Often I’ll be debating politics and it’ll become clear to me that that the other person does not even have a basic understanding of economics and incentives. When I realise this I try to explain that arguing politics without understanding incentives is like debating a creationist who refuses to read the basics of what the theory of evolution even entails. It’s a total waste of time. Most people dispute this, and think their gut feeling (for example: minimum wage = good) is enough, and won’t bother to delve further, but to anybody who expresses an interest, I recommend Henry Hazlitt’s Economics in one lesson. [Read online for free here]

Beautifully concise and easy to understand, the book was written in 1946 but is even more relevant today than when he wrote it. I strongly recommend it to all who have yet to read it. If you don’t feel like reading the book, however, you’re in luck, because this absolutely awesome geekfest is now on youtube.  Presented is various legends of the Mises Institute discussing each chapter of the book. Over 3 hours in length, this video is absolutely captivating! I wasn’t bored once, and everybody gets involved: Hear Tom Woods explaining how credit diverts production, Walter Block illuminating the ‘Disbanding Troops and Bureaucrats’ chapter and metaphorically masturbate to Guido Hulsmann shining light on how the price system operates. If, like me, you’re a sucker for this sort of stuff, then this might just be the best video ever:

Hat tip to Nielsio’s Channel. One of the very best on Youtube.