Today I was watching the first episode of a Ron Paul course (which my younger brother is also taking, and who also did a blog post on the course. You can see him on his blog). So, I wrote down some notes. Here are a few:
Over time (mainly around the 1800s), things had changed. If someone were to go into the future by just 100 years, it would be unrecognizable!
Years ago, if you wanted to find out about something, you would have to go to a library. But now, you could just Google it and get loads of answers.
Capital is the product of united labor over time, so that life is easier.
For example, tools are capital, because they make our work easier, faster,
more efficiently, and of higher quality.
Children are also capital because they continue what their parents left off.An example from the benefits of capital: the ham sandwich. You could go to a store and buy a sandwich. But you don't stop to think of all the years and decades of work of inventions was put into it.
Another example: if you go into a resturaunt, you would buy your food, then sit down on a chair. It may be a wood chair, and that chair might've been manufactured in a factory using machines, and it would come in with all the boards of wood that the machines need. But before that, in another factory, machines were used to cut and carve that, but even before that, someone probably used another machine to cut down trees in a forest, and then haul them off to the first factory, using a truck powered by an engine. All of that, just to make a chairs to sit on, while eating your ham sandwich.