What makes people happy? Is it money? What role does success play? This segment looks at entrepreneurship, happiness, and the American Dream.
Do government programs always help? Do the outcomes match the promises? What about the unseen, unintended results? This segment looks at the Cash for Clunkers program, and its results.
Why would anyone oppose a minimum wage? Don't all workers deserve to be paid fairly? Don't we need someone to protect workers from being taken advantage of? Is there a downside to minimum wage laws? Are there unintended consequences even to the well-intentioned minimum wage? Whom do such laws help? Whom do they hurt? This segment looks at the minimum wage and some unanticipated results.
Are you opposed to sexism? Shouldn't men and women be treated equally? Isn't fairness a virtuous goal? Don't we all believe in fairness? Doesn't Title IX simply prohibit discrimination based on sex? Can good laws have bad results? This segment looks at Title IX and some unintended consequences.
Why do people come to America? Isn't America a cesspool of crass commercialism and greedy, materialistic people? What's so great about America that while we criticize it and try to change it, millions of immigrants struggle to come here? This segment looks at the pursuit of happiness in America.
Why is America so prosperous? Is it our natural resources? Or is it something more? Perhaps it's because America is a good place for entrepreneurs. This segment looks at entrepreneurship in America.
Should people be allowed to offend each other? Criticize each other's views, religion, even race? Should the government protect us from offensive speech, or protect offensive speakers? How important is free speech in a free society? How unique is freedom of speech in the world? This segment looks at free speech in America and some other countries.
Shouldn't the government help Native Americans? Isn't that the least they can do after taking their land? Government help does help, right? This segment looks at the plight of Native Americans.
Is our government on an unsustainable spending spree? Does it regulate too much? And does anyone really even care? This segment looks at government debt, spending, and regulation, and advancing the cause of liberty.
What's happened to freedom in America? Are there too many laws? Can the average American even know what's legal and what's illegal today? This segment looks at several examples of people unknowingly running afoul of the government, including children selling lemonade and Girl Scout cookies in front of their homes, a lobster importer, and people building a home on their own land.
How can we help those in need? And just who is in need? How do we know? Do people who panhandle really need money to survive? Do our attempts to help people really help them? This segment looks at panhandling and charitable intentions.
Should people be allowed to eat whatever they want? Even if it's bad for them? What are the limits on freedom? What are the limits on government power? This segment looks at some regulations on food and asks the question: Is it the role of government to protect me from myself?
Who creates jobs? And who creates jobs the best? Can the government help, or do government attempts to create jobs lead to inefficiencies and waste? Do government regulations help or hinder job creation? This segment looks at job creation and the role of government.
Can politics and politicians solve all our problems? Is government more effective than private enterprise? Can't we count on the entrepreneurial spirit to innovate and to develop solutions to the problems we face? This segment looks at several entrepreneurial endeavors, including energy efficient cars, space travel, and new methods of cleaning up oil spills.
Why has life changed so much over the past few centuries, after remaining relatively the same for hundreds of thousands of years? Why does it seem that changes occur faster now than in the past? How have our lives been affected by innovation? What does the future hold? This segment looks at the reasons for and results of collaboration and innovation.
What makes people happy? Are we happiest when we're doing well, or when we're doing better than others? On what do we base our happiness? This segment looks at the relativity of happiness.
What is the problem with some people having more money than others? Would it be better if everyone had the same? What if we could make sure everyone earned the same amount of money as everyone else? What would happen then? This segment looks at income disparity in America.
What's the difference between secrecy and privacy? Should public servants have a right to privacy while at work? If people are allowed to video record public officials, will that affect the way those officials do their jobs? If so, will the effects be positive or negative? This segment looks at the debate over video recording of police.
Is college really a bastion of free speech, a marketplace of ideas, where views can be discussed in an atmosphere of openness? Are some cultural, economic, and political views more acceptable on campus than others? Who decides? Should only one side of a debate be allowed on campus, because some students might be bothered by the other side? This segment looks at the debate over limiting free speech on college campuses.
Why have colleges gotten so expensive? Has the money gone to improve education? Has the government forsaken our children? This segment looks at the rising cost of a college education.
