I can almost guarantee with complete certainty I am more liberal than you. woo

Not really, he goes to painful lengths to explain the economic calculation problem. Admitting you did not actually watch the lecture kind of undermines all of your criticisms.

"If you can't explain something simply you don't know it well enough"

My time is valuable to me and when a video starts off by setting up arbitrary constraints just to knock them down then presents that as a valid theory I write it off as bullshit.

Also if the point is so painfully objective and obvious than you should be able to summarize it in a way so that I don't have to watch the video.

I think you completely missed the point. Without a market for resources, there is no way to signal the scarcity/demand of an input to a process. Without prices, rational and efficient allocation of resources cannot happen.

So if a system doesn't use the current method of value approximation than it breaks because there can be no other method to approximate value. That seems incredibly naive.

Thanks for bringing this one up! It really is one of the absolute best examples of showing how undermining pricing systems leads to economic catastrophe. The housing bubble was a result of government legislation and terrible monetary policy following the 'dotcom' bubble. Had the price signals not been messed about with, the bubble and subsequent crash would not have happened.

The source of the housing bubble seems to differ from source to source but I'm familiar with your version. Either way, markets still have speculators and misappropriate value at least on an individual basis. I would say the market is doing a great job at under valuing a breathable atmosphere and stable climate.

That is the leading definition of socialism according to Marxist types. It has the same problem. If they eliminate money, ECP. If they eliminate private property, complete economic collapse. He talks about that in the lecture...which you would have heard if you actually listened to it.

Why do libraries function then? It's a system where the books are owned by the community and exchanged freely without the use of money. Also you keep conditioning the argument with "they eliminate money" when the agreed definition does not state that the abolishment of money is conditional to socialism, so either we need to redefine our terms, or the lecture should be called. "Systems without mediums of exchange never work."

And that is the point. There is no algorithm that can asses the wants and needs of billions of people as they change in real time. Like I said, if you work one out, you are going to win every Nobel prize forever.

Well why would you try making an algorithm for the entire world first. That's just stupid. You make one for a small town and then scale it up. I'm learning to program now so maybe if I get around to it I'll code it for you, but I'm not sure if I'll have time seeing as I have to watch all these lectures in order to have an opinion about anything.

wot?

The house in the beginning. Did you even watch the video? I thought it looked cool. I'd be willing to fix it up too if it meant I could live there.