Part 1 The Price System
Presented by: Dr. Gregory Thornbury
The King’s College
What Is Seen and Unseen
Economics can seem like a mysterious enterprise. Part one of the How Markets Work course considers the central mysteries that economics helps us explore. How can the everyday activities of millions of people providing for themselves and their families be coordinated such that they are mutually supportive? How can this happen without anyone in authority directing the coordination? How can we have products and services available that no one knows how to produce and deliver from start to finish? How can pursuit of enlightened self-interest promote the public interest? The place to start our exploration of basic economics is with something we encounter every day: prices.