This is Jeff Deist, and you're listening to the Human Action Podcast. Ladies and gentlemen, welcome back once again to another installment of the Human Action Podcast. It's a great weekend. We're so happy to have all of you with us. And if you've been following along, you know that we are working our way through Rothbard's great treatise man economy and state. And we are sort of going on a chapter by chapter basis. Some shows are more than one chapter. Some are just one, and we're working our way through this dense book and hopefully bringing it to light for you and making it interesting and making it so that a lot more of you will read it. And so I'm very pleased this weekend to be joined by my friend, Hunter Hastings, who also runs our Economics for Entrepreneurs platform here at the Mises Institute and conducts his own E4E Economics for Entrepreneurs podcast. So, Hunter, good morning. Good morning, Jeff. Thank you for bringing me to the Human Action Podcast. Yeah, well, I wanted to have you because we're covering chapter eight, which is all about entrepreneurship and change. And I think that's really right up your alley. It's something you've studied at length, something you've thought about at length, read quite a bit about. So for the audience who's listening, chapter seven and eight are a bit of a contrast. Chapter seven is all about factor pricing, and it assumes an evenly rotating economy. Now, that's a construct which Mises used and which Rothbard also uses throughout this book. If you're a little fuzzy on what that means, it basically means a construct whereby there's no profit and loss. There's a degree of certainty in the economy. And if you go back to chapter five on page 321, there's actually a nice little paragraph long exposition by Rothbard of what the ERE would mean. It would be, you know, the value scales and technology and the given resources all stay the same. So rates of production of each good remain constant. Prices remain constant. Total population remains constant, supply and demand, etc. So we use this construct to aid us in learning about the structure of production, which is what this entire section of the book, multiple chapters, is about. And so we derive a lot of things from the ERE. But then in chapter eight, we move into an area of uncertainty. And that's really where the entrepreneur comes in. And Hunter, what strikes me about this chapter, Rothbard doesn't come out and say it as such, but what strikes me about it is that, you know, we really have to draw a huge distinction between profit and loss and interest. They're two very different things. And the idea that capitalists somehow just make a rate of profit and that this is all easy for them is absolute bunk. Right. Rothbard points out that we have to think in terms of profit and loss, not just profit, and that the entrepreneur can make a profit. He points out that that's a profit above the opportunity cost of just parking your money somewhere and taking the going rate of interest. And the downside of that is entrepreneurial error gets you lost. And as we'll talk about as we get later into the chapter, there can be situations where there are aggregate losses in the economy for various reasons which we'll cover. So the entrepreneur is bearing this uncertainty and loss is a significant possible result as well as profit. And that's why the entrepreneur is so brave and so valuable. I'm sure our listeners will understand, of course, that there are such things as accounting profit, which is basically revenues over expenditures. But money profit, the kind of profit that Rothbard is talking about in this chapter, also sometimes you'll hear the term economic profit, is as you mentioned, this is a rate of return above the general interest rate they could have gotten by simply parking their money. And I don't know if you remember this, Hunter, but there is a period where people were going through Trump's past business dealings, his casinos in Atlantic City and such, and looking at the amount of money which had been bequeathed to him by his father and saying he'd actually be wealthier if he had just done nothing and been in an index fund or something this whole time. I don't know that that's true, but I think that's interesting. Do you remember hearing this? Well, I do, and I can also relate to it from the world of venture capital. When you put together 20 startup companies in a venture capital fund, you have a strong confidence that some of them will go bankrupt. You have a limited amount of confidence that some of them will be home runs and generate significant profits, and there'll be some in the middle. And you don't know at the outset what those are, and you hope that the profit from that portfolio of uncertainties will be greater than the going rate of interest, that you'll get superior returns. But you absolutely don't know it, and it's perfectly possible that you'll get an inferior rate of return. So I'm very familiar with that principle. Well, one thing I like to tease out of this chapter is there tends to be this socialist or Marxist critique of capitalism that these fat cats have lots of money in capital, and they just make money off of it. And so I would draw the reader's attention, Hunter, to this little aside on page 513, where Rothbard says, well, it's absurd to think that there's some sort of natural or automatic rate of profit. We don't have a rate of loss. Nobody would engage in an activity that had a set rate of loss. And I think the distinction between profits and interest, both in Marxist thought and also in Neoclassical or Smithian or Keynesian thought, that capital generates interest. And what we're talking about in this chapter is a very different kind of animal. Yes. And Rothbard talks about the entrepreneur being on the alert for discrepancies. And a discrepancy gives the entrepreneur the opportunity to earn more than the going rate of interest. So the profit will be greater than the going rate of interest. As you say, it's a different animal. It's money profit. And what that means is that the entrepreneur has the foresight to understand that the consumer, who is the ultimate determinant here, has a preference which is not currently priced into the market for the factors. And if the entrepreneur can buy those factors and convert them to sales of goods to the consumer, where the marginal value productivity of those factors is greater, the entrepreneur realizes that and makes a profit, but it means that others didn't. And so it's that adjustment of discrepancy, which is the special talent, but also the high risk activity of the entrepreneur. So you're right. It's not just, I thought of Thomas Piketty when reading that remark by Rothbard. And Piketty believes that the rich get richer just by inheriting their capital and taking the 5% on it. And the entrepreneurial role is entirely, entirely different. They're performing the social role of what Rothbard calls adjusting those discrepancies for the benefit of the consumer. It's the consumer who benefits in the end. Well, Mr. Piketty, Mr. Piketty, the difference between his book and Rothbard's book is that people have read Rothbard's book. I think a lot of people have Piketty's book on their shelf, but they haven't actually read it. But, you know, going back to chapter 7, what's interesting here is that time, as always in the structure of production, a vertical ladder, there's always a temporal element and Rothbard, this weaves its way through several of Rothbard's chapters. And so it's all about time. We have a discount against things for the future and we have a premium for in favor of things in the present. And so when we think of those two things, twin opposed forces, we come up with this concept of interest. And so when you speak about the risk that entrepreneurs take, one of those, of course, is that capital, which they have invested or saved or applied to a business venture, is the source of factor incomes all along the way in this ladder-like structure. And so the capitalist has accumulated a wages fund and very often, as you know from your own investing experience, the capitalist is going without an income while the worker is being paid along the way. So another sort of defense of capitalism against the exploitative thoughts of Marxist. Right. Rothbard is very careful to point out that the factors he's talking about are land, labor, and time. And there are returns to each of those and there's income for each of those. And interestingly, later on in the chapter, he talks about who benefits from the aggregate investment that the entrepreneur directs to the lengthened structure of production, as we'll talk about in a second. And he said real returns to labor, real income for labor increases, real returns for land increase. Yes, the entrepreneur gets some additional profit, but that is going to be arbitrage away very quickly as more and more entrepreneurs see what's happening and come into that same area of investment. So those returns are uncertain and they're going to decline. So actually, labor and land are the ones who benefit from the entrepreneur's direction of aggregate investment. And this idea of interest representing a meeting of time preferences between people who want to borrow money and people who want to save or invest money is so interesting because Rothbard has this phrase where he says the discount that we apply to some profit or income in the future is basically the rate of interest. And he says or, and I'm quoting him, the social rate of time preference. I thought that was an interesting turn of phrase because it brings to mind the term social cooperation, which is actually an alternative working title for Mises is human action. So there's actually an element of social cohesion in interest rates if we allow them to be arrived at in what Rothbard would call the pure rate of interest. Right. The production entrepreneurship and change that he uses to title this chapter, the ultimate source of change. And he repeats this over and over again is a change in time preference and especially a change in time preference at the consumer level. So if the consumer wants to consume more, i.e. their time preferences increased, that's going to affect aggregate investments, going to decrease it. If the consumer consumes less, so that time preferences is decreasing, then there's the release of more funds for investment and increase in capital. And then what Rothbard calls a progressing economy, one that has more capital and therefore profits and returns to labor and land are increasing. So time preference is always the first change. As you say, it's a social time preference. Ultimately, it's the consumer's time preference aggregated up to society. So time preference is always the engine. It's always the first change. It's the one that makes all the other changes occur, including entrepreneurial change. But it also debunks the notion of exploitation. If profit and interest both have social benefit, that's a blow against, I think, the beliefs of a lot of our friends on the left. Yeah, there's a super important paragraph in this chapter about profit as the social signal to the entrepreneur that they're rearranging the factors of production. They're making their investments in ways that the consumer and therefore society approves of. And he calls it an index, an index that the entrepreneur is making the right adjustments. And he takes that to the logical next step is that an entrepreneur who makes more profit is therefore being of greater and greater benefit to society. So we