I just saw this fascinating video of a bunch of metronomes that begin ticking out of sync with one another, but slowly line up until they all beat in unison. I really love the title slide where it says “NONLINEAR DYNAMICAL SYSTEMS”, how apropos! Watch the video, the outcome is counterintuitive. The metronomes show some principles […]
I recently released a video about the Internet-based currency, Bitcoin. I asked the question: is Bitcoin money? In brief, I said no it’s an irredeemable currency. This generated some controversy in the Bitcoin community. I took it for granted that everyone would agree that money had to be a tangible good, but it turns out […]
Communicating about money and finance in today’s culture is a real challenge; you want to inform and enlighten your audience on their level of knowledge—but this makes the use of terms extremely difficult. Ayn Rand Institute President Yaron Brook’s video about deflation demonstrates why. In the video clip, Dr. Brook makes two key points. First, […]
Jude Wanniski, a writer for the Wall Street Journal, coined the term “Laffer Curve” after a concept promoted by economist Art Laffer.Laffer himself says the idea goes back to the 14th century The idea is that if one wants to maximize the government’s tax revenue, there is an optimal tax rate. (Ignore for the moment […]
The question “what is value” must first be addressed outside the field of economics; it is one of the fundamental questions in the field of philosophy. It is the core of the branch of philosophy known as ethics. For millennia, philosophers debated the nature of value. One view was that value is intrinsic—given by a […]
