A Price Is a Signal Wrapped Up in an Incentive

Title:
A Price Is a Signal Wrapped Up in an Incentive
Description:

Join Professor Tabarrok in exploring the mystery and marvel of prices. We take a look at how oil prices signal the scarcity of oil and the value of its alternative uses. Following up on our previous video, “I, Rose,” we show how the price system allows for people with dispersed knowledge and information about rose production to coordinate global economic activity. This global production of roses reveals how the price system is emergent, and not the product of human design.

Microeconomics Course: http://mruniversity.com/courses/princ...

Ask a question about the video: http://mruniversity.com/courses/principles-economics-microeconomics/price-system-spontaneous-order#QandA

Next video: http://mruniversity.com/courses/principles-economics-microeconomics/markets-link-world

more » « less
Video Language:
English
Team:
Marginal Revolution University
Project:
Micro
Duration:
04:47
Format: Youtube Primary Original Synced
This video is part of the Marginal Revolution University team.

Assignments

Pending (48)

Incomplete Subtitles (1)