I love Dr. Madsen Pirie, from whom I learned so much while I was in London (and from whom I continue to learn). It’s not an overstatement to call him a national treasure, someone Great Britain is so fortunate to have. I’m honored to know the guy who is doing more than almost anyone to try to give the UK a shot at being a better, more free country.
There is a common myth that, when an exchange takes place, someone gets the better of the deal. [T]hat is simply not the case. There are two parties to an exchange and they do it because they would rather have what the other one has. Each person gains. It’s a win-win. Each person has more value than they had before because each person has something they’d rather have. This is how wealth is created.
One of the things I appreciate most about Madsen is that he has always enthusiastically embraced the potential of the online space, and was open to trying things and learning from what worked and what didn’t. I’m so glad he’s brought his talents to YouTube to explain some very fundamental economic ideas in a fun, engaging way – and in an astonishingly short clip. I cannot wait for the rest! (You can buy his new book, Economics Made Simple, from iTunes or Amazon.)