Behavioral Economics, Ep. 1: How and Why the Economy Works in 3 Minutes - Learn Liberty
Economy | Information | History | Online | Facts | World | Global | Money
How and why the economy works… in 3 minutes. Learn More: https://www.learnliberty.org/ At some point in our distant past, a human who had food met another who had a spear. The two exchanged, and departed better off than when they met. Simple as it sounds, a highly evolved version of this concept is the reason we have planes, computers, and the internet today. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain. SUBSCRIBE: http://bit.ly/1HVAtKP FOLLOW US: - Website: https://www.learnliberty.org/ - Facebook: https://www.facebook.com/LearnLiberty - Twitter: https://twitter.com/LearnLiberty - Google +: http://bit.ly/1hi66Zz LEARN MORE: Behavioral Economics (playlist): Heuristics, cognitive biases, public choice-- oh my! Watch the entire series to learn more about behavioral economics at http://hayekandchill.com/economics/ Predictably Irrational (book): From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They’re systematic and predictable—making us predictably irrational. http://danariely.com/books/predictably-irrational/ LEARN LIBERTY Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://bit.ly/1UleLbP
Comments
-
I check a lot of woodworking handbooks. These one from woodprix are the best.
-
Antony Davies I love you!!! :D
-
I didn't like the effects of this episode.
-
Great videos! Behavioral econ. is not so treated within libertarians so this is very useful information. Keep up with the good work!
-
Wonderful. As an entrepreneur, I'm watching every second of these new episodes.
-
AAANNNTTHHHOOONNNYYYYY DDDAAAAVVVVIIIIEEEESSSS!!!!!!!!!!!!!
-
Good lesson here.
-
This serie looks amazing! Very eye-catching. Next step is VR!
-
irrational choices... like this haircut for instance
-
Suggestion for the next video: teach me how to string together an unending stream of aphorisms until someone awards me a professorship. Go Dukes!!!!!!!
-
That was like a brain massage nice! Loved the molecule analogy, I'm constantly thinking of those types of analogies to explain that, the economy is simply the whole of us trading amongst ourselves, and that things naturally work and get better because we are rational most of the time.
-
"In exchange, her future self will have to study." Yeah, you don't know college kids. Their "future selves" generally do not study later after partying now.
-
Why would the first chap exchange his spear for food? Now he has no spear to hunt for more food. The second chap now has the spear with which to threaten the first chap and demand the food back. Now the first chap has nothing while the second chap has both spear and food. Given the fact that much of our history is a retelling of war and despoliation, of piracy and slavery, of exploitation and ransom, of rape, pillage and plunder, I wonder why my narrative of the spear/food exchange is not more representative of humanity.
-
Amazing video that dives into the foundation of Economics
-
How do you explain herd behaviour which is less than rational?
-
Excellent explanation
-
The Eurythmics Teach You Behavioral Economics?
-
This sounds very Mises inspired. (Austrian economics) But the view of what rationality means is a big difference. In Austrian economics rationality is that people act with some goal or intention in mind and that they use the means at their disposal to achieve those goals. The goals might be stupid and they might change their mind right after making the decision but you can predict their actions by examining what goals they have and how they view the world. But since human desires changes constantly this makes predicting human action hard at an individual level.
Smoking and drinking aren't irrational if you value it more than the health you lose at the time of acting. Though when you are on your deathbed you probably will hold a different view of your actions. -
The reason animals don't trade and specialize... that which is most distinctly different about humans compared to ALL other life forms is Korzybski's concept of time binding . . . Only humans have volition in a time domain.
It is because of that universality of human nature, that property rights is universal. Not a majority. It is even recognized by criminals and government officials, when it's convenient. -
So far, so good. I hope that these two are far more Libertarian than Laura Kipnis, who, also started out "good" but proved an immense disappointment to me by the end of her series.
4m 13sLenght
316Rating