Are we safer today because of lawsuits? Should companies that produce dangerous products be immune from lawsuits? What exactly is a dangerous product? Should manufacturers be sued when something goes wrong? What responsibilities do product users have? This segment looks at one effect of product liability lawsuits.
How should we improve mass transportation? Are newer and faster trains the answer? Why do so many people presume it's government's job to improve mass transportation? Is there a place for entrepreneurs and businesses to help? This segment looks at high speed rail projects, private buses, and the history of New York's subways.
What is fracking? What does it do? How does it affect us? Should we celebrate it because it might reduce our oil consumption or condemn it because it might put our drinking water at risk? Who should we believe when some people tell us fracking is bad and others tell us it's good? This segment looks at the debate over fracking.
Why are there so many obese Americans? What should be done about it? Who's responsible? The government? Businesses? Us? This segment looks at proposals to curb obesity.
What good do entrepreneurs do? Is it creating jobs? Is it the charity they do with the money they've made? Do successful entrepreneurs have an obligation to give back? This segment attempts to answer those very questions.
Why do we favor one candidate over another? Is it because we look at the issues and choose our candidate accordingly? Or is it because we look at the candidates? And how do candidates and their campaigns react to the way we choose? This segment looks at voters, political races, and the psychology behind the campaigns that get candidates elected.
Should people need government permission to work? Do unregulated businesses cause chaos? Should taxicabs be approved by government and their owners required to purchase medallions? This segment looks at both sides of the taxi regulation issue.
Why are there so many rules for us to follow? Why do governments seem to churn out more rules every day? When are there enough rules? Do more laws mean less freedom? This segment looks at some regulations and how they impact people.
Should businesses need permission from other businesses to compete? Should the government help established businesses keep out competition? Is uncontrolled competition too chaotic and disruptive? Do we need the government to control competition? This segment looks at moving companies and the urge to regulate them.
What is the best way to protect endangered species? How can we ensure the survival of species and ensure that people’s property rights are not taken away? Should the government attempt to regulate land when the endangered species doesn't even live on that land? What's the solution? This segment looks at one government attempt to save an endangered frog.
Should people be allowed to compete against existing cab companies? Should passengers get to choose who drives them? What about the safety of passengers? Should the government protect people by regulating cab and other car services? What other reasons would the government have to regulate cab and car services? This segment looks at the current controversy over regulation of innovative car services.
Do women make less than men? Do employers discriminate against women by paying them less? This lesson focuses on the controversy surrounding the wage gap between men and women.
Should interns get paid? Should minimum wage laws apply? Shouldn't the education and training an intern gets be considered? Are there any unintended consequences of mandating that interns be paid? This segment looks at internships in America.
What’s the best way to choose a product or service? Has the availability of feedback on the Internet diminished or eliminated government's role in regulating business? Do markets regulate businesses better than government regulation does? This segment looks at consumer protection through reputation and regulation.
Are there any limits on the government's ability to protect its citizens? Should there be? What is the proper balance between our country's security and our own privacy? This segment looks at the controversy surrounding the NSA.
The Kronies are in action... Mandating, Tarrify-ing, Inflating, and Boondoggling their way to profits powered by their special konnection to the G-Force. Watch Big-G and his team stomp out competition!
This short video suggests that the solution to America's jobs problem is specific reforms that wouldn't cost taxpayers and would provide opportunity for millions of Americans who worry where their next paycheck is coming from.
For more than half a century, Leonard Read's classic story has opened eyes and changed minds by the hundreds of thousands, revealing the wondrous achievements of individuals whose contributions are coordinated by nothing more than incentives and market prices.
Reduce! Reuse! Recycle! All right? Maybe or maybe not, says scholar Daniel K. Benjamin. Making a new tissue out of a used one wastes resources, hardly a benefit the environment. Melting and casting aluminum cans, though, saves resources and benefits the environment. Just ask the aluminum company: they know that saving scraps pays for itself. So why does it take a lesson from your third-grade teacher to get you to recycle household waste?
