How quickly could you sum up the principles of economics? While standing on one foot, Prof. Art Carden discusses the following economic principles in just over two minutes: ● 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. This video is partially inspired by Ayn Rand's philosophy on one foot: http://www.aynrand.org/site/PageServer?pagename=objectivism_intro Watch more videos: http://lrnlbty.co/y5tTcY
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