In this episode we talk about economics. We cover an essay entitled “I, Pencil” by Leonard Read. It’s written from the perspective of a pencil who makes the claim to humans that no single person could make a pencil. That essay takes us into further discussion about economics. We talk about economic methodology comparing empirical and a priori approaches. We compare the different schools of economic thought and then start to dive into the Austrian school and its approach to economics. We talk about building up economic science from the single axiom that man acts. We go through topics including money, wealth creation, prices, business cycle theory, inflation and even a discussion about making sandwiches. Enjoy the episode and make sure to look into the show notes for link to more reading and video on the topic that we link to.



Links:







I, Pencil by Leonard ReadIt’s a beautiful short essay written from the perspective of a pencil. The pencil tells us that no single human acting on their own could make a pencil. It’s quite the claim but our pencil friend has brought the receipts to back it up.Links:Here are some of the links I promised on the production of pencils and milling wood and mining and refining aluminum.How to Mill WoodHow Aluminum Is Mined and ProcessedHow Aluminum Foil is MadeHow Erasers Are MadePencil Factory







Ludwig von Mises (1881-1973)Human Action by Ludwig von MisesYou can get the book for free at the Mises Institute. The Mises Institute is a great resource for information on economics. They have a ton of free books and videos and podcasts available. Worth a bookmark!







Man, Economy and State by Murray Rothbard







Diagram of Simple Bartering







Diagram of How Bartering Get More Complicated



Further Reading on EconomicsFor a nice easy introductory read on economics, I highly recommend Economics in One Lesson by Henry Hazlitt.For a little bit of fun, check out the epic economic rap battle between Keynes and Hayek.For a more advanced and comprehensive look at Austrian economics, check out Man, Economy & State by Murray Rothbard. This book is still easy to read and follow compared to Mises but it is very thorough.Another option is economist Bob Murphy’s book Choice that is essentially a modern rewriting of Human Action.If you want the full shebang, here is Human Action by Ludwig von Mises



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Timestamps:



0:00:00 – Intro0:03:50 – I, Pencil – Part I 0:06:53 – Appreciating the Simple Things0:08:58 – Innumerable Antecedents0:17:16 – No One Knows0:20:31 – No Mastermind0:26:47 – Testimony Galore0:29:49 – Discussion0:34:01 – Music Break0:35:37 – Lost Coast Hazy IPA0:38:14 – The Invisible Hand0:43:12 – Empirical vs. A Priori Thinking0:52:26 – Economic Schools of Thought0:57:04 – Austrian Economics – The Action Axiom1:01:27 – Building Economics From the Action Axiom1:08:42 – Marginal Utility, Wealth Creation1:17:25 – Music Break1:19:13 – Sandwiches1:21:50 – Origin of Money1:25:04 – Origin of Money1:41:39 – Prices & Interest1:48:16 – Inflation & the Correct Way to Play Monopoly1:49:59 – Music Break1:51:20 – The Correct Way to Play Monopoly & Back to Inflation1:59:16 – The Austrian Business Cycle Theory2:09:55 – Other Ideas in Austrian Economics2:18:16 – Outro Music



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