What is spontaneous order? How is it that without government direction, food is available in stores, cars are manufactured, information is available on the Internet, and people can get medical care? And what happens when government gets involved? This segment looks at the economics of spontaneous order.
Who should help victims of natural disasters? Should citizens voluntarily help? Should government? Who is better at it? This segment looks at the role government and charity-based organizations play in providing disaster relief.
What if you want to create a product or service but don't have the money? What can you do? You can borrow from a bank perhaps. Or you can crowdfund. What is crowdfunding? How does it work? Does it do any good? This segment looks at the benefits of crowdfunding.
What conditions encourage innovation? What discourages innovation? Do governments help, or do they increase the time and cost of developing new products? Should businesses really have to protect themselves by lobbying, or should the government just leave entrepreneurs alone to develop products and services? This segment looks at technological innovation and government rules.
What does it mean to "delay gratification"? What does a child's ability or willingness to delay gratification indicate? Is this something that can be taught? Should it be? This segment looks at one role parents can play in fostering successful traits in their children.
Do you always do what you're told? Should you? Does doing what you're told absolve you of responsibility for the consequences of your actions? This segment looks at the Milgram experiment on obedience to authority and our willingness to follow orders.
Do you make rational decisions? Would you hire the best applicant for a job? Would you rate your teacher or professor fairly? This segment looks at recognizing bias in ourselves.
What is the Fed? Okay, it's the Federal Reserve. But what is that? What does it do? What is its role? How does the Fed affect us and our money? This segment looks at the origins and impact of the Federal Reserve.
What is going on at colleges across America? These institutions of higher education were once bastions of free speech, where different views and ideas could be discussed openly. Now, many students want to silence those with whom they disagree by claiming they are offended. Are they really just sensitive people? This segment looks at the debate over censorship on college campuses.
Should people be stopped from offending each other? From criticizing each other's views, religion, even race? Should the government protect us from offensive speech, or protect offensive speakers? Should people be afraid to speak openly if what they say offends others? This segment looks at the threats to free speech from Islamic extremists.
What happens when government officials use their power to try to silence their enemies? Where does campaign finance reform begin and our free speech end? This segment looks at one attempt by political insiders to silence their opponents.
What is freedom? How important is freedom to you? People use the word freedom differently, but when we look at North Korea, there is little disagreement that the citizens are not free. This segment looks at one person's escape from North Korea.
Why do some movies seem to go beyond entertainment and include scary messages for children? Can there be a rational environmental debate or does it need to be filled with propaganda and hype? This segment looks at the tactics some use to convince others of impending environmental doom.
News reports, articles, and websites tell us of the waning belief in capitalism. What do you think about capitalism? Is capitalism evil? Or has it lifted billions of people out of poverty? This segment looks at capitalism.
What do you know about Che Guevara? Do you own a Che t-shirt? Do you cringe when you see someone wearing one? This segment looks at Che, his deeds, and his reputation.
What are fossil fuels? Why do so many people dislike them? Are they bad for us? Are they bad for the environment? What are the alternatives? This segment looks at the debate over fossil fuels.
Has the earth warmed? Have we caused it? Does it matter? Is there really a looming crisis or is this much ado about nothing? And what happens to people who disagree? This segment looks at the way the global warming debate is playing out.
What would life be like for us today if people didn't innovate? How different would life be if innovators needed government's permission to innovate? Would that permission be based on politics? Would it be based on what politicians think is best for us? This segment looks at the importance of permissionless innovation.
Space, the final frontier. Are voyages to explore strange new worlds "to seek new life and new civilizations, to boldly go where no one has gone before" best left to government to fund with our tax dollars or should these efforts be conducted by the private sector at their own expense? This segment looks at government and private space exploration.
When we think of parks, we probably think of public parks, government owned, managed, and maintained. But are all public parks managed and maintained by the government? It seems as though some aren't maintained at all. This segment looks at the role entrepreneurs can play in public parks.
Do the rich get richer and the poor get poorer? Does trade with other countries hurt us? Should we produce everything on our own? This segment looks at income, jobs, and trade.
Socialism is often seen as just another economic system, perhaps a more fair system, where people are more equal. But is it really just another economic system? Is it really more fair? This segment looks at socialism and the consequences of socialism on a country and its people.
