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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

Lesson 6 Lesson 6: Virtue

Presented by: Dr. Daniel Hammond
Wake Forest

Playlist

  1. Virtues and the Production of Wealth, Part 1
  2. Virtues and the Production of Wealth, Part 2

Virtues and the Production of Wealth

Everything has its limits–including economic analyses and policy. To fully understand how markets work you have to go beyond the laws of supply and demand. Personal responsibility, trust, honesty, justice, and other virtues are building blocks. In this lesson we will explore the connection between a healthy culture and a flourishing economy.

Lesson Six Quiz

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HMW Lesson 6: Virtue

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Individuals who compete in the market and there pursue their own advantage stand all the more in need of the social and moral bonds of community, without which competition degenerates most grievously.

Wilhelm Röpke

What we now face is a problem of cultural inequality.

Charles Murray

Learn More

h Video

Virtue and the Production of Wealth, Part 3

Play Now
h Video

Shivani Siroya: A smart loan for people with no credit history (yet) (TED Talks)

Play Now
h Video

Subjective vs. Objective Value: The Economist and the Philosopher (Prof. Aeon J. Skoble with Learn Liberty)

Play Now
h PDF

David C. Rose, “Why Culture Matters Most.”

Read Now
h PDF

Wilhelm Röpke, A Humane Economy: The Social Framework of the Free Market, pp. 90-103

Read Now
h PDF

Charles Murray, “The New American Divide,” The Wall Street Journal

Read Now

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How Markets Work

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