Largely revised January 2021 , boy sometimes you get carried away with the ideas and don't realize the presentation and organization are crap. This is much better.
The Apples of Caernarvon Fallacy is the first of 4 covered this episode. 2 more fallacies to be covered next episode. An Attila the Bun episode with Charlie's Angel doing Conversations with Camie.
Early Modern Economic Fallacies
1. The Apples of Caernarvon: Goods have intrinsic value determined by intuition. This is one of the most difficult for modern people to understand. We examine the idea that market prices are a kind of artificial intelligence.
2. The balance of our treasure is determined by the balance of foreign trade. Thomas Mun's 1620 essay is examined for what he got wrong and also the interesting things he got right.
3. Middlemen are like parasites and vampires. Perhaps the people in government who held this notion were having a look in the mirror experience.
4. Monopolies are a good idea.
5 and 6 are covered in episode 37