Should we increase charity for the poor? Should we implement a healthcare plan? What should our policy be on energy and foreign oil? Nearly every government policy is rooted in an economic decision.
Governments often expand beyond their original limits. Such growth typically results in a loss of liberty and freedom. Modern opinions can be easily influenced by the media. Mike Winther delves into the issues of government power and consumer protection in this thought-provoking lecture.
You'll Learn:
[01:29] Historically governments tend to grow beyond the bounds intended when the government was formed.
[03:09] Government growth always comes at the expense of liberty and freedom.
[04:32] Excuses when surrendering liberty and freedom include protecting the needy and the consumer.
[05:22] How could the consumers be protected in a limited government society?
[07:01] The Jungle was a novel but it was reported to be factual in the day.
[11:42] We developed administrative law in the 1900s. Congress began delegating their lawmaking authority to agencies.
[15:17] We now have a regulatory nightmare.
[18:58] When we talk about public agencies, we're talking about government agencies.
[20:41] Categories of people and things we may need to be protected from. First category is producers.
[21:41] We can have a public or a private solution.
[22:05] People make choices in a truly free market.
[22:58] The judges in the Bible spent a lot of time adjudicating disputes between others.
[25:46] Underwriters Laboratory is a private enterprise. It's a voluntary consumer protection model.
[33:30] When the government gives something to one person it has to take it away from some other person.
[33:50] Mike dives into the history of monopolies in America using an example of the railroad system.
[40:20] The first kind of monopoly is a government created monopoly. Example AT&T.
[42:10] There are special laws that allow unions to monopolize a workforce.
[44:44] Free market economists might debate whether patents are good or bad things.
[45:14] The efficiency monopoly has no detrimental effect to an economy. They provide the best product at the cheapest price.
[47:47] Big business usually supports government regulation. They actually use the power of government to improve their market share.