should be more congratulatory and more excited. So we should look at Jeff Bezos and say, gosh, isn't that terrific? He's made so much profit that that shows how much benefit he's brought to society. How much he's listened to consumers saying, I have a different preference and it's currently provided to me by the marketplace. Please change the structure of production. And Bezos does that and now he's the richest man on the planet. So we have to be celebratory of profit and the entrepreneurs who make profit because that's the signal that society's sending to say thank you to the entrepreneur. Well, Hunter, you know who else is rich is his ex-wife. I just read the other day, I think she's the second richest woman on the planet or something now with all the gains in Amazon stock. As an aside, I would say I'd like him a little more if he burned down the Washington Post, but it's his money. You know, it's interesting, you bring up this idea and Rothbard uses the terms progressing stationary and retro-aggressing economy. So, you know, a progressing economy has net aggregate profits. A retro-aggressing economy is one where losses exceed profits. So talk about this conceptually. Why should we be thinking about this in net terms if we're supposed to be focused on the individual entrepreneur? We're libertarians after all. Well, Rothbard is aggregating or grossing up the individual activities of entrepreneurs, but he looks at it from time to time as the economy. And the progressing economy is actually one where gross investment is increasing. So we're generating more capital goods. And those capital goods are bringing profits, especially to the entrepreneurs who are engaged in the highest stages of production. They're increasing the real incomes of labor and the real incomes of land at the aggregate level. Now, that's not necessarily true of everybody. So some entrepreneurs are going to take losses, but we need that to happen so we can figure out where the best places are to invest. If factors are what Rothbard calls highly specific, then they're not going to be able to change. If consumption is decreasing, labor that's involved in the stages of production very close to consumption may find that they're subject to decreased demand. If they're non-specific, they can go get new skills and go start working at the highest stages of production. If they don't do that, then they can suffer losses. The same with land. Land that's associated with the highest reaches of production is going to get increased returns. But if land is highly specific at the lower end of production, then it can get decreased returns. Think of the shopping malls that are currently empty because of the coronavirus restrictions. And some investors are thinking about repurposing those into some kind of housing, so they're trying to make the shopping malls less specific. But right now, they're suffering. So he's looking at the aggregate of the economy, but also telling us to recognize that in some specific individual instances, there can be loss, entrepreneurial loss or specific factor loss. So even in a rising economy, there can be losers and vice versa. Right. Rothbard has some wonderful language about that. He talks about the entrepreneurs who lose find to their sorrow that they invested in the wrong place. So he introduces a kind of emotional factor. He calls it psychic profit or psychic loss. So there's that. Some entrepreneurs can make error even in a rising economy. And as we just said, there are other places where specific factors can get lower returns. So the aggregate is to look at the total economy, but that doesn't say that there aren't what he also calls bumbling losers in some other parts of the economy. He recognizes at the individual level that there are both winners and losers. Now, of course, a lot of Austrians would say that in terms of aggregates, GDP is not a very good one or a very accurate one. But nonetheless, we got some GDP numbers for Q2 of the U.S. economy just a couple of days ago. And year over year relative to 2019, that the GDP number was down about 35%. So a little more than a third. So by definition, I mean, when we have a number that big, does that mean we're in a retroaggressing economy? Not necessarily. We probably are. What it means is that there's less consumption going on. And that's the biggest cause of reduced GDP. But also there's less production going on. The restaurants are closing and we talked about the shopping malls being closed down and so on like that. So we've got both. But interestingly, there's a lot more savings. And if that savings goes into investment and generates more capital, especially in the higher reaches of the production structure, then we can quickly convert a retroaggressing economy into a progressing economy. And we may already be there. There's a lot of money in private equity funds now. There's a lot of money waiting to be invested. Perhaps it's being invested right now in some new forms of higher structures of production. I underlined a phrase from the book where Rothbard conjures up this wonderful picture. He said, when there's less consumption, there's more savings. And those funds are ranging, ranging around the economy in search of higher returns. So you get this beautiful picture of these saved funds looking all over the economy, looking for the higher returns, thinking about the future, thinking where is the higher DMVP in the future. And so you get this feeling of the engine is worrying. And I think we're at that stage. There might be a little pause because of the government interventions at the moment. But those funds are ranging around the economy, looking for places to get higher returns. So that's an exciting prospect. Yes. And there's a sense that when government impedes things, capital works its way around in a happy way. Yeah. The entrepreneur is always smarter than the government. I remember talking to an investor from South Africa and asking him about all of the restrictions that were placed on his investment opportunity. And he said, we can always move faster than them. We're always smarter. Our imagination is better. It doesn't matter what they regulate or what they confiscate. We'll always do better than they do. Yeah. The entrepreneur is always going to be smarter than the regulator. Well, one thing that Rothbard points out here is about interest rates in a progressing versus a retrogressing economy. And of course, the Fed is something that we worry about a lot. A lot of people think Austrian's overstate the importance of the Fed. It doesn't really have that much impact on interest rates. I disagree with that view.  Fed obsessed Austrian's think. But so put that aside for a second, Hunter, just conceptually, when there's more profit investment savings in a progressing economy, we would expect interest rates to drop. More capital available, less demand. But when we're in a retrogressing economy would expect conversely interest rates to rise. So sometimes when the economy tanks, especially here in the United States and also in Europe, our central banks go into hyperdrive. They're trying to keep interest rates lower than they might otherwise be. So that seems to me a real problem for the economy and a tough one for entrepreneurs to get around. Yeah, Rothbard hasn't introduced banking or central banking or any of those constraints in yet in Chapter 8. So he talks about, as you say, as there's more aggregate investment, the interest rates are going to go down. And then he separates that from the loan market. And there he points out that there are tons of interest rates, lots and lots and lots of different interest rates in the loan market. Not just the percentage rate, but also the terms that you can get and the durations and that kind of thing. And those interest rates are related to the uncertainty of the entrepreneurial project. And so the loan market is smart enough to look at the uncertainty of the project and charge a higher market rate of investment for a more uncertain future and a lower rate of investment for something that they think is more certain. And that's what he calls entrepreneurial judgment and foresight. And so that's the rate of interest that is relevant to the entrepreneur. Can they get the funds that they need in order to invest in that future output that will give them the profit that they're seeking? So there's a difference between this aggregate and conceptual and theoretical rate of interest, which Rothbard explains to us very carefully, and the loan market, which is what the entrepreneur is actually dealing with on a day-to-day basis. And of course we can see that ever since 2008 when the Fed has struggled mightily to keep interest rates low, there are still places like those car lots you see dotted around that aren't a dealership that accept people with really bad credit and they charge a very high rate of interest, sometimes 20% on the auto loans that they underwrite themselves in many cases. Also rental centers, there are people of modest means who go into rental centers and actually rent computers and TVs and dining room furniture suites and that sort of thing, and oftentimes pay over 20% for that. So the market continues to be the market. Yes, and interestingly that's all related to high time preference and the returns in the time market. So you think of the payday loan business, which is another 25% or 30% or 35% annual rate kind of premium, but that's not the point. The point is that an individual has a high time preference for some money now and is willing to pay whatever the premium is to have that money now, same as your furniture rental example. So that's really about the consumer and their time preference and they'll figure out their own value structure for that time preference. Is that exploitation? If somebody goes into rent a center and I don't know, gets an Apple tablet that costs $800 and they end up spending twice that over time because of interest, I would say no. Yeah, Rothbard is really interesting on that because he talks about all of these internal changes in investment rates and savings rates, but ultimately points out the consumer decides. The consumer decides where investment is going to be made in the economy. Even if you're thinking about Apple deciding to switch to its own chip design instead of Intel's, the consumer is deciding that. The consumer is deciding what kind of preferences they want to apply when they're using their iPhone or their tablet or their MacBook Air. So it's the same thing with the rental market and the payday loan market. The consumer decides and the great error of the leftists and the Marxists is they refuse to give the consumer agency. They won't let them make their own decisions. They won't let them act in the way that they want to act and Rothbard points out it always comes down to the consumer. Everything in this whole changing economy he's talking about is determined by the consumer and the consumer is always changing their preferences. They're always looking for new opportunities. The consumer is the ultimate decider. Now you mentioned earlier it's not always so immediately apparent whether we're in a progressing or a retrogressing economy. For example, even though we're all very worried about the state of the U.S. economy right now, there is obviously a huge increase in savings going on just because people have uncertainty for the future. And I mentioned in a talk a couple of weeks ago in Birmingham, W.H. Hut wrote a famous academic paper called The Yield from Money Held and there's an article by