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Invisible Hands: The Fundamentals of Economics

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1y Apr 11, 2019
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Check out FEE's newest Out of Frame video, "American Cop Shows Are Brainwashing You": https://youtu.be/V-RKVsqGY9U

Economics is the study of human behavior, whenever people make choices. It can be about money and business, but it's also about so much more!

To help you make sense of this complex subject, our host Kevin Lieber (VSauce2) and his friends Fiona & Professor Fergberg outline 6 fundamental concepts: Individual Action, Scarcity, Choice, Trade-offs, Subjective Value, and Incentives.

Once you learn about these core ideas, understanding how economies function and why they sometimes don't gets a lot easier.


LINKS:
https://fee.org/articles/economics-helps-you-deal-with-difficult-people/

Broken window fallacy
https://www.youtube.com/watch?v=erJEaFpS9ls

Subjective value
https://www.youtube.com/watch?v=AYuHUdE_pys

Thinking at the margin
https://www.youtube.com/watch?v=tMhdTn-5fu8

Opportunity cost
https://www.youtube.com/watch?v=tMhdTn-5fu8

Incentives matter
https://www.youtube.com/watch?v=ML3Ai7XIPfk

The power of incentives
http://www.antolin-davies.com/global/readings/incentives.pdf

Unintended consequences (family-friendly policies)
https://www.nytimes.com/2016/06/26/business/tenure-extension-policies-that-put-women-at-a-disadvantage.html

Unintended consequences (bottled water)
http://www.aei.org/publication/whod-a-thunk-it-unintended-consequences-from-a-bottled-water-ban-on-a-college-campus/

Unintended consequences (traffic)
https://www.wired.com/2014/06/wuwt-traffic-induced-demand/

Economic facts and fallacies
https://www.youtube.com/watch?v=n0MaY33LJZ0

About Foundation for Econ. Education

FEE focuses on introducing freedom as a life philosophy to newcomers in the youth audience, striving to bring about a world in which the economic, ethical, and legal principles of a free society are familiar and credible to the rising generation.


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