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Common Sense Economics
What Everyone Should Know About Personal and National Prosperity

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Resources is where you can find all the additional videos and articles associated with this edition of "Common Sense Economics". We'll be adding more great content to the library as our project grows.

Part 1: Twelve Key Elements of Economics

Secret to HappinessWatch

Element 1.1: Incentives Matter

The Importance of IncentivesWatch
The Power of IncentivesRead

Element 1.2: There Is No Such Thing as a Free Lunch

The Road Not TakenRead
Opportunity CostWatch
Opportunities and CostsRead

Element 1.3: Decisions Are Made at the Margins

Thinking at the MarginWatch
Markets and MarginalismRead

Element 1.4: Benefits of Trade

Specialization and TradeWatch
Specialization and WealthRead
Economics of Voluntary ExchangeWatch

Element 1.5: Transaction Costs Matter

The Economics of the Shawshank RedemptionWatch
Blockchain and TrustWatch

Element 1.6: Prices Create Balance

A Quick Summary of Supply and DemandWatch
Sacrificing Lives for ProfitsRead
Pencil and Price SystemWatch
Is “Price Gouging” Bad?Watch
The Economics of the Hudsucker ProxyWatch

Element 1.7: Profits Are a Guide to Productivity

Economic Profit and CostsWatch
The Price SystemWatch

Element 1.8: Incomes Come From Usefulness

I, Pencil, My Family TreeRead
Exchange Wealth CreationWatch

Element 1.9: Value Creates Income and Wealth

The Broken Window FallacyWatch
Fields of GoldWatch
How to Create a JobWatch
Creating Jobs vs. Creating WealthRead

Element 1.10: There Are Multiple Sources of Progress

The Economics of Cast AwayWatch
The Puzzle of Economic GrowthWatch

Element 1.11: The Usefulness of the “Invisible Hand”

Invisible Hand SteakWatch
The Invisible HandWatch

Element 1.12: Unintended Consequences Create Problems

Economics On One FootWatch
What Is Seen and What Is Not SeenRead

Part 2: Seven Major Sources of Economic Progress

200 Countries, 200 YearsWatch
Gross Domestic Product—What is it and how is it measured?Read

Element 2.1: The Legal System

Eusebio’s Dream Property RightsWatch
Economics of Private Property RightsWatch
The Power of Property RightsWatch
The Tragedy of the CommonsWatch
Private Property and Opportunity CostsRead

Element 2.2: Competitive Markets

Walmart Competition and Cost ControlWatch
Would You Give Up The Internet?Watch
Running Out of Agricultural LandRead

Element 2.3: Sensible and Limited Regulation

Food Truck RoadblockWatch
Risks of Good IntentionsWatch
Minimum Wage WashoutWatch
Minimum Wage—Good or Bad Idea?Watch
Censoring Pleas for HelpRead

Element 2.4: Efficient Capital Markets

The Global VillageWatch

Element 2.5: Monetary Stability

Milton Friedman on InflationWatch
Too much moneyWatch
Who Wants to be a Trillionaire?Watch
The Effects of Printing MoneyWatch

Element 2.6: Prudent Fiscal Policy

Portugal Hopes to become a Pensioner's Paradise with Zero Tax OfferWatch
The Economics of Tax Reform: Lessons from the Donut ShopWatch

Element 2.7: Free Trade

Does Free Trade Exploit the Poor?Watch
Markets and FreedomRead
Freedom’s Sound International TradeWatch
Unfair Competition with the SunRead

Part 2: Final Thoughts

Development EconomicsWatch
Economic Freedom IndexWatch
Economic Freedom ImpactsWatch
Economic Freedom and GrowthWatch
Economic Freedom, SlovakiaWatch

Element 3.1: Protect Rights and Produce Limited Goods and Services

Limited GovernmentWatch
Recalculating Government PropertyWatch
Political Versus Market ChoicesWatch
Not Yours to GiveRead

Element 3.3: Mitigate Market Failures

The Economics of RobocopWatch
Externalities Potato ChipWatch

Element 3.4: Understand Political Pressures

Public ChoiceWatch
The Power to CoerceWatch
Trade Restrictions and Crony CapitalismWatch
Is Government Too Big?Watch
Stimulus and Crony CapitalismWatch
Politics and Foreign TradeRead

Element 3.5: Adopt Rules to Limit the Influence of Special Interests

The Power of Special InterestsWatch

Element 3.6: Avoid Excessive Spending and Deficits

Does Government Spending Create Jobs?Watch
Debts and DeficitsWatch

Element 3.7: Avoid Subsidies Not Based on Economic Logic

Subsidize Silly WalksWatch
Politics, Economics, and Farm SubsidiesWatch
Energy Production versus ConservationRead
Rent SeekingWatch