Hoppe which goes a little bit further into this. It says, hey, you know, it's completely natural when things are uncertain for people to hold larger cash balances. And in effect, it's not that they're not consuming. It's that they choose to have the psychic comfort, I guess, of more money in the bank and put the potential for more future consumption over some sort of current consumption. So they prefer the dollars in their bank account to that shiny new Ford F-150 that they might actually want, but they don't want it more than they want the money. So this idea that plays into something Rothbard addresses, the paradox of savings. A lot of our listeners may have heard of the paradox of thrift, so let's talk about this. There's the idea that, well, when people are saving to accumulate capital, they have to forego some consumption. But when we have less present consumption, this lowers demand and that signals less investment in production. So over time, we need an economy based on consumption and consumption is the driver of the economy. And that's basically an underlying principle of what we might call Keynesianism broadly. And it is completely at odds with what a lot of our listeners know from Say's law. So let's get into this. Let's talk about this because Rothbard takes pains to disabuse us of this paradox of thrift. Yeah, it's a wonderful passage actually because he's quite playful in the way that he spells it out. So he paints this picture where there's less consumption and therefore more savings. And he says, isn't that a disaster? You've got less consumption. And so those factors that are involved in production close to consumption are finding that demand is decreased and they're getting lower returns and lower wages and so on like that. Isn't that a disaster? Well, no, because at the same time, that saving, that decrease in consumption is releasing these funds to go, as he says to repeat what he said, go ranging around the economy to find higher returns to their investment. And so they find it in the higher reaches of the economy. We start producing with greater productivity. We start increasing wages to people who work in those higher returns. And so when he quotes the paradox of savings, he quotes Hayek actually where he says that the phrase originated. And so the paradox is focusing on one thing, the lower consumption and the lower production close to consumption and forgetting or ignoring what's going on in the rest of the economy, which is very positive growth, the higher aggregate investment going into these more efficient, more productive investments, which is going to generate more consumer goods and more consumption down the road. So that's a time factor. It's involved with time preference and time as a factor. And paradox of savings is actually a failure to see the big picture of what's going on in the economy as opposed to one element. It's very like Henry Aslet. You've got to think beyond the first implication and get to the second and the third and the fourth and the fifth, and those are positive. So Rothbard points out Bomberwerk who had already explained to us that spending less on present consumption so you can spend more on future consumption is still spending. It's just a temporal matter. And then Rothbard gets into this very naughty discussion about the length of the production processes. So this new investment is always extending the length of the production process. And so he talks about Bomberwerk's roundaboutness. That's 18th or 19th century language, which is a little bit difficult for us today. I remember Bomberwerk's example of you've got a house by the river to get water into your house. You take a bowl and you dip it in the river and you carry it to the house. Then one day you discover you can lay a pipe and take it straight to your faucet. That's more roundabout, but as Rothbard points out, it's more productive and it's also a more direct way of getting flowing water constantly coming through your faucets into your house. And so this complex idea of lengthening the structure of production, in theory that sounds like a bad thing. But in practice it's a great thing because you're increasing productivity more consumer goods over time and therefore a progressing economy. Hunter, you know what came to mind when I was reading this about present consumption versus future? Folks on the left like to say, well, these rich capitalists accumulate all this capital and sure they invest it, but they never really spend it which would stimulate the economy and then they die.  And then their kids just grow an even bigger pie and that this continues on. And actually I think it was Forbes magazine has done some really interesting work that in a more dynamic economy, I would consider generally in the 20th and now 21st century, the U.S. versus older European economies, family fortunes tend to not last beyond about three generations. In other words, at some point you have some kids or grandkids or great-grandkids who just go out and buy Ferraris and are profligate and they're spending and are jet-setting playboys or something like that and they blow it because they don't have the work ethic because they didn't need it because they were born into a wealthy family. And Forbes sees this as a huge problem that we're going to get these accumulations of capital and certain families or something like that and it really isn't the case empirically. Right and Rothbard is also really interesting on that because he points out that an entrepreneur with great foresight and great judgment will make a high return, will get a great income and some entrepreneurs do it repeatedly because they have that facility, they have that capability but there's no guarantee that they will and he says that the market is no respecter of your history just because you did it before doesn't mean you'll be able to do it again and eventually that entrepreneur is liable to make a mistake and he will be hit with a blow just as hard as the first entrepreneur making a mistake. In fact, he may be hit with a harder blow because in Rothbardian terms he's now got a thousand ounces to risk and he loses them whereas a starting entrepreneur with 50 ounces to risk may get a higher return. So there's no guarantee that history, so in this case that you're citing inheritance will give you a return in the future. Every investment is uncertain and history has nothing to do with that. I'm not sure Americans really understand how we don't have any trepidation about Nouveau-Riche here. We don't even have a concept for it. If you come from nothing and you make the money, you can move on into Beverly Hills or the Hamptons and everyone just congratulates you and you're there.  Yeah, there was definitely a class society and the Marxist class analysis actually applied in the UK when I was growing up. There was an aristocracy, historically the landowners and the people in the part of the country where I came from, the coal mines and those kinds of things and if you came from the working class, you were definitely a working class and that's where you stayed. Maybe you could go to college if you were the next generation and maybe get to the middle class, but it was definitely a class society that definitely does not apply in the US. We love entrepreneurs, everybody can be an entrepreneur and the market is making it more and more possible for entrepreneurs to get the capital, whatever their own personal situation. So on the e4e podcast a few weeks ago, Dusty Wunderlich who's a fintech as they call it today, expert is pointing out that there are tons of fintech apps which are now rounding up funds to lend to entrepreneurs at what he would say is close to the original rate of interest because there are so many of them and so much competition that access to that capital is universal. Anybody can get it and anybody can be an entrepreneur and we hope they'll all become rich. So yeah, America is still the place where anybody can be an entrepreneur, we hope that everybody will become an entrepreneur, they can get those high rates of return and you're right, the nouveau reaches a French expression which won't cross the Atlantic. And just imagine the truly democratizing force of where venture capital and micro lending and that sort of thing are headed, that's democracy. Right exactly and that's what we on the economic side as opposed to the political side of looking at this are excited about that democratization of entrepreneurship, let everybody be an entrepreneur, let them have access to capital, let them take on these uncertain projects, let's hope they all win, elevate the progressive economy as Rothbard calls it or progressing economy and that will be the future and we can stop arguing about politics and how you shift resources from one favored group to an unfavorable group and let everybody be an entrepreneur and that will be truly a democratized market, a universally distributed entrepreneurial capitalism. Now in the work of people like Peter Klein and Pair Bieland, one of the big Austrian critiques of other schools of thought is that economics generally, not only does it lack a theory to explain entrepreneurs and entrepreneurial action and the individual risk taker in the economy but it also seems to lack a coherent theory of the firm when entrepreneurs get together under some sort of business entity umbrella. So talk a little bit more about this because I know it's something you've looked at. Yes, so to your first point, there isn't a role for entrepreneurship in classical economics they just have a blob of capital and they figure it's homogeneous because that's the only way they can run their equations because they've mathematicized economics. So Austrians don't do that and they recognize from Menge's time really that entrepreneurs are the drivers of change and growth as we're explaining in this chapter of Rothbard and so how do entrepreneurs actually implement that process of assembling resources in order to invest and create a production process that will produce a future good and the way that we do that now is a firm. So it's a very evolving set of thinking about the firm right now. So you have the Cosian way of thinking about the firm which is your transaction costs are cheaper inside than going out in the marketplace and so that's why you have a firm. You gather people together so that they can work together and build their internal processes so you can get the external production onto the market. There are legal reasons in most countries to create a firm for limited liability but actually now we're finding and this is a superb expression of Austrian capital theory and it's talked about in this chapter in Rothbard that you want your capital to be super flexible because the consumer is always changing. The value of your capital which reflects the consumer preferences is always changing. You don't want to be saddled with old capital that you can't change and Rothbard has a long section about that and so you want your capital to be really really flexible and with the advent of the internet and the ability to access global supply chains and to access labor and specialties and download your code from GitHub and so on you need less and less inside the firm and in fact the idea of the firm may disappear. We have an upcoming episode of E4E which talks about an ecosystem based strategy as opposed to a firm based strategy which is how as an entrepreneur do I best fit into the ecosystem that the consumer is constructing to get their benefits and I may not need to form a firm. I may