“Economics On One Foot”
Have you ever had trouble getting your friends or family to pay attention long enough for you to explain the most fundamental principles of sound economics? Or likewise, have you ever struggled to explain sound economics to your friends succinctly? Then this short video is for you. http://www.youtube.com/watch?v=tvJVhlNl1FA
Professor Art Carden teems up with the folks at Institute for Humane Studies in their "Learn Liberty" series, for this brief overview of the following principles:
? Individuals strive to achieve their goals in the best ways possible.
? Every action has a cost.
? Incentives matter.
? Value is determined on the margin.
? Profits and losses help gauge value creation and destruction.
? Government interventions often have unintended and undesirable consequences.