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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 2 Pre-Conditions for Wealth

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

Playlist

  1. What Institutions Do We Need to Create Wealth?

The Social Market, Institutions, and Pre-Conditions

As Richard Epstein, a scholar of law and economics, observed: “The study of institutions is always a search for the most tolerable imperfections.” Markets need frameworks and rules, and some entity or person to enforce them. Government typically makes and enforces the rules. But what is the legitimate scope and functions of government in this area? And how does the answer to this question impact the effective allocation of scarce resources? When the proper institutions, practices, and virtues are in place the invisible hand works to the benefit of all. Wealth is created and reason, peace, and freedom flourish. Part two will focus on those essential factors.

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How Markets Work

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