just need to form a network to gather all of those resources together to bring the consumer what the consumer wants and fit into her or his system. So the idea of the firm in economics is a really dynamic one and I think Rothbard hit on that in this chapter because he talks about the problem of being a firm with existing capital that you can't switch out quickly to the new capital and the new technology and so what Austrians are doing with Austrian capital theory is saying well let's keep looking at that. How flexible can a firm be to the point where hey maybe in the future we don't need a firm. We haven't got there yet but the structure of organization and the capital structure of firms is changing rapidly and Austrian capital theory has a lot to do with that and it originates from Mises and Rothbard. Well it's interesting to hear you describe this dynamism because I know you've spent a lot of your career in private equity and looking at companies and looking at investments so when you see this, when you see the firm sort of falling away to a more networked or spider webbed version of sole proprietors or gig economy or whatever it might be, I'm struck by that because I think our friends on the left view things very differently. They seem to think that the whole world is consolidating into Walmarts and Googles and Amazons and that we're going to be dominated by these giant companies and now with the coronavirus shutdowns the mom and pops are not going to survive and that's going to make it even worse. Right, one of the beauties of Austrian economics is it's about dynamism and it's about complex systems. One of the aspects of complex systems is you can't model them you can't predict them and that's why Rothbard called this chapter production entrepreneurship and change and you mentioned Forbes before so they have an interesting article about look at the Fortune 500 look at it 50 years ago, 75 years ago, 25 years ago, 20 years ago and count the number of firms that were in the Fortune 500 during all of those periods. It's very very few. I don't have the numbers up the top of my head but it's in the teens I think and certainly we can look at Amazon and we can look at Google and look at Facebook and know that they weren't in the Fortune 530 years ago and so change and dynamism is what's going on in the economy and Austrian economics understands that and all of these anti-capitalist commentators can't get that into their heads for some reason and they don't understand why and empirically we know that change is everywhere but they look just at the current moment and they look at the distribution of power or revenue or income or profit or whatever they think it is and they say this is the present situation and we don't like it but they have no concept of dynamism. I'm at a loss as to why that is. Well we're about ready to wrap up this conversation but Hunter I want to mention I really like what you brought up just briefly a few minutes ago which is that we're focusing more and more on economics versus politics and the idea that we need some sort of ideological shift in this country versus we need actual economics and ownership and entrepreneurship and capital to make changes. I really believe that that's the future I think that that's an important part of the Mises Institute and our mission is to teach people economics and try to build a society that doesn't surround itself doesn't revolve itself as much around Washington DC or wherever your capital happens to be. So talk about how people can find you and how they can find the eFREE podcast because everybody listening to this is an entrepreneur with respect to maybe their own household budget with respect to their own career, their job prospects maybe you're thinking about starting a side business maybe you're thinking about starting a main business maybe you're just thinking about having a website or a blog and in every sense I think we are not going to have the job security that our grandfathers may have enjoyed at a particular firm or company we're going to have to have a lot if nothing else a lot of different employers W2 employers throughout our careers and so we all need to be a little bit more nimble we need to be thinking about this and I think the work you're doing on the eFREE platform is going to help people so talk about it. Adam Smith wrote a book called The Wealth of Nations and in 2020 I'd like to shift that focus to for everybody the wealth of you the wealth of you as an individual think about wealth as a a longitudinal concept the rest of your life and how are you going to build up that wealth not just in terms of of income but knowledge and education and foresight and capability think about the wealth of you and that's a lot of what Austrian economics can do with its methodological individualism and its concepts of entrepreneurship so that's the long term goal we're trying to help people in an entrepreneurial sense and the economics for entrepreneurs podcast is a start we're trying to combine the inputs of our Austrian economics professors some of which you've mentioned like Dr. Klein Dr. Bieland and then every other week a practitioner who says here's how I put this into practice in real life so that's our bridge from Austrian theory to applied theory which is what entrepreneurship in real life is so you can find that on Mises.org slash E4E pod the letter E the number 4 the letter E POD you can also find it on my own website hunterhastings.com and pull down the podcast tab they're all there every week we not only have the recorded conversation but we have a thousand word summary of what the key takeaways that people should have that's free and we try to create an Austrian style visual graphic model of what was communicated that day we're building up a accumulation of those and as you know Jeff we're building a broader platform called economics for business E4B which will provide much greater resources for entrepreneurs uncertainty is a knowledge absence so we'll try and provide knowledge which could be courses it could be papers it could be articles it could be tools could be lots of things we'll try to provide mentorship and we'll try to provide a community of entrepreneurs who can ask each other the questions and share experience so I've come across this problem as anybody else come across it can you help me so the community will be there too and so that's all pure economics applied and like you I'm trying to envisage a world where there's no politics we're not arguing over how the pie is divided it's all economics how can I get into a progressing economy and how can I do that as an individual making entrepreneurial profits because I exercise foresight and I bear the uncertainty and I realize it's nothing is guaranteed but I'm building the wealth of me as I add to experience we Dr. Bylon points out that entrepreneurs who keep succeeding tend to become more Austrian they strip away all of the the knowledge that's no use to them and they focus on what works and what doesn't what that is is understanding consumer preferences and rearranging factors to to meet those preferences so that's the world that we're trying to build you're trying to build you're leading us thank you very much and we'll be making a lot of progress there's a lot of growth investment and capital that we're building and hopefully we'll be able to distribute that to all entrepreneurs through the economics for business platform well ladies and gentlemen you know one thing you can do to make yourself more successful to differentiate yourself right here and right now is to read serious books because much of the population is unwilling to do this if you recall Warren Buffet has said that he reads 500 pages a day company reports all kinds of things that's basically what he does all day so that he can make the best decision he can with respect to his investments with and reduce uncertainty to the extent he can so that's what the human action podcast is all about if you've been listening along we're going to finish up on the production portion of this book next week you can go to mises.org type in man economy in state and pull up a beautiful html version of this book which you can search and go through chapter by chapter absolutely no cost there's also a downloadable pdf and version for your e-pop or your kindle or that sort of thing and of course you can go to our bookstore and purchase the book either in a beautiful hardcover for I think only $20 with the code HAPOD for human action podcast I think only $5 or $10 in paperback using the same code so it's a kind of book that you might consider owning and keeping on your shelves because it really is one of the depending on who you want to talk to four or five really seminal books in the Austrian program so all that said Hunter Hastings I want to thank you so much for your time today and ladies and gentlemen have a great weekend thank you Jeff the human action podcast is available on iTunes SoundCloud, Stitcher, Spotify Google Play and on Mises.org subscribe to get new episodes every week and find more content like this on Mises.org


Hello again, thanks for joining us. I'm Tony Perez with Opticose Design and I'm on the Santa Rosa team here and here with you today to talk about session five of six about core-based codes and today's session It's about articulating physical character through building types So thanks for joining us today Building types are a really great tool, but they are helpful in certain situations and maybe not as necessary in other situations So let's talk about what they do versus what regular standards do without building types on the left hand side you can see the The allowed maximum height width and depth of the building and another way to say that is the maximum zoning or building envelope and the building can go anywhere in that volume or all the way up to that and then it gets designed Through the process on the right hand side. You can see the same size lot and That L building fitting inside that building envelope on the left But being far more articulated. I'm talking not talking about the architecture I'm talking about the L and the massing of it and the size of it As distinct from the more general shape on the left and so in some situations You might say well the the shape on the left is fine And so we don't need any more information than that other than the design of the building of course And so in that case you wouldn't use building types but in the case of the right if that's the expectation about that kind of shape and footprint and and Relationship to the street then it might be in your interest to use building types to further shape the building envelope and And you know comparing the building type approach with conventional zoning, you know, there's a Really prevalent practice of using floor area ratio or f a r and you can see here in this diagram How about it's used on the top of that yellow bar are is the height of a building in one two or four stories? In this in this example And on below that yellow bar is what it looks like if you were looking at that building from above or in plan you And so you can see that the floor area ratio of 1.0 Can mean a one-story building covering The site entirely except for setbacks or it can mean Half of the lot is covered With a two-story building or can mean a quarter of the site is covered with a four-story building. And so, you know, this is a very Well-known practice and a lot of people really a lot of practitioners and planners really like this approach because you can