Does capitalism suck? Does socialism work better? Why do so many people support socialism? This segment looks at the effects of socialism in Venezuela and contrasts it to Chile, considered one of South America’s most prosperous countries.
Are robots and self-driving cars the way of the future? Will robots take people's jobs? Will we really be able to relax as the car does the work? Is that safe? Will there be any jobs left to go to anyway? This segment looks at the development, use, and impact of robots and self-driving cars.
How are technological innovations changing the way we find talent? How does it affect the way people earn money? This segment looks at the way YouTube has changed the way performers are discovered and paid.
From Marginal Revolution University: The last 200-300 years has seen astonishing growth in prosperity. Don Boudreaux calls it one of the greatest events of humankind. But how did that happen? Was it simply a series of events that would have taken place no matter what, or was there something more to it? The Hockey Stick of Human Prosperity shows how life has changed for humans and introduces the causes of that change.
From the Mercatus Center: Is life today bad? Or is it awesome? Why? What about life today is an improvement from the past? Economics Made the World Great shows changes that have taken place in the past three centuries and changes that are taking place today that have made the world better. Can it be better still?
From the Institute for Justice: What would you do to save your child's life? Where do you draw the line? Would you break the law? What if the law wasn't protecting anyone? Everything is a thought-provoking film that shows the dilemma faced by a mother who comes up against federal law while in search of a bone marrow transplant for her daughter.
From Learn Liberty: Why do politicians never seem to reduce spending? With federal debt at $20 billion, nearly $62,000 per citizen, why does federal spending continue to increase? Why Politicians Don't Cut Spending explains the concept of concentrated benefits and dispersed costs, which favors recipients of government payouts at the expense of the average taxpayer.
From the Foundation for Economic Education: The term fake news has been in the news a lot the past few years. What does it mean? Is it really fake or does it just present a side to a story that some people don't agree with? Fake News is Old News presents a historical view of reporting that puts fake news in perspective.
From the Foundation for Economic Education: Who was Elijah McCoy? What did he do? This video takes a look at the importance of perseverance and innovation, by highlighting Elijah McCoy, whose life and accomplishments can be fine examples for all our students. He is, it is said, the Real McCoy.
Are you living in the freest country? Not if you live in the United States. America rose seven spots in the latest report, to number 17. But it's still far from where it once was.
The Trump administration says a steel tariff will be announced in the next 2 weeks to preserve American industries. John Stossel says that won't work.
Socialism, Nazism, progressivism… these “isms” do so much damage. But people still believe. Matt Kibbe of Free the People says, "I’ll be on your side as long as you don’t hurt people and don’t take their stuff."
"Bottleneckers" use occupational licensing to stop competitors and innovation in the name of keeping us safe.
We learn from CSI, Law & Order, and NCIS that forensic science is infallible, leading to the conviction of people who might otherwise have gotten away with their crimes. But DNA testing has shown that bite marks, fingerprints, and carpet fiber and hair analyses have all led to the convictions of innocent people.
Stossel says all entrepreneurs (if they don't partner with, or freeload off government) create more wealth than they take. Do your students agree?
The Manhattan Institute's Oren Cass explains what he's discovered reading the Paris Climate Agreement.
John Stossel got an eyeglass prescription over the internet. Should that be illegal?
Would you eat food grown in a lab? What if there were a way to oppose the killing of animals and still eat meat? If it doesn’t come from an animal, is it still meat? This video discusses the development of meat grown in labs and how it can disrupt the traditional, entrenched food interests.
It is sad when a business we have grown up with closes. Often, that closing is a result of creative destruction. But is that good, bad, or just the natural course in an ever-developing world? This video looks at some of the changes brought about by creative destruction and argues that to stop creative destruction would stop progress.
Should there be limits on what advice people can give others? Should people need licenses or permits-- government permission—to give advice? Does it matter if the advice giver is being paid? What does that say about the First Amendment? This is a thought-provoking video about free speech and occupational licensing.
