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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Part 4 Money

Presented by: Dr. Gregory Thornbury
The King’s College

Playlist

  1. Money and the National Economy

Money and the National Economy

A well-functioning monetary system is one of the pre-conditions for the coordination and wealth creation provided by the invisible hand. Money, a commodity or financial asset that is routinely traded and universally accepted, has been used by every known society throughout history. The universal use of money is a clue that there is something uniquely advantageous about conducting exchange via money rather than by barter. The oldest macroeconomic problem, as old as money itself, is inflation that occurs when governments or banks that issue the monetary commodity debase it. Part four considers money, inflation, and the business cycle as fundamental macroeconomic aspects of “how markets work.”

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How Markets Work

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