Dr. Jennifer Roback Morse
Dr. Jennifer Roback Morse, former professor of economics at Yale University and George Mason University, gave a lecture on basic economics.
Topics:
- The study of economics is anti-postmodern – there is objective truth independent of what people think
- The study of economics believes in fixed principles of human nature
- Economics studies the allocation of scarce resources that have alternative uses
- Economics studies how people exchange resources
- How both people who engage in a voluntary trade always believe that they will be better off
- How both people who engage in a voluntary trade both benefit from the exchange
- How incentives motivate people to act
- Understanding supply and demand
- Understanding how “free” government services are rationed
- Understanding opportunity costs
- How prices signal producers to produce more or less, and consumers to buy or not buy
- Market-driven prices versus price controls
- The role of substitution
- The necessity of allowing failure in a free market
The requirements of economic growth:
- private property
- contracts
- the profit motive
- competition
- free trade
- entrepreneurship, creativity and innovation
- the rule of law
If you like this podcast, you can take a look at Thomas Sowell’s textbook on “Basic Economics“. Highly recommended!
Filed under: Podcasts, Acton Institute, Adam Smith, Alternative Uses, Basic Economics, Economics, Economics Tutorial, Free Trade, Hayek, Jennifer Roback Morse, Learn Economics, Mises, Scarce Resources, Scarcity, The Wealth of Nations, Trade, Voluntary, Von Mises, Wealth of Nations
Recent Comments