Free Enterprise in Three Minutes Podcast with Ray Keating
238 episodes - English - Latest episode: 8 days ago - ★★★★★ - 1 ratingFree Enterprise in Three Minutes is a podcast meant to provide three-minute (give or take a few seconds) answers to important questions about free enterprise, the economy, business and related issues. Ray Keating is an economist, columnist, author and podcaster who cuts through the economic mumbo-jumbo, tosses aside the economic mistakes often made in the media and in political circles, and quickly gets at economic reality. Who says free enterprise and economics have to be mind-numbing? That's not the case with Free Enterprise in Three Minutes with Ray Keating.
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Episodes
Episode #34: What People Earn, Part IV: Why CEOs Make Far More Than Their Employees
April 24, 2019 14:00 - 3 minutes - 1.51 MBRay Keating talks more about earnings, specifically, by exploring why the CEO of a company makes a heck of a lot more than the average employee. Indeed, many people are annoyed by CEOs of businesses making so much more than those on the assembly line, covering the sales floor, or driving the trucks. But once the economics are explained, it becomes clear why that’s the case.
Episode #33: What People Earn, Part III: Why Does Mike Trout Earn More than Teachers?
April 18, 2019 20:00 - 3 minutes - 1.48 MBRay Keating talks more about earnings by exploring why Los Angeles Angels outfielder Mike Trout makes far more than teachers. Of course, lots of people are annoyed by the idea that individuals in fields such as sports and entertainment make so much more than those involved in critical work, like educating our children. They need to put aside their feelings, and think about the economic realities.
Episode #32: What People Earn, Part II: Boosting Productivity
April 03, 2019 04:00 - 3 minutes - 1.43 MBRay Keating talks more about productivity and earnings. Higher earnings for workers are not about government mandating a minimum wage or a living wage. Instead, higher earnings are about increasing output, value or productivity in a competitive market. How is that accomplished?
Episode #31: What People Earn, Part I: Productivity
March 26, 2019 04:00 - 2 minutes - 1.26 MBRay Keating talks about what people earn. Politicians often ignore economics and wind up pandering for a higher minimum wage mandate or a government-imposed living wage. But in the competitive, private marketplace, the bottom line is that earnings, or incomes, are determined by productivity, that is, output per worker.
Episode #30: The Predictable Ills of Rent Control
March 19, 2019 04:00 - 2 minutes - 1.35 MBRay Keating talks about rent control. It says something about the poor state of teaching economics that so many bad economic ideas keep cropping up. One is rent control, with its inevitably destructive effects.
Episode #29: What Are Economic Costs and Profits?
February 28, 2019 05:00 - 3 minutes - 1.49 MBRay Keating explains the difference between what people usually think of when it comes to “costs” and “profits,” and what economists mean when they talk about “economic costs” and “economic profits.” They key is opportunity costs.
Episode #28: Incentives Matter
February 22, 2019 05:00 - 3 minutes - 1.47 MBRay Keating talks about incentives – monetary and nonmonetary – and shows why incentives are central to economics and human decision-making.
Episode #27: What Is Supply-Side Economics, Anyway?
January 29, 2019 05:00 - 3 minutes - 1.75 MBRay Keating counts himself as a supply-side economist, but the term “supply-side economics” has been ill-defined over the years, often for political reasons. Keating looks to set the record straight by summing up the basics of supply-side economics.
Episode #26: Avoiding Pitfalls in Economics
January 23, 2019 05:00 - 2 minutes - 1.29 MBRay Keating talks about some key pitfalls that must be avoided in economics, including problems with good intentions, claiming association is causation, and dressing up political preferences as economics.
Episode #25: What’s Wrong with Economics?
January 16, 2019 05:00 - 2 minutes - 1.37 MBTurning to help from Henry Hazlitt, one of the great economic thinkers of the 20thcentury, Ray Keating looks to answer the question: Why is economics plagued by so many fallacies?
Episode #24: Amazon and Corporate Welfare
November 14, 2018 13:00 - 3 minutes - 1.74 MBUsing the examples provided by Amazon’s deals with New York , Virginia and Tennessee, Ray Keating explains what corporate welfare is, and why it makes for bad economics.