quickly calculate How much score footage is allowed on a property? but if you're a neighbor or or or someone else in the community that is concerned about what might happen next door, this is not a very helpful system and Along with that the density approach we talked about early in this series is also not very helpful again This is that comparison we showed earlier about a three-story building longer than you can see in the photo on the right with 49 building 49 units in the building and And 30 units of the acre and then a five-unit two-story building with 29 units of the acre so again very Very prevalent practice of using this metric and the FAR metric, but in terms of what the form that these Metrics reduce it's not predictable. It's not something necessarily Fits in with what is already in the neighborhood And then just going back to this idea of the building types and that the two categories we talked about in the in the building types Session of this series the block scale buildings and the house scale buildings So we're going to take that forward and talk a little further about each of these types And so in the house scale category on the left here, we're going to focus on that and in the house scale category It is the category of buildings that are the size houses small to large whether they have one unit many units in them units and in Non-residential space, whatever they have in them and we're talking about the scale not the use and so these buildings also have Separation between them they tend to be attached with front side and rear setbacks And so that that is their common trait among all the types And then there are different types within this category as you can see on the screen there. So let's look at those Looking from the left to the right here You see that we we categorized houses in two two varieties the large and the small to medium And then there is the duplex and sometimes that side-by-side or stacked You could see that the multiplex building with three to six units in it Again is that house scale very good example there on the right of a house scale building with six units in that case Or in the bottom left, you know a cottage court where they're individually They're detached cottages one story typically with a two-story building at the rear of that of that type of project not always but typically and then the courtyard building where there are flats and townhouse type of units arranged around a courtyard or Or series of courtyards and then the multiplex large so if you look at the top right we break the multiplex into two varieties the small which is About six units and sometimes a little more And then the large in this case 7th to 12 and sometimes that goes a little higher also And then the townhouse an array of three to four sometimes a few more maybe five or six Units in a row again to resemble that house scale size in height and in width and depth And then let's talk about those individually Here's the duplex side-by-side as its name suggests these are two units side by side as opposed to the current practice of Gluing two houses together that are much bigger than a house would be on its own So it's important distinction between the house scale and then houses being put together Here's the cousin of the of the the house the duplex side-by-side the duplex stacked and as its name suggests You can see the stair in the examples on the left and the right going to the top unit. These are flats one flat above another And then the cottage court Some regions call this the bungalow court as in where this photo is from this is in Pasadena, California And the term bungalow court is used in that community. Maybe that's how you know it But again that the individual cottages arranged around a garden Usually with a lot taller building at the rear in this case that taller building has three units in it And then the multiplex that we talked about here's the small I love this example from Kortelain, Idaho It has five units and then when I first saw it a couple years ago. I thought it was a house It was a neighborhood of houses and much like missing middle Occurs across the country. This is the five unit multiplex in the neighborhood of houses and then the The cousin of that multiplex small as the multipix large and this one Has 12 units in it and you can see it's much longer, but it still has that two stories With that occupied attic space and then even from left to right and to end You know, this is the largest house that you might see in your town, but it's still how scale Courtyard building as as the names suggest here the units are arranged around a courtyard And that courier is open to the street in this case It's often to maintain that that smaller house scale often that a big Component of that is the fact that the courtyard is open to the street and you are visually Perceiving and reading the two volumes of the building on the left and the right as opposed to a solid volume like on the back and Then the townhouse as we were saying here This one has four in a row an array of four and that is maintaining that large The large end of house scale as you saw in the multiplex large they're almost about the same size It this is just two stories You know with a smaller with a smaller slightly smaller footprint And then the other end of the spectrum of building types the block scale Part of the spectrum again, these are buildings that are Individually or collectively as large as most or all of the block so this end of the scale of building types block scale and is is a little different than the house scale and in the sense that There are a couple of these types that might be relevant in the study area and Others that wouldn't be and so we're still in the process of determining that I think it's safe to say that the tower is not Probably worth considering in this in the study area, but there are others it might be so we just wanted to show these to you and Make you aware of them and you know, I think it's also interesting to point out that them how we broke down the other Building types into two varieties. You can see that happening here with the main street. There's a small version and a large version so again articulating physical character through building types and then taking those building types and Breaking them into two varieties Everything that we've been talking about today Either fits in the block scale or in the house scale end of the spectrum and it's really it's really just the Very fun to think about it this way to say there are many building types But there are two categories and you can talk with your friends. You can talk with your colleagues You know your neighbors and say, hey, you know, let's first Identify are you talking about house scale buildings? Are you talking about block scale buildings? Oh house scale. Well, are you talking about the fourplexer and you can go into it that way and it's a much more articulate fun way to talk about it understand it and then ultimately Deploy it in your community through vision and standards. So thank you very much for being with us today And we look forward to seeing you the next session and hearing your questions to comments. Thank you


Hey, this is Rob from the YouTube channel Rob Motive coming at you from the sunny state of Texas, USA And you're watching Trucker Josh Vlogs Good morning everybody from the forests of the mountains of British Columbia We're here at the Thrust area Just woke up getting our day going I was gonna go show you that caboose over there, but a big tour bus just showed up and apparently there's about 50 seniors right now that are walking all over that Touristy caboose area that I was gonna show you remember we showed you a little bit last night We'll have to show you next time it's pretty busy there right now I'm sure they don't all want to be on on film But I found out where all those mosquitoes came from yesterday. Man, were they bad? All this still sitting water right in here But there's a train track right there, too So we had trains just roaring through here last night. I actually kind of liked it I like that sound there's some sounds that night that I like that sort of sooth me There's other sounds that I really don't like Like reefers and engine fans that keep kicking on and off and on and off and on and off a Little tip for you if you have an engine fan and you have an engine fan button Just click your fan on during the night so it stays on that way your engine stays cool and People outside your truck don't have to deal with You're kicking on and kicking off and on kicking off at least then it's a steady sound if you want to These are what you want to do you want to go and check out? I don't know if you want to go down there, man It's a whole different region than we're used to I don't know what kind of critters they got out here It's like a whole different world than Manitoba All the plants are different. All the animals are different. Well, they even got a fence back there I see that now So we couldn't go check out the tracks even if we wanted to Probably a good idea because you know someone would get hit by the train These are where are you going? What are you doing down there? Do it. I'm trying to find your perfect spot, man. Oh You woke up all the mosquitoes. Oh geez hurry up, bud. Come on So we're still tied down nice and tight Taking these to Oatona, Minnesota for next Tuesday that time you watch this they'll probably been in gone already, but Gotta get rid of these tarps back at the yard these four on the very back are not mine Those four there are time to get going Air conditioning is such a wonderful invention. All right, BC. I gotta get out of here Apparently there's gonna be storms in southern Alberta today. My mom just messaged me warning me about it. She had heard it on the news. I Hope it's fake news, but We shall see. I don't know what kind of storms they're predicting but she said they're Expecting some pretty bad storms there and we'll be there A few hours several hours It's been two and a half hours And I haven't had my coffee today yet a little crazy I think the colors are fading around me the beautiful greens and blues just turning to Gray and good news though. We're coming into Golden and British Columbia Which is where I plan to stop and get said coffee I am Not able to get there fast enough Don't worry. We're obeying all the post-its. Oh here it is right here Nice sooner than I thought it was This school bus was making sure we obeyed this speed tonight. They were driving like a school bus should cautiously Really really cautiously around every corner. It's gonna be nice to be free of that whenever they're going I don't know where I'm going. I'm gonna get some liquid life There is a Tim Horton's right next to this husky, but I'm gonna go get some husky coffee In my opinion, it's better better than the Tim Horton's coffee flavored water I wonder how long it's gonna be before they take away this parking from us, too I'm glad I didn't go to that gravel parking lot that I was planning on going to yesterday In rebel stoke They closed it off, too. I don't know why I think it's for construction Sure is getting a little frustrating already with all the Parking that we're losing. I mean we already had a lack of parking before and now it seems this summer, especially they're just closing down Closing down a lot of parking spots for us Because this lot that I'm in is empty now But it fills up very quickly at night. There's only room here for what? 10-15 trucks if people park properly and park straight, which you