RUSH TRANSCRIPT I m ░░░░░░░░ Prager And my guest ░░░░░░░░ David banks and he ░░░░░░░░ the prager you video ░░░░░░░░ this week seven economic ░░░░░░░░ based on his great ░░░░░░░░ There is no there ░░░░░░░░ no free lunch Two ░░░░░░░░ fifty economic truths yeah ░░░░░░░░ s let s let ░░░░░░░░ play a little of ░░░░░░░░ because this is a ░░░░░░░░ introduction to truths that ░░░░░░░░ ignore that our great ░░░░░░░░ from economics makes from ░░░░░░░░ quotes here are seven ░░░░░░░░ one capitalism as a ░░░░░░░░ that begins not with ░░░░░░░░ about with giving others ░░░░░░░░ gilder this sounds counterintuitive ░░░░░░░░ gilder is right The ░░░░░░░░ motivation of the entrepreneur ░░░░░░░░ to satisfy not is ░░░░░░░░ that his customers that ░░░░░░░░ his only path to ░░░░░░░░ in profitability and once ░░░░░░░░ the entrepreneur invariably puts ░░░░░░░░ new capital of the ░░░░░░░░ Expanding as business which ░░░░░░░░ turn creates better products ░░░░░░░░ jobs and more wealth ░░░░░░░░ more people Number two ░░░░░░░░ contribute so much to ░░░░░░░░ prosperity and happiness have ░░░░░░░░ country as high profits ░░░░░░░░ ricardo to judge profits ░░░░░░░░ in a free economy ░░░░░░░░ understanding what they mean ░░░░░░░░ the nation at large ░░░░░░░░ a failure to understand ░░░░░░░░ countries where citizens are ░░░░░░░░ healthy profits by their ░░░░░░░░ efforts are countries with ░░░░░░░░ higher tax base higher ░░░░░░░░ and development better public ░░░░░░░░ more robust charity and ░░░░░░░░ and ultimately greater happiness ░░░░░░░░ quality of life are ░░░░░░░░ will stop There will ░░░░░░░░ to David advance and ░░░░░░░░ is really good stuff ░░░░░░░░ it s not stuff ░░░░░░░░ would into it so ░░░░░░░░ s it really serves ░░░░░░░░ a great totally accessible ░░░░░░░░ to economics the video ░░░░░░░░ the book the videos ░░░░░░░░ minutes of course but ░░░░░░░░ get you get the ░░░░░░░░ seven economic truth So ░░░░░░░░ First of all congratulations ░░░░░░░░ you dennis I appreciate ░░░░░░░░ much and you know ░░░░░░░░ s it s a ░░░░░░░░ way to put it ░░░░░░░░ of these things Don ░░░░░░░░ naturally come about in ░░░░░░░░ way people think and ░░░░░░░░ once one sort of ░░░░░░░░ that the testimony of ░░░░░░░░ and stops to consider ░░░░░░░░ lot I bet that ░░░░░░░░ of a free society ░░░░░░░░ we live at What ░░░░░░░░ the effects Ben of ░░░░░░░░ of of I sort ░░░░░░░░ open economy a market ░░░░░░░░ They can see the ░░░░░░░░ fruit that has come ░░░░░░░░ this tree Hopefully we ░░░░░░░░ all develop a little ░░░░░░░░ out of that process ░░░░░░░░ the title of your ░░░░░░░░ is there s no ░░░░░░░░ lunch and that of ░░░░░░░░ is attributed to Milton ░░░░░░░░ Is that is it ░░░░░░░░ anecdote Well an anecdote ░░░░░░░░ true Is it true ░░░░░░░░ not true that he ░░░░░░░░ asked on in some ░░░░░░░░ Can you summarize he ░░░░░░░░ the nobel prize in ░░░░░░░░ Can you summarize economics ░░░░░░░░ a sentence and any ░░░░░░░░ yes there s no ░░░░░░░░ lunch is that true ░░░░░░░░ yes it is in ░░░░░░░░ first time that we ░░░░░░░░ find any historical record ░░░░░░░░ that expression being used ░░░░░░░░ sort of reflect The ░░░░░░░░ of scarcity of the ░░░░░░░░ of scarce resources is ░░░░░░░░ a newspaper in El ░░░░░░░░ Texas in the 19 ░░░░░░░░ and so I did ░░░░░░░░ lot of research on ░░░░░░░░ this all came from ░░░░░░░░ by the time milton ░░░░░░░░ using the expression and ░░░░░░░░ of course popularizing it ░░░░░░░░ had just mastered this ░░░░░░░░ I had a classical ░░░░░░░░ school of tradeoffs and ░░░░░░░░ in a market economy ░░░░░░░░ get something one wants ░░░░░░░░ have to give up ░░░░░░░░ one wants and that ░░░░░░░░ a good thing And ░░░░░░░░ to approach to economics ░░░░░░░░ the utopian world view ░░░░░░░░ assume that one can ░░░░░░░░ that all ignore scarcity ░░░░░░░░ trade offs and it ░░░░░░░░ something that six year ░░░░░░░░ on a playground know ░░░░░░░░ not trail Milton famously ░░░░░░░░ it as there s ░░░░░░░░ free lunch God rife ░░░░░░░░ In your lifelong pursuit ░░░░░░░░ knowledge and economics which ░░░░░░░░ envy you for I ░░░░░░░░ Do you sometimes just ░░░░░░░░ frustrated at the the ░░░░░░░░ s buying of the ░░░░░░░░ of all the two ░░░░░░░░ fifty truisms in your ░░░░░░░░ How do you deal ░░░░░░░░ it psychologically You know ░░░░░░░░ despair is a sin ░░░░░░░░ s good man so ░░░░░░░░ I don t get ░░░░░░░░ because I have work ░░░░░░░░ do and and I ░░░░░░░░ this very seriously and ░░░░░░░░ do not mean it ░░░░░░░░ righteously But this is ░░░░░░░░ calling on I am ░░░░░░░░ of created a very ░░░░░░░░ business that deals in ░░░░░░░░ markets and gear oils ░░░░░░░░ free enterprise where there ░░░░░░░░ provide wealth advice around ░░░░░░░░ match Nations have a ░░░░░░░░ market economy and at ░░░░░░░░ same time I refuse ░░░░░░░░ me one of these ░░░░░░░░ Street people that ignores ░░░░░░░░ I got here that ░░░░░░░░ of a sudden Blaze ░░░░░░░░ I we re gonna ░░░░░░░░ with that David backes ░░░░░░░░ videos up with pre ░░░░░░░░ youth seven economic truths ░░░░░░░░ the meantime want to ░░░░░░░░ you of something that ░░░░░░░░ endorse personally nerve renew. I