Episode #23: Trade, Investment and the Balance of Payments
November 13, 2018 19:00 - 3 minutes - 1.47 MBRay Keating looks at trade and international investment courtesy of the balance of payments. Keating explains the current account, the capital account, and more, and sums up that the U.S. runs a capital account surplus because it’s an attractive place to invest.
Episode #22: Why Government Doesn’t Work Well
October 30, 2018 04:00 - 3 minutes - 1.62 MBRay Keating looks at why government doesn’t work well, that is, why government is wasteful and inefficient. After Keating notes the key reasons as explained by economics, concluding that no one should be surprised by the fact that waste and inefficiency govern in government. Get Ray Keating's new book THE REALISTIC OPTIMIST TO DO LIST & CALENDAR 2019 at Amazon.com.
Episode #21: The Ills of Price Controls
October 17, 2018 04:00 - 2 minutes - 1.35 MBRay Keating looks at the ills of government imposing price controls, using the examples of price controls on prescription drugs and hiking the minimum wage.
Episode #21: The Ills of Price Controls
October 17, 2018 04:00 - 2 minutes - 1.37 MBRay Keating looks at the ills of government imposing price controls, using the examples of price controls on prescription drugs and hiking the minimum wage.
Episode #20: Role of Prices
October 11, 2018 04:00 - 2 minutes - 1.34 MBRay Keating explains the central role that prices play in a market economy, including providing information to buyers and sellers that help guide decisions and promote the efficient use of resources.
Episode #19: Mercantilism – Wrong in the 18th Century, Wrong Today
October 03, 2018 04:00 - 3 minutes - 1.53 MBRay Keating looks at mercantilism and international trade, and explains why it made no sense in the 18th century, and it makes no sense today.
Episode #18: Importance of Property Rights
September 27, 2018 04:00 - 3 minutes - 1.48 MBRay Keating looks at private property rights and how they are foundational for economic growth and progress. Most economists understand the vital importance of property rights as encouragements to invention, innovation, improvement and investment.
Episode #18: Importance of Property Rights
September 27, 2018 04:00 - 3 minutes - 1.5 MBRay Keating looks at private property rights and how they are foundational for economic growth and progress. Most economists understand the vital importance of property rights as encouragements to invention, innovation, improvement and investment.
Episode #17: Government Spending and the Economy
August 20, 2018 04:00 - 3 minutes - 1.6 MBRay Keating takes a look at how government spending affects the economy. Various economists and lots of politicians claim that more government spending can be good news for the economy. Keating explains why that fails basic criteria of economic common sense.
Episode #17: Government Spending and the Economy
August 20, 2018 04:00 - 3 minutes - 1.58 MBRay Keating takes a look at how government spending affects the economy. Various economists and lots of politicians claim that more government spending can be good news for the economy. Keating explains why that fails basic criteria of economic common sense.
Episode #16: What Caused the Great Depression?
July 15, 2018 04:00 - 3 minutes - 1.66 MBThe Great Depression is mistakenly blamed on market failure. In reality, the economy sank into and persisted in a depression due to government failure. The Great Depression was all about trade protectionism, tax increases, massive increases in government spending, and unprecedented regulation.
Episode #15: Marx Was Wrong – Owners and Labor Work Together
July 02, 2018 04:00 - 3 minutes - 1.43 MBKarl Marx got pretty much everything wrong. Yet, remnants of his mistakes persist, including his ignoring economic reality when it comes to the relationship between business owners and workers.
Episode #14: Yes, Taxes Matter
June 24, 2018 04:00 - 2 minutes - 1.62 MBRay Keating asks: Why do so many economists – including supply-side economists, like myself – favor tax relief and oppose tax increases? Are we just evil, greedy people? Of course not. Taxes matter to everyone due to the various ways taxes impact incentives, opportunity and economic growth.
Episode #14: Yes, Taxes Matter
June 24, 2018 04:00 - 2 minutes - 1.38 MBRay Keating asks: Why do so many economists – including supply-side economists, like myself – favor tax relief and oppose tax increases? Are we just evil, greedy people? Of course not. Taxes matter to everyone due to the various ways taxes impact incentives, opportunity and economic growth.