know, they never do they pull in however They want and just pull the brakes and go to bed Don't even straighten out and they end up taking up three or four spots each but I Need my coffee. I'll be right back. Our sunny skies are turning more and more overcast and cloudy Like this bad weather my mom had heard about in Alberta might be in fact a fact I hope not. She was saying there's supposed to be large hail and Huge large are huge gusts of wind doesn't sound very fun What does sound fun though is getting out of these mountain roads Onto the prairie highways where we can actually pass people So much construction in BC. Oh, we're now bird an hour ready, but through the Rockies here on trans-Canada tons of construction so if you're coming this way be prepared to Add an hour or two, maybe even three on to your route through here Don't know if it would add three hours on but it does add quite a bit of time I should be almost by Calgary right now. Actually, I should be around Calgary still an hour away It seems that they're redoing or expanding the entire highway all at once I always think it's better, you know do it section by section that way There's one construction zone and then free moving traffic, but no they do the whole thing All at the exact same time. So there's construction through the entire profits I've seen that in the US too. Is Ohio done their construction there yet? I remember I haven't been there in a long time But I remember going through there and the entire state was under construction at the same time I don't know why they can't just do you know do one section finish it All right move down the road to the next section finish it I don't know. Maybe it gets done faster this way either way I don't know where you're from but around Around here up here in Canada if they start a construction project. It's It's going to take a really long time. You know that And probably go over a bunch of go to that zone now. That's good I think these are the last mountains. We just got to get around And we'll be out on the open prairie again Medicine hat Alberta I decided I'm going to stay the night here I'm going to have some early mornings this weekend. I'm going on for breakfast with my friend James early in the morning on Saturday and uh We have a father's day gathering on Sunday, and I've got to get up early to get the lawn mode So I figure I'll get my schedule on track now go to bed a little earlier Not that early right now, but I'll get up early tomorrow Be a bit of a long day, but at least I'll be tired when I get home And I can fall asleep and I'll have to be up at like five in the morning on Saturday morning So I'll fuel up now and find us a parking spot And go straight to bed Hi, my name is Jeff. This is Duncan. This is Bella and we're from springfield, Massachusetts, and we watch trucker josh vlogs


Hello and welcome to NewsClick, the last four years of the Modi regime has seen countless attacks on Dalits, on Kisan's and workers. And the government which is claiming to be also nationalist has even not fulfilled the promise of one rank, one pension. On 9th of August, three big organizations which includes All India Kisan Sabha, All India Ambedkar Mahasabha and Indian Egg Servicemen Movement is giving call for massive agitations all across the country. Today we are going to talk about the same and we are joined by Hanan Molla, who is Secretary of All India Kisan Sabha, the General Secretary, Major General Satbhi Singh from the Servicemen Movement and Dr. Ashok Bharti from All India Ambedkar Mahasabha. Jai Bhim. So, Hanan, let's start with you. All India Kisan Sabha was called to jail on 9th of August and it was also talked about collecting 10 crore signatures. And BJP Quit India, because it is a significant date where the Quit India movement, I was given the order to quit India to the British, and on 9th of August BJP Quit India was given the order. What are its main demands? The main demand is that of the farmer's crop, because of which the farmer is committing suicide, the crop is not getting the right amount. The minimum support price given is less than the cost of production, of all crops. And the minimum allowance is not a procurement on that crop. You can make any allowance, but if there is no procurement, then there is no benefit. There is one. The minimum allowance is less than the average, and the asset procurement is less. Secondly, there is no new way back. Majority of the farmers are indicted, who are in debt. And the 4 lakhs that I have done in the country, I have gone to 15-16 countries and there are 1 thing about all of them, debt. And that debt is more than private loan. The amount of debt is more than 20% to 60% and the amount of the debt is more than the amount of the loan. And the third thing is that the majority of the people in our country are indicted. The land in our country has a social status, but there is no land in our country. There was no land in Adibasi, but the forestry tax is not being paid to them. And the land in our country has more than 35-40% of the people who don't have land. So, there is no way back to the land. So, all of you, give the land to the farmers, give them a place for the homeless, and give the forestry tax to the farmers. We have three main demands. Along with that, our farmers have 5,000 rupees pension, and then, to reduce the costs and expenses, all of these are our demands. We started working on 10 crore signatures with these demands. It has been going on for the past three months. We are taking signatures from the houses of the farmers. This means that we can tell them directly why we will fill the jail. There is a direct contact with the farmers. After that, we are collecting the money from the collector. The Prime Minister has a letter written on it. There are five demands. Come and sign it and send it to the collector. So, he will collect the money and send it to the Prime Minister. After that, on 9th August, the action program that we have taken is our Jail Bharu. The preparation for the Jail Bharu is going on very fast. We will tell you the details after a while. Ashok, on 2nd April, there was a call from the Dalit organizations of Bharat Band. And there was a lot of violence in it. It was attacked by the upper class. Many people have been given an empty case. What are the main demands of this call on 9th August? First of all, I would like to clarify that in most media, violence is mentioned in the context of 2nd April. I want to keep it in front of you. In the context of 2nd April, 11 people were killed. 11 out of 11 were Dalits. And that is why I want to say that the people who do violence are not killed. They are attacked and attacked by us. I want to talk about the state. I think the state was in collusion with the political parties of the state. There was a relationship between the police and the local political party actors. That is why all this happened. So the Bhajpa people, Vishwendu Parishad, RSS and Bajrang Dal were never happy with the Dalits. Secondly, as far as the call of 9th August is concerned, we had hoped from the government that after 2nd April, when the Dalits were seen angry in the state, the government would think of that anger. And since these people say that we have made the name of the 5th of Dr. Mirgir, we are giving our lives for the Dalits, so I think the government that gives their lives for the Dalits will think of the 20 issues of the Dalits in 2nd April. But on 30th July, the last date that we gave our time to the government, on 30th July, the government did not do anything better than that. So the 20 demands that we have, the first demand is that all the Dalits that were in Saharanpur's Shabbirpur, were burnt and burnt there. They were attacked there. So we have asked for our first demand. And after the protest, when people protested, 5 people were locked up in the state. There are Chandrasekhar Azad, Sonu, Shabbirpur's elected prime minister, Shiv Kumar, the new leader of Mujaffanagar, Nita Upkar Bawre. And on 2nd April, when the protest took place in Meerut, the SP of that place, which has been destroyed, the SP has taken a full MLA there, and put it on them as well. So our first demand is that all the Dalits should be removed and they should be freed from jail. Our second demand is that after 2nd April, about 20,000 people have been arrested. They have been charged with false charges. Even the children have not been spared from the charges. So our second demand is that all the people should be freed. They should be removed from all the charges. Along with that, whenever such a thing happens, the government enquires. Until now, no government has enquired about who was the culprit. So our demand is that the judicial inquiry should be done so that after 2nd April, there will be a talk of milk and water. Our third demand is that the Sherul Tribe Prevention of Attrust Act which the Supreme Court has heard about without any evidence and has decided the 30 crore people's future. The act should be passed to the parliament in this parliamentary session. So that its sanctity, social justice character should be maintained. Apart from that, our demand is that the Reservation in Promotion should be done by the government. It is being heard since 3 August. So our demand is that the judicial inquiry should be done so that neither the court nor the women nor the women should go to court. So our demand is that the government should set up the Indian Judicial Service on the tune of civil service so that the society can come into it at any time. As Mr. Hanan Mullah has said, we also demand that every person on the land should be of any caste or religion or caste. Every person on the land should be given 5 acres of land for farming in the village. Jai Bheem has been going on for a long time of the Dalit Diwas. And the land in the city has been taken away by a lot of people. Those who don't have a place to build a house should be given a place. We demand that the daily labour of Manrega should be given 500 rupees per day. We are asking for a 30% protection for women. We are also asking for a lot of other demands. We are also asking that the women who live more than 80% of the country's land should be in the private area. But the private area in 2006, CII and ASHO CHAMP voluntarily accepted that they would apply for affirmative action. Their voluntary actions were not done by them. They didn't give any data, they were just a dacoit. That's why we demand that the government bring the law in Parliament and apply for affirmative action through the law. We have a lot of demands but I don't want to say that right now. I haven't done it. Can you throw some light on the demands that you are raising on the 9th of August program? Right. You see, all the people in the country and the three of us who have been deprived of work the aim of this was that we were doing our own leg-leg movement. But the government is not listening. Like my two friends have told you about their issues. There are a lot of issues they have taken before. But with the three issues we are telling the government and with the 12 issues we are telling the government to solve them as soon as possible. The relationship between one rank one pension is being discussed including Prime Minister that we have given one rank one pension. Whereas on the ground they haven't given one rank one pension. One rank one pension I want to explain to the people in the country that we haven't made the two parts of the definition that the government has made we haven't given the definition to them. The