Economics on One Foot
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.