Religion & Liberty Online Archives

Intro to Economics

July 25, 2017

Maximizing profit under competition

Note: This is post #42 in a weekly video series on basic microeconomics. In a competitive market, a company can’t control how much they charge for goods and services. So how do firms maximize profits when they don’t control prices? Continue Reading...
July 11, 2017

Is it cleaner to trade pollution?

Note: This is post #40 in a weekly video series on basic microeconomics. In an effort to reduce pollution, the government tried two policy prescriptions under the Clean Air Act Amendments of 1990, notes Alex Tabarrok of Marginal Revolution University. Continue Reading...
June 27, 2017

Bees, Pollination, and the Coase Theorem

Note: This is post #39 in a weekly video series on basic microeconomics. In this video by Marginal Revolution University, economist Alex Tabarrok shows how bees and pollination demonstrate the Coase Theorem in action: when transaction costs are low and property rights are clearly defined, private arrangements ensure that the market works even when there are externalities. Continue Reading...
June 13, 2017

What the flu can teach us about economics

Note: This is post #37 in a weekly video series on basic microeconomics. What can the flu teach us about economics? In this video, Alex Tabarrok of Marginal Revolution University explains how vaccines produce positive externalities that help people stay healthy. Continue Reading...
June 06, 2017

An introduction to externalities

Note: This is post #36 in a weekly video series on basic microeconomics. What are externalities and what are the different kinds of costs? And what does this have to do with the rise of “superbugs”? Continue Reading...
May 23, 2017

The problem with tariffs and protectionism

Note: This is post #34 in a weekly video series on basic microeconomics. How do tariffs affect consumers? What about producers? Who wins and who loses? In this video by Marginal Revolution University, economist Alex Tabarrok looks at the costs and consequences of tariffs, quotas, and protectionism. Continue Reading...
May 16, 2017

Should Martha Stewart iron her own shirts?

Note: This is post #33 in a weekly video series on basic microeconomics. Comparative advantage explains why people trade and what goods they should trade. To illustrate the concept of comparative advantage, Marginal Revolution University’s Alex Tabarrok asks, “Should Martha Stewart iron her own shirts?” Continue Reading...