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Feb 19, 2024
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in the words of adam smith, the uniform, constant and uninterrupted, the effort of every man to better his condition, to improve his own lot, and to make a better world for his children and his children's children. when the law interferes with that pursuit, everyone will try to find a way around. he will try to evade the law. he will break the law, or he will emigrate from the country. all of those things have happened in great britain. there is no moral code that justifies laws fixing prices or fixing wages or preventing a man from earning a living unless he joins a union and submits himself to the discipline of the union, or forcing you to buy more expensive goods at home when cheaper goods are available from abroad. when the law prohibit things that most people regard as moral and proper, they are going to break the law. only fear of punishment, not a sense of justice, will cause them to obey the law. and when people start breaking one set of laws, there's a strong tendency for the lack of respect for the law to extend to all, even to those which everyone regards as moral and proper
in the words of adam smith, the uniform, constant and uninterrupted, the effort of every man to better his condition, to improve his own lot, and to make a better world for his children and his children's children. when the law interferes with that pursuit, everyone will try to find a way around. he will try to evade the law. he will break the law, or he will emigrate from the country. all of those things have happened in great britain. there is no moral code that justifies laws fixing prices...
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Feb 3, 2024
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smith and classical economists said. then how come everyone's not an independent contractor bidding in an open market? and he said the reason and he won the nobel prize for this he said the reason is transaction costs so long as it's cheaper to do something inside the boundaries a firm then companies will grow because that's the most efficient path right? so he was looking at the time at companies that were operating in the twenties and thirties, the biggest corporation on the planet was the ford motor company. he said, look at the ford motor company. the ford motor company doesn't just make cars. they have a timber mill, they have a rubber plantation. they have steelworks. the plant in detroit didn't, you know, take parts and assemble cars the way they do today. it put in raw materials in one end and output vehicles on the other. henry ford understood that the transaction costs, the costs of search, finding information the cost of coordinating all these different parties in a complex supply chain, the cost of contract w
smith and classical economists said. then how come everyone's not an independent contractor bidding in an open market? and he said the reason and he won the nobel prize for this he said the reason is transaction costs so long as it's cheaper to do something inside the boundaries a firm then companies will grow because that's the most efficient path right? so he was looking at the time at companies that were operating in the twenties and thirties, the biggest corporation on the planet was the...
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Feb 12, 2024
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and and and productive there, you know, you get adam smith sort of society sit and so forth. so madison is counter to this he's a scholar and he spends part of that. year 1786 up in a little small in his family's house in montpelier, which you can visit, not too far from here in orange, virginia, not much of the square footage there with all these books, some of which jefferson has sent him from paris about republic, ancient and modern and reading. but he'd also gotten around and he'd been member of the virginia house of delegates as the house of burgesses was renamed after the after the revolution. and so and a collaborator with jefferson, his geographic, it seems to me, tends to go to the southwest. one of the things that you see when he's a young delegate to continental congress under the articles of confederation in the early eighties, he has this sort of tussle with john jay, who was the a new yorker french huguenot ancestry, who was the who is the secretary of foreign affairs for the confederation government and john jay is saying, well, we let's not the spanish then ha
and and and productive there, you know, you get adam smith sort of society sit and so forth. so madison is counter to this he's a scholar and he spends part of that. year 1786 up in a little small in his family's house in montpelier, which you can visit, not too far from here in orange, virginia, not much of the square footage there with all these books, some of which jefferson has sent him from paris about republic, ancient and modern and reading. but he'd also gotten around and he'd been...
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Feb 19, 2024
02/24
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in the words of adam smith, the uniform, constant and uninterrupted, the effort of every man to better his condition, to improve his own lot, and to make a better world for his children and his children's children. when the law interferes with that pursuit, everyone will try to find a way around. he will try to evade the law. he will break the law, or he will emigrate from the country. all of those things have happened in great britain. there is no moral code that justifies laws fixing prices or fixing wages or preventing a man from earning a living unless he joins a union and submits himself to the discipline of the union, or forcing you to buy more expensive goods at home when cheaper goods are available from abroad. when the law prohibit things that most people regard as moral and proper, they are going to break the law. only fear of punishment, not a sense of justice, will cause them to obey the law. and when people start breaking one set of laws, there's a strong tendency for the lack of respect for the law to extend to all, even to those which everyone regards as moral and proper
in the words of adam smith, the uniform, constant and uninterrupted, the effort of every man to better his condition, to improve his own lot, and to make a better world for his children and his children's children. when the law interferes with that pursuit, everyone will try to find a way around. he will try to evade the law. he will break the law, or he will emigrate from the country. all of those things have happened in great britain. there is no moral code that justifies laws fixing prices...
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Feb 21, 2024
02/24
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that's exactly the kind of people that adam smith thought should serve as as political leaders. they have no he as said about the landed aristocracy, england, they have no interest of their own. their money comes to them from rents and tenants without exertion. they don't have to do anything. money just flows in and that gives them the ability to be disinterested. and that's a term that george washington used all the time, was what he meant by virtue we use the term non to mean as a synonym for uninterested and. we've changed the meaning of the word. but in the 18 century there was only one meaning to that word. it meant impartial standing above interests and washington that and he works at it. the southern planters slaveholding planters came as close as anyone in our society to emulating the english. that is to say, they didn't have to work either. they didn't have to exert themselves, their money, their cotton growing money came without their exertion, so to speak. not not quite up what the english aristocracy had, but that gave them assurance that they were the true heirs of
that's exactly the kind of people that adam smith thought should serve as as political leaders. they have no he as said about the landed aristocracy, england, they have no interest of their own. their money comes to them from rents and tenants without exertion. they don't have to do anything. money just flows in and that gives them the ability to be disinterested. and that's a term that george washington used all the time, was what he meant by virtue we use the term non to mean as a synonym for...
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Feb 16, 2024
02/24
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the first one in washington, john adams. thomas jefferson was the greatest intellectual force that the united states ever had. no one else in the ballpark. those that don't respect jefferson, you might as well find a different country. have to run a team professionally. i work with the riskiest people in the world with the highest standards. 100% truth, there are higher professional standards by far at a racetrack controlling horserace integrity then there is in any election in the united states. >> wrapping up the debate, mr. mitchell, you are the final word. >> i supported zdenek trump in 2016 -- i supported president trump in 2016. i enjoyed the trump presidency. i thought it was time for an entrepreneur to be president. thanks change. and the country is changed and we need a different type of president. i am big on linked in. and the team that -- mitch becomes the utah senator. and also, we have a 70 year embargo against cuba. china is building an army. and we have all types of relationships with people. after 70 years,
the first one in washington, john adams. thomas jefferson was the greatest intellectual force that the united states ever had. no one else in the ballpark. those that don't respect jefferson, you might as well find a different country. have to run a team professionally. i work with the riskiest people in the world with the highest standards. 100% truth, there are higher professional standards by far at a racetrack controlling horserace integrity then there is in any election in the united...