he never had cancer himself?
@@yang8244 How can you trust someone to teach you about economics who's never worked in the private sector?
You guys have such a similarmanner of speaking you sound like you could be related or something
Terrible interviewing
This is an unbelievably impoverished discussion. Homo economicus plus crude moralizing: the worst of all intellectual worlds.
We need to Privatise and de-regulate everything to solve the economic problems. The most major problem is the lack of Christianity, and this lack leads tk social neo-socialism and economic socialism.
Bryan Caplan (along with a majority of Libertarians) thinks Christianity and all other religions are stupid. It never ceases to amaze me how religious conservatives perpetually kowtow to people who despise them.
Bryan's often insightful, but he's presenting a misinterpretation of the labour theory of value that Adam Smith addresses in the first chapter of Wealth of Nations; that labour adds value even if the final product isn't useful. It's a mistake that was corrected in literally some of the first words ever written about economics.
Uh, not clear how he got it wrong??
The fact that LTV incorporates the concept of Socially Necessary Labour Time is _not_ a point in its favour. It's just a roundabout way of conceptualizing use value, while also baking in value judgments about which goods are and aren't "socially necessary." Also a huge fudge factor.
Honestly, what even _IS_ the Labour Theory of Value?
Is it a moral theory of how resources ought to be divided? That's fair, but while it _does_ capture some moral intuitions that I find compelling, the juice ultimately just isn't worth the squeeze. I can say "I think people ought to be compensated for the work that they do" equally well without all this extraneous theoretical baggage.
Is it a scientific theory of economics? If so, then what's the use of it? In what context does it give more correct and more parsimonious answers than standard, marginal theory of value?
Adam Smith was not in any way the first writer about economics.
Value is imputed backward from the consumer. There is no value if the consumer doesn't purchase, no matter how much labor has been invested in the product. Without the consumer valuing enough to purchase, no value was created.
@@adamallen1750
“but the consumers are retarded”
Rajneesh Osho
Is this targeted towards teens? The level of discussion here is not impressive. We’re surprised that bureaucrats speak in bureaucratese? That hierarchies are self-reinforcing? These are platitudes, antique ideas that have achieved wide acceptance. 🤦
They are glancing over Bryans entire career in under two hours. Sort of hard to get in to the nuance in that short of time. If you doubt the level of depth Bryan is capable of then check out one of his books or even essays.
@@soulfuzz368 This isn’t a career retrospective; more a like a college bs session. I’ve been reading Bryan off & on for years, although I only have his immigration book. I applaud some of his work but overall he’s emblematic of what I consider to be the colossal failure of libertarianism to have any meaningful impact outside of reinforcing the worst tendencies of the right. His crude moralizing, for example, could only appeal to the homo economicus-embracing amoral right.
@@the_furthest_reaches okay sounds personal lol
@@the_furthest_reaches
"His crude moralizing, for example, could only appeal to the homo economicus-embracing amoral right."
You're right, that is one possible reason why someone might want to talk about how the decisions that poor people make contribute to their own poverty.
Can you think of another possible reason?
For instance, the _super-frickin'-obvious one,_ that any normal person up until just a few short generations ago would have seen _immediately?_