Name: Why Nothing is Overpriced: Re-Make PoliDice Debunked
Uploaded: 2021-10-13T00:11:04+00:00
Duration: 20 min 30 s
Description: As I covered before, the subjective theory of value is what determines what price will be, in relation to the laws of supply and demand. Why nothing is overpriced is because it is the subjective value

4 years ago

FEE Foundation for Economic Education Mises Institute Austrian School Economics Polidice Freedomtoons Polidice Prager U Polidice Debunked

As I covered before, the subjective theory of value is what determines what price will be, in relation to the laws of supply and demand. Why nothing is overpriced is because it is the subjective value, whether other people agree with it or not.

PoliDice tries to use the erroneous argument on healthcare, but completely ignores the fact that the reason for such soaring costs in the main American healthcare market is all down to governments interference that resulted in a collusion between private pharmaceutical companies. Even then, such as his example of a hurricane disaster, he fails to comprehend the purpose of the higher price that he confuses with _'price gouging.'_ That isn't to say there won't be specific individuals who take advantage of such a situation, but such an individual rations what is scarce, therefore, the resource reaches those most urgently in need.

The water and diamonds paradigm is the prime example of why people who believe in the labour theory of value don't understand where value derives from. To reiterate, those who believe in the Labour Theory of Value think value is down to use value, but such a thing doesn't explain why diamonds are of a higher price and value over that of water, despite water having greater utility.

Much like I pointed out previously, PoliDice makes baseless claims about the Austrian school of economics whilst showing a great deal of snobbery and ignorance of the philosophical approach and its importance in relation to human action. The economics he holds up as being the great intellectuals, such as, Paul Krugman, was not only wrong about Canadian healthcare, but woefully wrong on his predictions of the banking crisis. In fact, it was caused by Keynesian 'pump priming'.

• introduction: (0:00)
• The 'Name' Attempt: (0:21)
• Defence of FEE: (0:43)
• Funding Argument: (1:27)
• Austrian vs Mainstream Economics: (1:47)
• GDP calculation: (7:08)
• More Empty Arguments: (7:27)
• Prices and Radical Subjectivism: (8:27)
• Supply and Demand: (11:33)
• Big Pharma Collusion: (12:25)
• Explaining Rationing: (14:20)
• Water and Diamonds Paradigm: (15:26)
• Purpose of Higher Prices: (17:33)
• Conclusion: (18:25)