How quickly could you sum up the principles of economics? While standing on one foot, Prof. Art Carden discusses the following economic principles in just over two minutes:
● Individuals strive to achieve their goals in the best ways possible. ● Every action has a cost. ● Incentives matter. ● Value is determined on the margin. ● Profits and losses help gauge value creation and destruction. ● Government interventions often have unintended and undesirable consequences.