Element 3.8: Watch out for Inefficiencies Even From Useful Subsidies

Equality vs. EntrepreneurshipWatch
Social Cooperation and the MarketplaceRead

Element 3.9: Central Planning Has Never Worked

Rinkonomics (Spontaneous Order)Watch
The Economics of the Lego MovieWatch

Element 3.10: Competition and External Anchors Are Key

Competition and Efficiency of GovernmentWatch
A Case for Constitutional Reform in UkraineRead

Element 4.2: Increase Your Value to Others

The Economics of GhostbustersWatch
Poverty and EntrepreneurshipWatch
Haiti’s Solar EntrepreneursWatch
CreActionWatch
Giving While LivingWatch
Lending to the PoorWatch

Element 4.3: Budget Your Spending and Saving

How to Save Money on Everyday ExpensesWatch

Element 4.5: Two Ways to Get More out of Your Money

Strategies for Paying Down DebtsWatch
The Sharing EconomyWatch

Element 4.7: The Power of Compound Interest

Growing MoneyWatch

Element 4.8: Diversify Your Assets

How the Stock Market WorksWatch
The Pyramid Scheme that Collapsed a NationWatch

Element 4.9: Realize No One Can Consistently “Beat the Market”

A Random Walk Down Wall Street: Are Stock Markets Efficient?Watch
What is a Mutual Fund?Watch

Element 4.10: Match the Length of Your Investments to the Timing of Your Needs

Availability BiasWatch
Loss AversionWatch
Home Country BiasWatch
HerdingWatch

Element 4.11: Reduce Your Risks

How to Recognize Investment FraudWatch

Element 4.12: Use Insurance to Protect Yourself

Crop Insurance, an Idea Worth SeedingWatch

Attributions

Secret to Happiness

This video is courtesy of American Enterprise Institute

The Importance of Incentives

This video is courtesy of Marginal Revolution University

The Road Not Taken

"Road Not Taken" by Robert Frost

Opportunity Cost

This video is courtesy of Paul Solman

Thinking at the Margin

This video is courtesy of Learn Liberty

Specialization and Trade

This video is courtesy of Learn Liberty

Economics of Voluntary Exchange

This video is courtesy of John Stossel

The Economics of the Shawshank Redemption

This video is courtesy of Emergent Order

Blockchain and Trust

This video is courtesy of World Economic Forum

A Quick Summary of Supply and Demand

This video is courtesy of the Economics Detective

Pencil and Price System

This video is courtesy of Free To Choose Network. The original video can be found here

Is “Price Gouging” Bad?

This video is courtesy of John Stossel

The Economics of the Hudsucker Proxy

This video is courtesy of Emergent Order

Economic Profit and Costs

This video is courtesy of Paul Solman

The Price System

This video is courtesy of Learn Liberty

I, Pencil, My Family Tree

This material is courtesy of The Foundation for Economic Education

Exchange Wealth Creation

This video is courtesy of John Stossel

The Broken Window Fallacy

This video is courtesy of Learn Liberty

Fields of Gold

This video is courtesy of FarmSubsidy.org

How to Create a Job

This video is courtesy of Dr. Benjamin Powell

The Economics of Cast Away

This video is courtesy of Emergent Order

The Puzzle of Economic Growth

This video is courtesy of Marginal Revolution University

Invisible Hand Steak

This video is courtesy of John Stossel

The Invisible Hand

This video is courtesy of izzit.org. The original video can be found here

Economics On One Foot

This video is courtesy of Learn Liberty

What Is Seen and What Is Not Seen

What Is Seen and What Is Not Seen by Frédéric Bastiat

200 Countries, 200 Years

This video is courtesy of "Hans Rosling's 200 Countries, 200 years, 4 minutes" from the BBC documentary "The Joy of Stats" produced and directed by Dan Hillman, copyright Wingspan Productions Ltd. 2010

Gross Domestic Product—What is it and how is it measured?

Courtesy of Common Sense Economics

Eusebio’s Dream Property Rights

This video is courtesy of Free To Choose Network. The original video can be found here

Economics of Private Property Rights

This video is courtesy of John Stossel

The Power of Property Rights

This video is courtesy of Learn Liberty

The Tragedy of the Commons

This video is courtesy of One Minute Economics

Walmart Competition and Cost Control

This video is courtesy of John Stossel

Would You Give Up The Internet?

This video is courtesy of The Fund for American Studies (TFAS). The video can also be found here

Food Truck Roadblock

This video is courtesy of izzit.org. The original video can be found here

Risks of Good Intentions

This video is courtesy of John Stossel

Minimum Wage Washout

This video is courtesy of Reason magazine and Reason.com. The original video can be found here

Minimum Wage—Good or Bad Idea?

