Stu and John Tamny author of Popular Economics Web Exclusive The Wonderful World of Stu

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Todays People John Tamm Knee Todays Stuff Popular

economics you know doing the show with Glenn Beck back in the day him telling the story of his hometown. They had a great downtown where everyone loved it and then that evil mall came in and the mall came in and it dragged everyone away from the downtown and it ruined that downtown well now the same thing is happening to the malls and now those are all dying and is that a bad thing. We have this sentimental connection to the past, but in reality these things what we have today is getting better and better and if you can kind of set aside that sort of sentimental value that stuffed animal That I love that I grew up with so much what you find. On the other side, a lot of times is something a lot better oh you. put it so well and pointing out that we are sentimental about the past that’s the essential point but the thing is if you live in the past you stay there.

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I Love How You Bring Up Downtown Were

now starting to thrive again and pulling business away from malls. What that’s telling us is that we allowed prices and downtown cities to fall far enough that entrepreneurs came in and thought okay here’s a deal. I’ve got a chance to buy or lease real estate cheaply and I can start my business that’s what you constantly want to have happen It used to be that all Americans worked in agriculture. We’re not in red lines because most of us don’t work on the farms anymore what’s based. I think if you and I had to work on farms we’d be very unproductive we’re also no longer a manufacturing economy.

Did That Hurt Us To That Person

put us into bread lines No we spent those jobs overseas we’ve got even better work today It’s when you remain stuck in the past investors Don’t like that they don’t like stationary ideas they like economies that are moving forward, but always looking to innovate so if you remain wet in the past investment pulls away and you have nothing let’s based in New York City used to be the largest manufacturing city in the United States. Los Angeles was number two all those factories that used to have Nabisco and some of these manufacturers they now has Google in the Intel is New York tour because it’s no longer the number one manufacturing cities know precisely because it moved on and stay wet in the past it’s one of the richest cities. It’s not the richest if you don’t mind I. pulled that segment and just play it before every single stump speech of every candidate as we approach 2016 because they’ll all mention manufacturing jobs and pine for the times that we all worked in factories and and and work to these jobs that are you know rough and tumble laborious sort of work and I you know to me it’s great that we’re pet we’re advancing past that it’s just very difficult to communicate that which is really why I like the book so much because you’re able to take things that people understand you know that people kind of connect with these basic examples and and kind of advance. These these these theories that things like the estate tax and and and things what that people don’t understand you know the manufacturing one is a great example of that manufacturing is so commonly praised as this wonderful thing.

But When You Look At It Why

would you you know that’s not that that’s not the pinnacle of society. We don’t all want to be manufacturers there’s nothing wrong with those jobs they’re good jobs, but you know when you look at how society advances and how we can move forward and use trade as something that that is advantageous to our country. It turns from something that politicians use for their advantage to grab votes into something that actually benefits our culture and in our economy and if you can explain that to people. I think they grasp it it just it’s just really hard to do in sound bites. Oh yeah, you’re absolutely right and I think one of the things as politicians who claim to love manufacturing jobs have never worked in the factory.

The Reality Is Families Have Always Wanted Their

kids to avow to. The manufacturing jobs you look at them today that are not even good anymore. The average factory job in China pays the equivalent on a per-day basis of a Starbucks latte as what does that tell us It doesn’t tell us that America is falling behind. It tells us that America is very much moved forward that basically American labor is too valuable to keep in factories. So they moved overseas well that’s a good thing.

Lets Face It If Its All About Saving

jobs. Let’s abolish the computer. The car the tractor of the internet the UK machine because those are some of the biggest job destroyers in history, but did they make us worse off. They put us in red lines certainly not do any of us in the United States. They want to live without any of those innovations that I described.

I Think Not Where.

They destroyed some jobs, but they created much better ones and we need to look at manufacturing the same way if manufacturing factory style jobs ever come back the United States that will be a circle side of the eat of a UK and decline not a us moving forward. Oh my God I’m I’m literally going to record that and put it in front of every Donald room speech that he makes during this campaign let me give you a few more here real quick it can give me quick lightning around Ish sort of answers to these Blockbuster, Video and Hollywood video people know the term antitrust laws, but when it’s actually applied in reality, it has a different feature than the way it’s sort of promoted. Can you explain that Yeah it’s fascinating that they tried to merge back and go in the 1990s. I think it’s.

The 1990S, But Basically What Happened

is the Federal Trade Commission said no they said you did the combined company would be too powerful. They would dominate the video and UK mark what the federal government always misses. There’s a new industry coming in Netflix came in and cleaned their clock and made them irrelevant the idea that they would try to keep these two from merging missed the point they were soon enough bankrupt how aboutNK] James and competitive advantage tell that story. NK] James the best basketball player in the world, but if he wanted to he could be a pretty good UK tight end too, but he doesn’t play in the UK with good reason if he pursued both he would no longer be the best basketball player in the world, and he would earn a lot less money well that describes us I don’t think. Don’t think you and I cut her own hair.

We Dont Raise The Food That We

eat. We’ll build the apartments or houses we live in We don’t make the cars that we drive we leave that to others so that we can focus on what we do best. NK] James does the same thing as individuals We are all free traders and that’s why we have such high standards of living in countries like the United States. You can make a serious argument that specialization is literally the best thing humanity has ever done. I mean it is move society forward so fast and it changed everyone’s lives it really is amazing and people.

Dont Understand That Without Question.

It’s big economic story of all with specialization first of all get not just your neighbor and the stone in your country vines your meets with free trade you get. get the most talented people on Earth Lining up trying to serve you trying to give you a bargain, but even better than that into your point. Free trade maximizes the possibility that we as individuals will get to do the work that most animates our talents that moat that we can most specialized in what’s basically. We do what we’re good at or more productive we earn more money and we’re much happier alright One last one here.

Ben Afflecks Career What Does That Teach

us about the housing crisis. It teaches about about the wonders of failure. Ben Affleck was it wizard UK dating Bentley driving joke not too long ago in what in his movies kept failing but rather than put a cushion under him basically he was allowed to freefall. It forced him into direct which all totally led him directing the best picture film without. failure you cannot have success because you don’t learn premier mistakes banking was not saying it wasn’t made starter by the bailouts banking by definition was weakened by them because it perpetuated the mistakes that worked that were made that got them into the place they needed to bail out in the first place.

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If You Dont Have Failure You

don’t have success. Silicon Valley is the richest part of the United States not these almonds business to succeed but precisely because the vast majority of its businesses fail and through that and get perfection so great. John Tammany a popular economics what the Rolling Stones Downton Abbey and UK James Contiki teach you about economics what a great book and what a great way to approach this in a way that actually could communicate these issues to people who don’t normally dig into charts and spreadsheets John Tammy thanks. So much for coming on the program thank you very much for having you.

Summary

John Tamm Knee: “We have this sentimental connection to the past, but in reality these things what we have today is getting better and better” He says if you live in the past you stay there. It’s when you remain stuck in the . past investors don’t like stationary ideas they like economies that are moving forward, but always looking to innovate so if you remain wet in the the past investment pulls away and you have nothing. New York City used to be the largest manufacturing economy. We spent those jobs overseas. We’ve got even better work today. We’re not in red lines because most of us don’t work on the farms anymore what’s based on the . farms anymore. What’s based in New York is based in . New York? Knee says. I think if you and I had to work on farms we’d be very unproductive we’re not unproductive. We don’t have to work in the farms. We spend those jobs in agriculture. We…. Click here to read more and watch the full video