Episode #13: Immigration is Plus for the Economy
June 20, 2018 04:00 - 3 minutes - 1.55 MBRay Keating puts aside the partisan politics and sets the record straight on the actual economics of immigration. And it turns out that immigration ranks as an economic plus.
Episode #12: No, Apple and the NFL Are Not Monopolies
May 21, 2018 04:00 - 3 minutes - 1.62 MBPoliticians, the media and more than a few economists rather haphazardly toss around the word “monopoly.” Ray Keating sets the record straight on what a monopoly actually is, and no, Apple, the NFL and Major League Baseball are not monopolies.
Episode #11: The Economy Is Not a Zero-Sum Game
May 10, 2018 04:00 - 3 minutes - 1.51 MBThe economy is not like poker, not like a sports game, and not about zero-sum thinking. This point matters because all sorts of bad economic ideas are rooted in mistaken zero-sum thinking, that is, the misguided idea that if one person gains in the economy, another person must lose.
Episode #10: Profits Aren’t Evil
April 29, 2018 04:00 - 2 minutes - 1.23 MBNo matter what you might have heard about profits being “evil,” Ray Keating makes clear that is not really the case. Instead, Keating explains the critical roles that both profits and losses play in our economy, i.e., serving as signals for how resources are allocated.
Episode #9: Distributing Resources – Government or the Market?
April 18, 2018 04:00 - 3 minutes - 1.51 MBRay Keating notes that there basically are two options when it comes to how economies ration or allocate resources – a government-led economy or a market economy. He quickly explains which one makes sense from an economist perspective. Keating concludes, “Remember, the more we have sound economics in politics, the better off we are. However, the more politics in economics, the worse off we are.”
Episode #8: What the Heck is Scarcity?
April 06, 2018 04:00 - 2 minutes - 1.31 MBRay Keating explains what “scarcity” means in the world of economics; sums up why it matters; and notes that it should not be confused with other terms, like “poverty” or “shortages.”
Episode #7: Economics? Not Dismal, But Rather Exciting
March 30, 2018 04:00 - 3 minutes - 1.7 MBRay Keating explains that economics is only dismal when not practiced correctly, such as when political preferences are dressed up as economics. Keating proclaims that economics actually is quite exciting.
Episode 6: The Big 5 Polices for Growth
March 22, 2018 04:00 - 2 minutes - 1.28 MBWhat are the policies that allow economic growth to flourish? Ray Keating highlights the “Big 5” policy or institutional requirements that are essential to allowing economic growth to flourish.
Episode #5: Why Some Nations Grow and Others Don’t
March 17, 2018 04:00 - 3 minutes - 1.49 MBWhy do some nations grow while others stagnate or falter? In this episode, Ray Keating identifies the true sources of economic growth, and no, they have nothing to do with government spending and infrastructure projects.
Episode #4: The Real Deal on the Trade Deficit
March 07, 2018 05:00 - 3 minutes - 1.46 MBFrom the Trump White House to assorted TV talking heads, there's a lot of buzz about the evils of the U.S. trade deficit. But is a trade deficit truly bad for our economy? Ray Keating sums up why the trade deficit is not an economic negative. Keating also notes that imports aren't negatives, either. In the end, more often than not, a U.S. trade deficit signals strong U.S. economic growth. And Keating explains all of this in three minutes! Tune in and get the real deal on trade deficits.
Episode #3: Protectionism Sucks!
February 26, 2018 05:00 - 3 minutes - 1.58 MBRay Keating explains why protectionism doesn't work, as it hurts consumers, U.S. businesses and workers. And contrary to what politicians claim, there's nothing "fair" about imposing tariffs. As Keating says, "Protectionism sucks."
Episode #2: Free Trade Rocks!
February 23, 2018 05:00 - 3 minutes - 1.66 MBRay Keating explains why free trade is a positive for U.S. businesses, workers and consumers. Contrary to some misguided politicians, Keating makes clear that free trade rocks!
Episode #1: Is Free Enterprise About Greed?
February 15, 2018 05:00 - 3 minutes - 1.43 MBIn this first episode, Ray Keating answers the question: Is greed central to free enterprise? Was Gordon Gekko right about greed being good?