Dec 13, 2022
Summary:
Understanding the economy is a lot easier than you think, and
Howard Yaruss comes on this episode to prove it. His newest book,
Understandable Economics, fosters a comprehensive understanding of
the spectrum of markets—outlining clear justifications for
government intervention and the creation and allocation of
goods/services. Rather than labelling some markets ‘free’ and
others ‘controlled,’ it is more helpful to explore the degrees to
which each market utilizes both characteristics. Tune in to hear us
discuss the most useful fundamentals of the economy, and be sure to
check out Howard’s book for a fruitful source of concepts and
explanations.
Highlights:
-Howard Yaruss discusses his new book, Understandable Economics
-Howard is an attorney, author, business man, and professor at
NYU
-Howard believes that economics is not readily understandable
because it is frequently not taught correctly. You may leave an
economics course with even more confusion about how the economy
works
-Economics is not a science; it’s about producing and dividing up
all of the goods and services that govern our world
-His book is not economics for dummies; rather, it is an effort to
explain economics as it should be explained
-Markets exist on a spectrum. Every nation has some government
control—even North Korea has some element of free markets
-Free markets are like a highway. They are a great system of
transportation, but if there were no rules, they wouldn’t work.
-There should always be a clear justification for government
intervention, but when they overreach, they create a negative view
of the government
-People need to get involved and understand what is going on in the
economy, and Howard’s book contributes to this.
-If the market isn’t working, then it is acceptable for the
government to get involved in funding the progress of innovations
like EVs.
-You can’t dictate a transition just because the market isn’t ready
for it yet. It’s important to let the markets work it out
-A lot of people believe that the government is the spender of last
resorts
-We shouldn’t be for or against regulation. It’s all about coming
to an agreement on what regulations are necessary and helpful
Useful Links:
Financial Survival Network
Understandable Economics