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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 1 Lesson 1: The Invisible Hand

Presented by: Dr. Daniel Hammond
Wake Forest University

Playlist

  1. Fundamental Economic Concepts from the Classics, Part 1
  2. Fundamental Economic Concepts from the Classics, Part 2
  3. Fundamental Economic Concepts from the Classics, Part 3

Fundamental Economic Concepts from the Classics

Producing goods and services from scarce resources is the fundamental economic problem that all nations face. In this lesson we will consider how “the invisible hand” process famously described by Adam Smith solves that problem, in part by engaging the division of labor to efficiently maximize the production process.

Lesson One Quiz

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HMW Lesson 1: The Invisible Hand Quiz

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"It is the great multiplication of the productions of all the different arts, in consequence of the division of labour, which occasions, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people."

Adam Smith

"The key task facing any economy is the allocation of scarce resources which have alternative uses."

Thomas Sowell

Learn More

h Video

Fundamental Economic Concepts from the Classics, Part IV with Dr. Daniel Hammond

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h Video

Adam Smith: The Invisible Hand with Dr. James Otteson and Learn Liberty

Play Now
h PDF

James Gwartney, et al., Common Sense Economics, pp. vii-ix, 5-14

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h PDF

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, pp. 5-18, 418-422

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h PDF

Frédéric Bastiat, Economic Sophisms, I.7.1 - I.7.29

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How Markets Work

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Intercollegiate Studies Institute
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