April 11, 2019
Invisible Hands: The Market Process
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The essence of any economy is built on the production and exchange of goods and services. And one of the most important and effective ways we know to achieve the fulfillment of people’s wants and needs in any society is through the market process.
Join Kevin Lieber (VSauce2) and his friends Fiona and Professor Fergberg as they explain the ideas of voluntary exchange, gains from trade, specialization, division of labor, and emergent order, so that you can better understand what markets are, how they form, and why they’re valuable.
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LINKS:
Equilibrium
Creative destruction
http://www.antolin-davies.com/research/wethepeople.pdf
The role of prices
Profit, loss, and discovery
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