[VIDEO] Understanding Economics – Lesson 3: Direct Exchange

On 23 May 2010, in Understanding Economics, Videoblog, by Ryan

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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson Three: Direct Exchange.

An overview of the possibilities of interpersonal interaction with a specific focus on mutual exchange of goods between individuals. An elaboration of price theory – what are prices, how are they determined, supply & demand analysis, and more analytical tools. A discussion of markets, their allocative efficiency, the benefits of free trade, and how markets are self-correcting. All of this done abstracting away from money and complexities in order to comprehend the nature of exchange and the market – skills to be applied to all future lessons and analyses.

Notes: Parts G (Disequilibrium & Speculation) and K (Changes in Supply & Demand) have been stripped from Youtube because they were “too long.” I will endeavor to cut them up a bit and put them up here when they are finished. Also, I noticed that the audio deteriorates unfortunately by the last two or three videos. It seems no matter how much effort I put into perfecting these videos, something always finds a way of going wrong…