In this episode, Chris fulfils a listener request (sort of) by diving into various economic concepts and their implications on personal decision-making and societal structures.
Sexy!
He discusses the sunk cost fallacy, the principles of tariffs, the idea of creative destruction, and the importance of understanding opportunity costs.
If this doesn't sound exciting, you better get some better hearing aids, because this is the richest gold in the seams.
Finally, he explores and advocates the value of trade and social exchanges, illustrating how these simple concepts can enrich our lives immeasurably, in ways that are becoming all too easy overlook these days™.
Chapters
00:00 Introduction and Overview of Tariffs
01:43 Understanding Tariffs and Their Implications
04:11 Creative Destruction in the Economy
06:31 Sunk Cost Fallacy and Its Impact
08:55 Opportunity Cost in Decision Making
11:10 Value from Trade and Social Exchanges
23:53 The Dual Value of Trade
25:21 Subjective Value and the Sunk Cost Fallacy
26:33 The Non-Fungibility of Time and Money
29:15 Cognitive Biases and the Joy of Giving
31:32 Economics by Coercion: A Flawed Approach
38:00 Chris Endrey podcast - Thanks Patrons!
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