Episode 12: The Price System

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Recorded06 Jan 2011

Publisherthescienceofeverything.net ↗

Handlerec:13631094

Show notes

An examination of how the price system works, including an introduction to supply and demand theory, and the concepts of clearing the market and surplus maximisation. We also look at how the price system promotes efficiency helps to regulate economic activity. Also includes a discussion of how prices store and communicate economic information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.