The Invisible Hand:
Back in 2011 The Open University released an engaging series of animated intellectual puzzles called 60-Second Adventures in Thought, narrated by the British comedian and writer David Mitchell. The series offered a witty and fast-paced trip through some of the most famous paradoxes and thought experiments in the history of ideas. This week the same team is back with six new adventures, this time focused on economics. As the introduction on the OU channel at YouTube says:
Ever shaken an invisible hand? Been flattened by a falling market? Or wondered what took the bend out of Phillips’ curve? David Mitchell helps reveal some of the great dilemmas faced by governments trying to run an economy–whether to save or spend, control inflation, regulate trade, fix exchange rates, or just leave everyone to get on with it and not intervene. You’ll learn why Adam Smith put such a high price on free markets, how Keynes found a bold new way to reduce unemployment, and what economists went on to discover about the impact of policy on people’s and businesses’ behavior–which may not always be entirely rational.
60-Second Adventures in Economics is a fast and fun way to acquaint yourself with a few of the fundamental ideas in economics. All six episodes are here, beginning with “The Invisible Hand,” above, and continuing below.
The Paradox of Thrift:
The Phillips Curve:
The Principle of Comparative Advantage:
The Impossible Trinity:
Rational Choice Theory: