1501: Paradox Of Thrift Keynes, Edward Bernays, Friedman, Marx & You

In the US, we live an economy that is 70% consumer spending. Where one sees frugality as a virtue, they now view it as a vice. Jason Hartman and Rabbi Moffic discuss the Paradox of Thrift and how we should approach spending, saving, and investing in these pandemic times. When we dissect capitalism, communism, marxism, socialism, etc., do any of these reflect hints of something natural? 

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Guests: Harry Dent, George Gammon, Sean Carroll

Key Takeaways:

[2:15] Jason and Evan talk about the Paradox of Thrift.

[7:15] Frugality was once looked at as a virtue but is now viewed as a vice. 

[9:15] Capitalism, communism, marxism, socialism. Are any of these natural?

[15:00] The paradox of thrift; We have to spend money to keep the economy going, but we also have to save money to build wealth.

[20:00] There are no fiscally conservative politicians anymore.

[23:00] The circular flow economic model relies on the velocity of money.

[24:35] Can we ever become savers again?

[27:00] Say’s Law; production of something creates demand for something else.

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