Without government who would build the roads? Should prostitution, speculating and price gouging be outlawed? In this episode Saifedean discusses these questions with eminent Austrian School economist Dr Walter Block. They cover fundamental issues in economics such as whether there is such a thing as a “public good”, whether economics is an empirical science, and whether it is ethical to outlaw “victimless crimes”. Dr Block also shares the story of he became a libertarian and Austrian economist, including the roles played by Ayn Rand and Murray Rothbard in his intellectual journey.

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00:00 Sponsors
02:16 Introducing Prof. Walter Block
04:23 How Prof. Block became an Austrian Economist
13:30 Block’s Case For Praxeology
17:20 Good Economists Is A Good Economist
19:05 The Issue With Minimum Wage
21:45 Data On It’s Own Can’t Tell You Anything
29:21 Governments Roads Are A Problem
40:10 The Legal Justification For The Governments To Own Roads
46:40 How To Organise Private Roads
48:40 Defending the undefendable
57:30 Libertarianism is analogous to adulthood
01:06:02 Is Speculation Bad Or Good?
01:08:30 The Problem With Interventional Economics
01:15:00 The Criminalisation of Drugs & Alcohol
01:20:31 Parents are Guardians of Children

Resources:

Atlas Shrugged by Ayn Rand:
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Economics in One Lesson by Henry Hazlitt:
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Dr Block's paper “The Minimum Wage Once Again” debunking a well-known 1994 study by Card and Krueger:
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Mises Institute article “The Phillips Curve Myth” on the relationship between inflation and unemployment:
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Dr Block's book The Privatization of Roads and Highways:
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Dr Block's book Defending the Undefendable:
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Principle of non-aggression explained on Mises Wiki:
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List of Walter Block’s publications online:
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Dr Block's book Water Capitalism (2015):
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Saifedean’s first book, The Bitcoin Standard:
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Saifedean’s second book, The Fiat Standard:
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