This 30-mins video produced by Ray Dalio, #31 on Forbes list of richest people in America, is absolutely worth the time. Perhaps the only thing better would be to read Henry Hazlitt’s Economics in One Lesson – but that will take longer than 30 mins. As you watch the video, keep in mind that I echo Joe Carter‘s disclaimers found at the Acton Institute Power Blog, primarily this one:
The U.S. economy currently doesn’t measure up to some Distributionist or Austrian or any other economic ideal. But we still need to know how it works in its current state of being, however flawed it may be. In my opinion, Dalio’s video does an excellent job of explaining how the economy works as things are right now. It’s not perfect (it relies on a few too many Keynesian assumptions for my taste) but I think it’s one of the most useful explanations currently in circulation.
My favorite part is this awesome bar-scene economics.