Week in Review: August 5, 2017

By: Mises Institute
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Should people worry about the “threat” posed by robots and automation? No. As Jonathan Newman illustrated this week, technological innovations don’t only allow for increased production of the goods we desire — but directly to the creation of new industries and services that we can’t imagine today. As Henry Hazlitt would say, another example of the seen and the unseen. Instead, the true danger isn’t technological innovation — but rather the consequences of dangerous policy dictated by the ideas of bad economists.

This week on Mises Weekends Jeff Deist is joined by Luis Cirocco and Dr. Rafael Acevedo from Venezuela. They discuss the chilling troubles that are plaguing that once prosperous country: food shortages, a lack of medical care and prescription drugs, government agents running black markets, and an entrenched elite made rich from decades of crony socialism. Oil prices remain very low, and the country’s economy is so bad that civil war looms. Our guests remind us that the opposition, pushed by the US CIA, is hardly better — “socialist lite,” as they term it. Intellectuals in Venezuelan universities, many of them (badly) trained at Ivy League social science departments, offer nothing more than support for price controls and currency pegs. Horrific hyperinflation is the result.

What Venezuela needs is a wholesale intellectual revolution toward markets and away from deeply ingrained socialism. Listen to this interview and better understand just how quickly Venezuela is unraveling — and how it could happen here.

And in case you missed them, here are this weeks Mises Wire and FedWatch articles, covering a wide array of topics including: the bubble in rental properties, taxpayers subsidizing Wall Street, the distortion of Kansas’s tax cut experiment, robots, and small-time vs. violent crimes.

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