Debt. Many people have debt. So does the U.S. government. But people in debt frequently worry about paying it off and hope to live debt-free. U.S. government debt more than doubled between 2008 and 2018, from $10 trillion to $21 trillion, yet our elected representatives don’t seem to care and vote to spend more money every year.
Brian Yablonski from the Property and Environment Research Center (PERC) discusses how private ownership promotes conservation. At one time, 30 million bison roamed the American plains. When the number of bison fell to 1,000, ranchers moved some bison out of the common land to start private herds. The bison population is now growing. The segment also considers how private ownership has influenced the elephant population in Africa. Countries where there is private ownership have doubled their elephant population, while countries with common ownership have seen sharp reductions in the elephant population.
Manny Jules, former Kamloops Indian Band Chief, and Terry Anderson from the Property and Environment Research Center (PERC) discuss how the absence of private ownership has contributed to the poverty of Native Americans. The privately-held land of native Americans is estimated to be 40–90% more productive than the land held in common. The clip shows a Google map for the Blackfeet and the Flathead Reservations to illustrate the difference between the privately held areas and those held in trust by the federal government.
More than 50 years ago, Ayn Rand used her novel Atlas Shrugged to argue that big government, complex regulations, and a politically directed economy would lead to crony capitalism and corruption that would undermine entrepreneurship and prosperity. The lengthy book, more than 1000 pages, has sold more than 7 million copies. John Allison from BB&T bank discusses Rand’s concepts and how he has applied them. He believes that Rand’s ideas are about creating win-win relationships and “getting better together.” Allison explains that these principles helped him decide not to offer either subprime mortgages or loans for development of property acquired through eminent domain.
John Stossel and David Boaz of the Cato Institute discuss the role of Milton Friedman in the abolition of the military draft and movement toward a voluntary military based on payment for service. They review a presidential commission hearing during which Friedman debated General Westmoreland about the merits of a mandatory draft.
The licensing of florists in Louisiana is used to analyze the incentive structure that often underlies regulation. The license requirements are a barrier to entry for new florists and a form of protection for existing florists. Mike Rome from the Louisiana State Florists Association addresses the need for the licensing requirement. He claims the consumer is protected and will receive a better product because of the requirements. Monique Chauvin, an unlicensed florist who has been in business for more than ten years, disputes this claim.
Ethanol subsidies have been promoted by leading figures in both political parties. However, recent research and analysis has been more critical of ethanol use. General Wesley Clark from Growth Energy argues for continuation and expansion of the ethanol subsidies. David Boaz of the Cato Institute argues against the subsidies. Ben Schreiber from the environmental group Friends of the Earth reveals that ethanol is now believed to be worse for the environment than oil-produced gasoline. The clip highlights two important unintended consequences of the ethanol subsidies: higher feed prices for ranchers and higher prices for food produced from corn and other grain products.
The current federal minimum wage is $7.25 per hour. Several states have minimum wage laws that require even higher hourly wage rates. Advocates of the minimum wage, like Christian Dorsey from the Economic Policy Issue, would actually like it to be higher and argue that it’s a fairness issue for employees. Critics, like Russ Roberts, an economist from George Mason University, argue that the minimum wage leads to higher unemployment, especially among teens, and eliminates some jobs from ever being created. John Stossel interviews Warren Meyer of Recreation Resource Management and discusses his response to higher minimum wage rates.
Regulations, subsidies, and tax breaks have grown rapidly in recent years. They are often designed to favor some businesses and sectors relative to others. George Bush’s steel tariffs provide an example. A 30% tariff was imposed on foreign steel, which protected the U.S. steel industry but harmed manufacturers who used steel and increased prices for consumers. Tire manufacturers were also protected with a 35% tariff. Politicians engage in this type of crony capitalism as a means to obtain votes, contributions, and political support from organized interest groups at the expense of consumers and taxpayers. The welfare of the general populace would be better served by free markets and unbiased treatment of citizens.
