From: Scott Wolla (email@example.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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