government has made this definition that whatever pension retirees if they have one rank one and they have done a service like a year of service they should get a pension like that. Whenever they retire the second part is that whenever the pension they will pass it to everyone. This means that bridging the gap between the current and the past pensioners all the pensioners should get that pension. Now what has the government done? The government broke the first one and ended the second one these two parts. They said that we don't automatically pass to pass pensioners. We are saying that equalization we will do at some regular intervals periodic intervals and they said that we have this one rank one pension on our side. It is not one rank one pension it is one rank one pension and seven pension. Because they have put five years to this periodic interval so this is not the case. So the whole country and the whole world and our soldiers you will remember that on 15th September 2013 they made a promise to us that if we had made our government in 2004 then we would have given it to them. There is only one question that if you sanctioned it we did not give it as I told you earlier that the committee of secretaries made this definition in 2009 after that in 2011 they also made this definition. After that the U.P.A. passed it and on 26th February 2014 the government got a notification on this. But they did not give it to them. The new government came and they also gave this definition and after that a question was raised on 2 December 2014 and at that time the minister of defense state said this definition when they did it on 7th November 2015 they did not give it to them. This is our problem and we say to the government that until we do not give the actual 1 rank 1 pension then this is not the 1 rank 1 pension which you have made a promise to us. One is this. The other point they told us that our second point is that in 1947 there was a degradation of our army there was a downgradation there was no equivalence to the rank structure like a soldier who is a member of a whole country the last 11 countries army of the whole country and they were kept at a grade less than even peon. Our soldier was 2000 and minimum peon was 22 rupees. The grade 2 which is the guest officer was 4000 and our other even police, even CRPF this is our second degradation and every day the downgradation is going on. We say stop the downgradation the third point we have just started is to open the cantonments think about our cantonment our young man who has come from a village and has got a house in the cantonment his children are young and he is sitting on the border where he lives his daughter-in-law so this was a cantonment culture I don't know why he did this the big land to give it to builders to use it more so we have taken 3 issues 3 of them with 12 issues we are telling the government to complete them as soon as possible we will support the 9th generation and we will spread it and the whole country will be aware of it these 3 issues because if you see these mob violence, mob lynching basically in the name of cow beef the most painful work the work of a farmer is much more painful there is a demand for women reservation women's association has extended their solidarity these 3 demands can be explained a little more this is lynching Supreme court has said there is violence there is no such bloodshed in the name of religion it is happening it happens one after the other Alwar has become an epic center the place where he is beating the government how can you do this this is against our constitution this is the second women's association women's association has been going on for long 33% of women's association we are talking about the women's association the bill was not passed it was passed the right of women the right of the women we have given it the name of the people the right of women but the crime it is not being considered this is for women and the third in the name of the constitution all our records will be stolen this is a big danger this is our development development program welfare program a lot of people are being beaten this is why there are three these three are general this is 12 demands but our demand is one but this time we have already given some calls we have given calls to the farmers to the jails they have called to India but when we have got it is not possible to change this call that is why we have done we will be on the same path the government is our target the enemies of the three are the government the three of us all three of us but we have one religion but our demand is one but the action is a little different we have decided to fill the jails we have decided to fill 400 jails and there will be 120 jails where there will be 5,000 to 15,000 people we are cutting 10,000 people and after that we are moving ahead and our friends are supporting us this is our program and they have a separate call so synchronization of action will take place in one day the government will get down on the way with its own demand but it is a separate action we are clarifying this and there will be another history there was a history from 9th august and this time in 9th august hundreds of thousands of people will get down on the way the warning that the government will raise for India will also be a new history in 9th august government of misgovernance that is the point which we want to highlight it is a government of misgovernance we want governments which are accountable which will be responsible to the people for whom they will brought them over there but on ground when we see everywhere there are deprived sections of society you take women, you take youth 2 crore jobs every year where are they not even 1 lakhs filled up where is my youth they are also running around women they have been crying for 33% reservation similarly Kisan, Javan Kisan Javan is one of the same thing 80% of the Kisan are also Javans our children are all over the countryside so we request the government that we want a responsible government we want government which functions on ground and listens to the people the voice of the people that is what is a Haq Ki Awaaz these three of us have decided to move forward Ashok ji this is my last question I think this is the first time in the history of India that Javan, Kisan and the social and social movements have tried to synchronise different movements but as far as the politics of Bhajpa is seen and dictates it on one side we give that statement that we are talking about the development of everyone and on the other their ministers and their MLAs, MPs are giving statements about reservation an important concern is seen by the government that RSS is giving statements about reservation what are your thoughts on this and what are the preparations for this movement you have said that I agree with this that this government the character of this government the character of Bhajpa the thought of them was neither in the rights of the Dalits nor will it be the thought of Bhajpa the voice of Bhajpa whether it be Kisan or Javan their thought is a small circle of thinking for them the youth of the battlefield is just an Indian and their nationality in that nationality in that nationality they only believe that if the border power is Muslim then we have to fight it we have to fight it with others I want to say that the question of reservation of Bhajpa everyone knows that youth for inequality youth for equality they used to run the party of the Indian people they used to run the RSS so their thought is against the RAC against the society against the society against the people is their politics but what we have decided because I want to remind you that there is a long history in this country in this long history the Dalits have not lost they have not lost we have seen a big empire we have seen a big empire we have seen the empire of Ram we have seen the empire of Mahabharat we have seen all the youth in all the youth we have to move forward on our hard work on our strength we have to we have to tell the question of reservation reservation is a way to bring justice and equality between the people I want to tell you the Dalit did not ask if someone had asked for the first time in the first place the Dalits did not ask for reservation we are asking if you are in this country if you are a people then don't establish a social people don't establish an artistic people then the principles of the people the principles of the people you share it with the public I think this government is against the people and our the Dalit society the Dalit society whoever will come on the path of the people we will fight with that and I also want to tell that this is a people country which today in different universities in different institutions of governance in parliament outside the parliament people reach all the places people go and go if this was not a people country then we don't reach one person so we are clear our perspective is clear we know the idea of the RSS the idea of the Bajba that is based on the Manuwa that is based on the Gaira Barabari that is based on the Brahmanwa and you also know that the structure of the RSS in that structure whenever you ask them no we don't believe in the Jat they don't believe but according to the Jat the person according to the Jat according to the Pracharak we don't believe in the Jat and we are ready that we have called on 9th August as Comrade Hanan Mulla said our synchronized call on one side we will arrest we will stop the other side we will stand with them we will stand with them now 9th August is not the end 9th August is the beginning and now what will be the beginning we will tell this to the 9th August as Comrade Hanan Mulla said that after 9th August on the road of India for the first time such a question will come that the government will get the answers to and we want to say that we will not stop Thank you very much for giving time and the news click will cover such issues with you Thank you The 3 organizations have given a call and they are going to come on the streets on 9th August Keep following news click for these movements for coverage of these movements and these protests then they should mend their ways That's all the time we have for today Keep following news click