The 2009 $800 billion spending bill included funds for Serious Materials to promote production of energy efficient windows. Both the President and Vice President of the 37 United States visited the company and lauded it for its promotion of energy efficiency and green jobs. Serious Materials was the only manufacturer to receive such financial assistance and special treatment. The company vice-president for projects and policy is married to the government’s overseer of weatherization program, who was in charge of $16.8 billion in stimulus money. While all of this is legal, it is a reminder of how the political process alters incentives.
Viewers are asked to think about how their welfare would be affected if they were forced to choose among the bundles of goods available in three alternative carts rather than buying the bundle they prefer when visiting the grocery store. This choice is similar to that confronted when choices are made by majority voting rather than through markets. When issues are decided by voting, the majority or their elected representatives will decide for everyone. With democratic voting, the majority imposes its preferences on the minority, and individuals in both groups will be required to consume and pay for many items they would not have purchased if they had been permitted to decide for themselves.
John Stossel and his two guests discuss the size, growth, and economic consequences of the national debt. When the segment was produced in 2010, the national debt stood at $13.5 trillion. Even though 71% of Americans believe federal spending is too high, a majority of Americans do not want to cut entitlements such as Social Security and Medicare. These entitlements are the largest expenditures of the federal government. The panelists conclude that if interest rates are 5% and the debt continues to grow at the current rate, in 2080 Americans will spend 35% of GDP just to pay interest on the debt.
John Stossel discusses how there is widespread agreement that government spending should be reduced, but notes that this agreement breaks down when specific cuts are considered. The Third Way organization provides “A Taxpayer Receipt,” which identifies specific government programs paid for from the payroll tax on a typical worker. John mentions specific cuts offered by the liberal Center for American Progress, the libertarian Cato Institute, and the libertarian Reason TV. The dollar amounts are identified with graphics as John discusses them.
The clip begins with recent spending items passed by Congress and quotes Thomas Jefferson who said, “The natural progress of things is for liberty to yield and government to gain ground.” A graphic illustrates federal spending per person since 1792 and shows exponential growth in recent decades. For most of the nation’s history, the federal government spent only a few hundred dollars per person, but today, the federal government alone spends $10,000 per person. Federal, state, and local governments now spend about 40% of all the income generated in the United States.
An interview with Columbia University Professor Marc Lamont Hill begins the clip and presents the perceived need for government spending. He advocates that government must provide national defense, housing, health care, and education. A long list of specific taxes that Americans pay is highlighted with interactive graphics. Arthur Brooks is interviewed at the end of the clip; he warns about changing America from a “maker nation” to a “taker nation.”
Free trade proponent Tom Palmer from the Atlas Economic Research Institute responds to a number of popular criticisms of free trade. Issues addressed are exploitation of workers in developing nations, protection of domestic industries, and the impact of trade on peaceful relations and economic progress.
The current U.S. trade deficit with China is over $200 billion, and China is accused of manipulating its currency to increase their exports (our imports). John Stossel then poses the question of whether this trade deficit indicates that the Chinese are treating us unfairly. Don Boudreaux, an economist from George Mason University, is interviewed to explain the economics of trade deficits and the benefits they create. The myth that American manufacturing is on the decline is specifically addressed with a graphic.
Segment begins with a discussion of Milton Friedman’s classic book, Free to Choose. The book has been translated into 25 languages and has exerted a major impact on world leaders, including Ronald Reagan and Margaret Thatcher. The book argues that economic freedom is the key to growth and prosperity. The experiences of Hong Kong and India are compared and contrasted.
The segment considers how the quality of life differs in the world’s freest economies (e.g. Hong Kong, Singapore, New Zealand, and the United States) compared to countries like the Congo, Zimbabwe, and Venezuela. Milton Friedman argues that free economies prosper because individuals will achieve their objectives more fully when they are left free to choose for themselves. Friedman states that “nobody spends someone else’s money as carefully as they spend their own.”
John Tomasi compares two types of societies. The first has income disparities that are small, because it focuses on income redistribution. The second focuses on market distribution and allows for greater income disparities. He argues that the second one grows faster and creates more wealth so that the poor people become better off. Over time, the second produces outcomes that are fairer, especially for the poor, than the first.
