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‘That’s the mistake that Karl Marx made’

Is this video the 21st century version of a photocopied 1980s Libertarian Alliance pamphlet? It contains Madsen Pirie explaining an economics concept in under three minutes. He tells me that he is going to do 20 videos, one a week.

Strangely, outside of lectures held by the ASI and IEA, there isn’t much video coming out of the UK libertarian scene. Over in the States, all sorts of organisations, especially Reason.tv, have done sterling work with online video. My instinct is that the returns on time for British libertarians doing video could be significant – and that Madsen’s videos will have quite an effect among young people exploring economics.

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22 comments to ‘That’s the mistake that Karl Marx made’

  • Madsen is wonderful as always.

  • Yes, very good.

    Interesting that no secret is made of the editing. I think that’s good.

  • Economics from the cockpit of an Imperial TIE Fighter? What could possibly be more fun than that?!

  • Catherine in Athens

    Excellent. More please, as these bite-size chunks are great for discussion with teens.

  • Simon Cranshaw

    On the subject of videos there is also this (Link)sequel to George Ought to Help

  • Paul A'Barge

    You seem to be expecting a lot from 3guys

  • Paul A'Barge

    Strangely, outside of lectures held by the ASI and IEA, there isn’t much video coming out of the UK libertarian scene>

    You seem to be expecting a lot from 3guys

  • kjackman

    Here’s hoping he values a lapel mic more than the currency required to buy one, before he attempts another video in that TIE fighter echo chamber.

    Or, hmm, maybe I value videos from him with better sound quality, more than I value a lapel mic. We could both become slightly more wealthy, if only I had an unused lapel mic and wireless system gathering dust on my shelves.

  • Chris

    Agree with the previous post, this has the potential to be a great series of videos. However, the audio quality needs to improve. Would suggest a lapel or lavalier or boom mic to better isolate his voice and avoid the room echo.

  • profligatewaste

    I was going to say something about the mic placement, but kjackman beat me to the punch and said it much better. Aside from that, good video.

  • Mark of Lombard

    Only I would add one point: that trade makes both parties wealthier ONLY IF the trade is freely chosen by both parties exchanging their own goods.

    On this point, which should be obvious but somehow isn’t to everyone, hangs the reason government “stimulus packages” don’t work: because government commands the taxpayer to buy something the taxpayer didn’t freely choose to buy. Or, same thing, government buys something with money it takes from the taxpayer by force.

  • j. allen william

    He sounds like he’s in a toilet.

    PLEASE get a mic and clip it on his shirtfront.

    The professionalism of these lessons will improve markedly. And you’ll eliminate a distraction, vastly increasing the impact of the presentation for less than 40 pounds.

  • quasimodo

    Value is in the head … until City B dams up the river supplying water to city A … then offers to sell water at a “reasonable” price. Or the Government makes you buy or sell things at its whim and its price.

    Then the head’s opinion is of no importance.

  • F

    Brilliant! But terrible sound. I could barely hear it. Need a better microphone. The one on the camera is just not enough.

  • Sigivald

    If it helps, I think video is awful.

    Not, note, that I think THIS video is awful – I have not watched it – but that I think video as a medium for this purpose is awful.

    (I am evidently very much an outlier, vastly preferring my exchange of ideas to involve the written word, except in cases where the ideas are such that they require visual or audible examples/explanation.

    Text is searchable, skimmable, much faster to acquire and absorb, quieter, requires fewer resources.)

  • Steve S.

    If value is generated in your mind, then trade occurs in a vacuum. Wealth, on the other hand, is a relational perception among society.

    The traders may have acquired something of more value (to them) but they have not gotten wealthier unless the rest of society also perceives their trade to have been value-augmenting.

  • Alisa

    Sigivald: me too. And yes, we are very much an outlier.

  • The message that “there are no losers” in the trade should be shouted from the rooftops and repeated constantly in schools.

  • If value is generated in your mind, then trade occurs in a vacuum. Wealth, on the other hand, is a relational perception among society.

    This still means value is in minds and not inherent to an object or service.

  • Value is in the head … until City B dams up the river supplying water to city A … then offers to sell water at a “reasonable” price. Or the Government makes you buy or sell things at its whim and its price.

    Then the head’s opinion is of no importance.

    Well yes but…value is in the head for trade. It is not ‘in the head’ if you are being robbed at gun point because ‘value’ (other than a person’s value of life) is only being calculated by one party, the one holding the gun. What you describe is not trade, it is simply one set of people coercing another, it does not pertain to economic understanding at all.

  • James Waterton

    I found the whingeing about the lack of a radio mic in this thread a lot more annoying than the imperfect but intelligible audio on the less than three minute long Youtube clip.

  • During my tenure at the Oxford Libertarian Society, we recorded all our lectures. Some have proved very popular and made the whole series much more worthwhile than physical lectures alone so I would recommend it:

    http://oxlib.blogspot.com/search/label/video