This video is courtesy of Learn Liberty

The Global Village

This video is courtesy of edeos- digital education

Milton Friedman on Inflation

This video is courtesy of Free To Choose Network. The original video can be found here

Too much money

This video is courtesy of izzit.org. The original video can be found here

Who Wants to be a Trillionaire?

This video is courtesy of Marginal Revolution University

The Effects of Printing Money

This video is courtesy of WonderWhy

Portugal Hopes to become a Pensioner's Paradise with Zero Tax Offer

This video is courtesy of Euronews

The Economics of Tax Reform: Lessons from the Donut Shop

This video is courtesy of Tax Foundation

Does Free Trade Exploit the Poor?

This video is courtesy of John Stossel

Freedom’s Sound International Trade

This video is courtesy of Free To Choose Network. The original video can be found here

Unfair Competition with the Sun

Unfair Competition with the Sun by Frédéric Bastiat

Development Economics

This video is courtesy of Patrick M. Walsh, Ph.D

Economic Freedom Index

This video is courtesy of Free To Choose Network. The original video can be found here

Economic Freedom Impacts

This video is courtesy of The Daily Signal

Economic Freedom and Growth

This video is courtesy of Learn Liberty

Economic Freedom, Slovakia

This video is courtesy of Free To Choose Network. The original video can be found here

Limited Government

This video is courtesy of Learn Liberty

Recalculating Government Property

This video is courtesy of izzit.org. The original video can be found here

Political Versus Market Choices

This video is courtesy of John Stossel

Not Yours to Give

"Not Yours To Give from the Life of Colonel David Crockett" by Edward S. Ellis; courtesy of The Foundation for Economic Education

The Economics of Robocop

This video is courtesy of Emergent Order

Externalities Potato Chip

This video is courtesy of Learn Liberty

Public Choice

This video is courtesy of Learn Liberty and Dr. Benjamin Powell

The Power to Coerce

This video is courtesy of John Stossel

Trade Restrictions and Crony Capitalism

This video is courtesy of John Stossel

Is Government Too Big?

This video is courtesy of John Stossel

Stimulus and Crony Capitalism

This video is courtesy of John Stossel

The Power of Special Interests

This video is courtesy of Learn Liberty

Does Government Spending Create Jobs?

This video is courtesy of John Stossel

Debts and Deficits

This video is courtesy of Paul Solman

Subsidize Silly Walks

This video is courtesy of Learn Liberty

Politics, Economics, and Farm Subsidies

This video is courtesy of John Stossel

Rent Seeking

This video is courtesy of Learn Liberty

Equality vs. Entrepreneurship

This video is courtesy of Free To Choose Network. The original video can be found here

Rinkonomics (Spontaneous Order)

This video is courtesy of John Stossel

The Economics of the Lego Movie

This video is courtesy of Emergent Order

Competition and Efficiency of Government

This video is courtesy of John Stossel

A Case for Constitutional Reform in Ukraine

This article is courtesy of VoxUkraine

The Economics of Ghostbusters

This video is courtesy of Emergent Order

Poverty and Entrepreneurship

This video is courtesy of John Stossel

Haiti’s Solar Entrepreneurs

This video is courtesy of AIDG

CreAction

This video is courtesy of Len Schlesinger, Charles Kiefer, and Paul B. Brown: "Action Trumps Everything: Creating What You Want in an Uncertain World"

Giving While Living

This video is courtesy of The Atlantic Philanthropies

Lending to the Poor

This video is courtesy of Good Return

How to Save Money on Everyday Expenses

This video is courtesy of Consolidated Credit

Strategies for Paying Down Debts

This video is courtesy of Currency Marketing

The Sharing Economy

This video is courtesy of Frost & Sullivan

Growing Money

This video is courtesy of Reserve Bank of New Zealand

How the Stock Market Works

This video is courtesy of ThoughtMonkey

The Pyramid Scheme that Collapsed a Nation

This video is courtesy of Rare Earth

A Random Walk Down Wall Street: Are Stock Markets Efficient?

This video is courtesy of Marginal Revolution University

What is a Mutual Fund?

This video is courtesy of Franklin Templeton

Availability Bias

This video is courtesy of Franklin Templeton

Loss Aversion

This video is courtesy of Franklin Templeton

Home Country Bias

This video is courtesy of Franklin Templeton

Herding

This video is courtesy of Franklin Templeton

How to Recognize Investment Fraud

This video was produced by the British Columbia Securities Commission
(BCSC). The BCSC is an independent provincial government agency in
Canada that provides unbiased investing information through its investor
education website, InvestRight.org

Crop Insurance, an Idea Worth Seeding

This video is courtesy of TedTalks