Hello everyone in this presentation. I'm going to go through the top four penny stocks Which I believe to be the best ones to buy now. I'll go through this or go through the information for you in this video I've got to say I'm not a financial advisor I am a business teacher in my daily life, but I'm by no means an expert on The stock market and of course there's many other penny stocks out there There's got a lot of potential But this is just for this video at my top four that I've got so far at this moment in time So we'll go through it without fair where to we'll get direct into the information If you like the direct approach of getting right into it then do leave the video a like it really does help out the Channel and thank you for everyone for all the support that you've been given and always watching the videos I see the people who are regular viewers. I see the people who are always interacting So I really do appreciate that so awesome stuff. Let's get right into it So the first one I've got for you and I actually made a recent video earlier today on this If you want to look at that in depth then obviously go back to my last video and click and have a look on That video because we go through this stock and why I actually think there's got a lot of potential But just briefly the company we've got here is called Orbital energy group take a symbol or e G and what do they do? Well, they're an energy company and they've got orbital gas orbital power and orbital solar And one of the benefits and one of the factors that I really like about this particular company or eG is The divide diversified portfolio of products in the energy sector. They've got the solar They've got the power and gas. They've got a diversified portfolio In terms they're not putting all the regs in one basket so to speak with their products They've got a range of products and services, which is really great to see Also, there's a lot of catalysts for this stop number one Well, they've just recently had a direct offering which was actually a really healthy price. They got a good deal Well, you know, I they got a good deal in terms of getting that cash injection in there I think it was at $3.50. I believe So check someone check me if I'm right in the comments. Okay. Oh eG very very good company Got a lot of potential. It's a growing industry The energy clean energy is a growing industry But it's also involved in other kind of areas in the energy sector there as well So it's very good. And I think that against a little sustainable potential in terms of the economic sustainability The other good point about this stock is that it's growing its revenue Okay, and that's a sight to see for penny stocks, isn't it? You know, there's a lot of penny stocks out there that are not growing their revenue and to be honest sometimes that is Understandable based upon the context of the product and the stage they are with the product, right? But I think this is one of the safer penny stocks to invest in because you can see that revenue growth and see look There is some justifiable reasons to actually get into this stock based upon their diversified Portfolio and the growing revenue. Okay, so consider this one look into it Look at my last video. We go into some research about this Okay, have a look and see what you think orbital energy group take a symbol o e g Okay, we'll move on to the next one Before we do that, I'll just mention the price be a good start, wouldn't it? Right three dollars ninety since the recording of this video. Okay three. It's a three ninety around that price three nine seven If you can get this anywhere below four dollars, I think for a medium to long-term player I think this has got a lot of potential to three to five X In the medium to long-term. Okay, and you know, I think that you can do this It's already a dip. It's already a bit of a dip, right? It's a that that's the potential there. I don't think it's gonna go back to the two dollars one dollars sort of level Already don't I don't think this is going to go back to it's kind of like two dollars one dollars eight Yeah, could be wrong. I just I don't see this happening They've had a direct offering which is at a good price, right and they're expanding the revenue and more people are just Knowing about this stop part of the reason why this stock didn't actually do so well Even though it was having quite some decent levels of revenue was because nobody beat nobody nobody ate of it I almost swallowing but now people know about this stock. Okay, so and I think that people see the potential I see the potential Maybe you do so look into it orbital energy or EG anything below four dollars Brilliant anything around the free dollars free dollars 70 range. I think load up the truck He's got a lot of potential don't put your old portfolio in it obviously though Before we move on to the next penny stocks that I've got for you in this video I've got to say as always thanks for all the support on the channel. We've grown by 4,152 Subscribers in 28 days Which is an unbelievable amount of growth and I just can't believe how fast the channel is growing So if you want to help support and build this channel towards 10,000 subscribers, that will be fantastic Okay, I mean it would be a dream come true if I could get one of those silver play buttons Which you need a hundred thousand subscribers for but I'm pretty sure I'm about a decade off that happening But 10,000 would be nice So if we can if you're new to the channel like the video and subscribe I'll get right back into the other stock The next one we've got is called transentrics TRXC now bear with me I actually mentioned this stock and it was at zero point eighty. It's now over two dollars. I Saw the potential in it and people got in early anybody who got in early with me We're up a lot, but I don't think the ship has sailed so to speak I think that they still got a lot of potential to run up much much further I can see this being very very good. One of my problems that I had with this stock Is actually the fact of the the cash burn, right? They are getting through a decent amount of cash and I actually feel that this direct offering is really good actually This recent direct offering on the January 14th 31.25 million at one dollars 25 this Just makes the company more sustainable it can continues to spend money can can continue to Innovate and develop the products and do what they need to do But also they've already got a fantastic product Okay, they've already got this product where basically it's called sentance surgery and they can use this surgery system To to perform surgeries and it's written robotics right it's a robotic stock Very very interesting area. I could see I've been interested in this. I'm not saying they're investing in this I just see I could see them having a look at it at least and It's in the robotics sector. I get this has got a lot of potential to run up further I think this could get to three dollars. It's at two dollars at the minute I think this could break to three dollars soon So that's my view on that so I actually but what did I do because I was I invested at 0.80 and then it was like two dollars and actually took a bit of profit I took some of my initial investment out and then now I'm rolling with with basically other money because why because that means that I'm less Immersely attached to the stock, right? So if it goes down a bit, I don't care. I'm holding it if it goes up brilliant Okay, so by taking out your some of your initial investment on some of these stocks where you're up and massively You then become detached to the stock more become more dead inside. Okay great youtuber, okay? Transentrics TRXC. Okay, so consider this stock. I think it's got a lot of potential The next one I've got for you today is none other than Galaxy next generation Take a simple G a XY Interesting thought here is more of the External factors around this stock now We've talked about the stock itself and what they do in terms of their ineducational stock that provide educational equipment and that sort of stuff But recently Congress has actually approved an 82 billion relief For schools particularly in K-12 schools, which is a sector that Gaxi is very much focused on in providing educational equipment And maybe I'm just putting two and two together and coming up with five Maybe I could be wrong with the fact that they've got this now billions in education, right? And then you've got a stock that a really cheap penny stock that is providing educational tools Surely this can Actually have a good positive impact on Galaxy next generation of revenue because they'll be able to sell more goods to these schools Because they've got more funding So this is why I like this stock. Maybe that sounds speculative You're right probably But it's got a lot of potential this stop Looking to it Gaxi if you don't have a position already, I would absolutely have a position I don't care whether it's small position or just a bit more than a small position Have some sort of position in this stock. I really do think it's got a potential to 5 to 10 x Because it's incredibly cheap at the moment And I think they're going to continue to grow the revenue There's a lot of catalysts in terms of building new contracts with schools and they're also getting reoccurring revenue Really important. Not many people talk about this. They're actually building retention of revenue What do I mean by that? There's actually schools coming back to next galaxy next generation for more orders Well, what does that say to you? It tells me that they're doing good quality products that they're doing stuff that's useful and Schools are actively coming back again to get more orders, right? So that retention is key Even if they just get a contract with a good number of schools They don't have to get a contract with every school If you get a good contract with a good number of them and they keep coming back that reoccurring revenue over the year is going to add up And this stock's got a lot of potential so look into it The next one I've got for you and by the way Gaxi you sat around zero point zero two three I think zero point zero two four. Okay, it's a definite buy at that price And I really think you should look into that But I'm not a financial advisor. Remember. I'm a business teacher. Don't take my word for it. You always do your own research The next one we've got is Louvue brands and and this is a company that produces a lot of different products They've got a massive product portfolio Just go on the website to find out what I mean Louvue brands the produced bean bags They've got different types of product that a range of products Okay, and they continuously building new products in terms of what they're doing there It's in terms of material based products as well though But what I like about this one is their process of actually Creating products. Okay, so they've got identify the needs So they actually understand that they need to produce products that actually customers need, right? So it's a good start and then conceptualization build verify and launch So they've got a step-by-step process of how they develop their products in-house. They've got their own Manufacturing facility. Okay, and it's made in the US. Okay, good quality products and They're going through this process and it's really good because they've got some really interesting products I think some of the products are absolutely fantastic Okay, and also they're remaining environmentally Focused as well and a lot of products. I think are environmentally friendly as well. So that that is good. There's a good Stuff to this business also the growing the revenue. They've got good levels of revenue and they're fairly cheap So you can see here. It's around zero point one three what I would say is you could start a small position at this price But I think that if it dips to zero point one Zero that is when you should really look at getting the majority of your positioning Potentially start small one at this price And then as if it dips a bit lower to zero point ten then really start to load up anything below that is a bargain in my view You can see here It pops to zero point one six at one point and I think that this is going to pop up I think this stops going to five to ten X Very very quickly So look into this stock and see what you think and and see what how you want to go ahead with this stock So those are the penny stocks. I've got for you today Don't forget to like the video and really helps out the channel I've got to go and do some teaching now some preparation for teaching But thank you for all the support that everybody's been giving and make sure to like the video to to help it out I've been much appreciated for that and I'll see everybody in the next one