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From: Scott Wolla (misterwolla@yahoo.com)
Date: Thu Jun 26 2003 - 13:49:30 EDT

  • Next message: Scott Wolla: "[Channel-talkeconomics] video #2 - Why Markets Work"

    I enjoyed this video, but especially enjoyed the first
    activity - the value of private property in a market
    economy. I found this to be a perfect companion to the
    activity in Video #1 - The Tragedy of the Commons. The
    video does a good job of giving students a grip on
    self-interest and greed and how those negative
    character qualities are harnessed by the market system
    to ensure a positive outcome - what Adam Smith called
    the "invisible hand" of the marketplace which guides
    resources to their most valued use and encourages
    people who act out of selfish motives, but in the
    process do that which is necessary to cause economic
    growth and progress.

    I also liked the adaptation of the market activity to
    included price ceilings and price floors. Once again
    these are concepts which are a little abstract for
    some students - but the simulation makes the concept
    concrete and accessible for everyone. It is easy to
    see how they can create shortages and surpluses.

    - Scott Wolla

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