Tag: demand
Capitalism and Scarcity in Star Trek
November 12, 2024 | Post
In Star Trek: Lower Decks, Captain Freeman’s mission to “dismantle capitalism” on Targalus IX raises big questions, like: Can technology eliminate scarcity, or does demand for unique resources keep markets alive?
Exposing The TRUTH Behind Price Gouging
November 8, 2024 | Video
Price gouging encourages competition by pressuring manufacturers and distributors to increase production, which over time, would actually drive down costs. Price controls during a time of crisis, however, do nothing to address the shortage problem.
Supply and Demand Explained in 5 Minutes
February 8, 2023 | Video
The law of supply and demand is often misunderstood and misconstrued, and it has downstream effects for our understanding of economics. In this video, Learn Liberty Basics establishes supply and demand as ever-changing RELATIONSHIPS, not constants. We also lay out some of the early history of our idea of supply and demand. CHAPTERS 0:00 […]
Making college “free” will only make it more expensive.
January 3, 2017 | Post
Making higher education free of charge won’t make it free to provide.
The devaluation of higher education
November 3, 2016 | Post
Like any other economic good, the value of a higher education degree is determined on the market, at the intersection of the subjective valuations and appraisements of those constituting the supply and demand of that particular good.
Tired of expensive football tickets? Blame yourself
October 10, 2016 | Post
Can you really blame universities for charging high prices for football tickets when so many people are willing to pay for them?
Defending Middlemen
September 27, 2016 | Post
Each consumer is free, on his or her own, to visit farms and factories and processing plants in order to purchase items directly from producers. But, of course, such visits would be enormously time consuming and would cost quite a lot in airfare and other travel expenses. We know that retailers and other middlemen perform valuable services because we observe consumers, everyday, voluntarily paying for these services.
Heuristics: The Tool That Will Equip You to Make Faster Decisions Than Ever Before
August 19, 2016 | Post
How does a shoe shopper decide what type of shoe to buy? How can that customer possibly make the best decision in the face of so many choices—within a reasonable amount of time? The consumer in today’s economy has an almost limitless variety of products to choose from. This abundance of variety creates a paradox of […]
Minimum Wage and Employment: Debunking the Oft-Cited 1994 Study
December 17, 2015 | Post
Preston Cooper over at Economics 21 has written an excellent piece about minimum wage’s effects on employment. Economics teaches us that when you raise the price of a good, the amount of that good which is demanded goes down. This is true whether the thing for sale is ketchup or labor. Supporters of the minimum […]