Free Enterprise In Three Minutes Podcast With Ray Keating

No matter what you might have heard about profits being “evil,” Ray Keating makes clear that is not really the case. Instead, Keating explains the critical roles that both profits and losses play in our economy, i.e., serving as signals for how resources are allocated.

Ray Keating notes that there basically are two options when it comes to how economies ration or allocate resources – a government-led economy or a market economy. He quickly explains which one makes sense from an economist perspective. Keating concludes, “Remember, the more we have sound economics in politics, the better off we are. However, the more politics in economics, the worse off we are.”

Ray Keating explains what “scarcity” means in the world of economics; sums up why it matters; and notes that it should not be confused with other terms, like “poverty” or “shortages.”

Ray Keating explains that economics is only dismal when not practiced correctly, such as when political preferences are dressed up as economics. Keating proclaims that economics actually is quite exciting.

What are the policies that allow economic growth to flourish? Ray Keating highlights the “Big 5” policy or institutional requirements that are essential to allowing economic growth to flourish.

Why do some nations grow while others stagnate or falter? In this episode, Ray Keating identifies the true sources of economic growth, and no, they have nothing to do with government spending and infrastructure projects.

From the Trump White House to assorted TV talking heads, there's a lot of buzz about the evils of the U.S. trade deficit. But is a trade deficit truly bad for our economy? Ray Keating sums up why the trade deficit is not an economic negative. Keating also notes that imports aren't negatives, either. In the end, more often than not, a U.S. trade deficit signals strong U.S. economic growth. And Keating explains all of this in three minutes! Tune in and get the real deal on trade deficits.

Ray Keating explains why protectionism doesn't work, as it hurts consumers, U.S. businesses and workers. And contrary to what politicians claim, there's nothing "fair" about imposing tariffs. As Keating says, "Protectionism sucks."

Ray Keating explains why free trade is a positive for U.S. businesses, workers and consumers. Contrary to some misguided politicians, Keating makes clear that free trade rocks!

In this first episode, Ray Keating answers the question: Is greed central to free enterprise? Was Gordon Gekko right about greed being good?