Competition tempers greed by offering consumers choices about where to buy. If one seller raises prices, consumers will switch to relatively cheaper alternatives. Markets temper greed by encouraging people to cooperate to earn money. John uses the example of a steak getting to New York through the cooperation of thousands of people. Although each person is really only looking out for his or her own paycheck, they must work together in order to actually earn their pay.
Along with Art Carden, John debunks several economic myths: the U.S. should produce all of its own goods, overpopulation causes poverty, and the world is running out of oil. Using data and economic thinking, these claims are shown to be false.
Dayna Goldfine and Dan Geller, directors of the film Something Ventured, describe the role venture capital plays in creating new companies and products. They use the example of the video game Pong to illustrate how hard it can be to create a product that people later take for granted. Many companies that are large today were only able to grow from the money obtained from venture capitalists.
Don Boudreaux and Sally Kohn debate the role of greed and self-interest in economic decisionmaking and the role of government to minimize the effects of greed. Boudreaux contends that property rights and markets will better serve the public interest and minimize greed while Kohn argues that government needs to play a vital role. They use cakes to illustrate their points.
Glenn Beck discusses his new Internet service GBTV and uses the example of how the "Internet eats TV" to describe the process of creative destruction. Combined with new Internet technology, cameras and studio equipment are less expensive and better today, allowing online programming to replace traditional television.
Thirty-one states enforce “price gouging” laws, which restrict the amount sellers can increase prices after a natural disaster. Art Carden suggests these laws interfere with market signals, distort resource allocation, and actually harm the people they are supposed to help. By artificially holding prices down, the incentives to produce and bring those items to the people who need them are also lowered.
Goods and services produced by government agencies cost more and aren't as good as those same goods and services offered by private sector businesses. Former Indiana governor Mitch Daniels uses the example of a toll road to illustrate the differences in incentives and outcomes to compare government to private production.
Some people claim that natural disasters such as hurricanes "are not harmful to the economy because there's so much extra work involved in reconstruction." John dispels that myth by interviewing Sallie James and David Henderson, who point out that the money spent on reconstruction could have been spent on producing a new item instead of replacing an existing item. The same principle applies to government stimulus spending. While government spending does create new items, the taxes used to produce those items could have been directed at other activities to create wealth. With either reconstruction or government stimulus, the spending only redistributes jobs and production; it doesn’t create them.
Cliff Asness from AQR Capital Management argues that many regulations don't actually achieve the objectives they're supposed to meet. He specifically addresses the Dodd-Frank financial regulations that were passed after the financial crisis of 2008-09.
John talks with Walter Williams about the reasons why cities impose taxi licenses and the effects they have on taxi ownership by African Americans. Instead of an example of unintended consequences, Williams argues that the consequences are intended by the politicians who create the license requirements. The cost to own a taxicab is much higher, which keeps out potential new owners.
Walter Williams explains why the welfare state in general and the minimum wage in particular are largely responsible for income and unemployment disparities among racial groups. The intentions behind the minimum wage are good, but the actual effects have been devastating for some groups.
Paul Colbert, CEO of Meridian Investigative Group, exposes several people cheating on their disability claims. The U.S. Chamber of Commerce estimates that 25 percent of disability claims are bogus, while Colbert's company finds nearly 80 percent of their investigations reveal some kind of fraud. This fraud costs taxpayers billions of dollars every year in unwarranted beneficiary payments.
Tom Palmer discusses the major points of his book, After the Welfare State. Tom predicts that current welfare programs will end and describes potential replacements for those programs. He argues that organizations similar to associations that were prevalent prior to 1930 will replace government welfare and do a better job of helping people.
Luis Fortuño, Governor of Puerto Rico, was elected at a time when one out of three workers was on the government payroll and the commonwealth didn't have enough money to fund the first payroll checks of the year. He discusses the measures he took to implement government reforms in order to be more fiscally responsible. He reduced spending, lowered tax rates, reduced regulations, and laid off thousands of government workers.
John documents several dubious government spending programs on projects such as blowing up beaver dams in Mississippi, removing tree snakes in Guam, studies of immune systems in shrimp, and a cowboy poetry festival. This kind of government spending benefits a small group of people at the expense of a wide group of taxpayers.