The Market Process - Christopher Coyne

Prof. Christopher Coyne give a quick introduction to the market process and some foundational concepts in economics. He explains that the first lesson of economics is that we live in a world of scarcity, which leads to important questions economics seeks to answer, such as, how should people spend their limited time and resources? The theory of the market process offers answers to these questions. The market process has four main characteristics, which are explained in this video: 1) It requires an environment of property rights and market prices; 2) It is driven by entrepreneurship and profit and loss; 3) It is a spontaneous order; and 4) It is an open-ended, ongoing process.

This video is part of a series exploring the market process, market failure, and market fairness. It is also part of a larger series on foundational topics in Philosophy, Politics, and Economics (PPE) courses. Videos in the series feature six professors who teach in university PPE programs.

Watch the rest of the videos in the “How Markets Work” playlist here:    • How Markets Work - Philosophy, Politics, a...  

Watch all 23 videos in the PPE series here:    • Philosophy, Politics, and Economics (PPE) ...  

For additional PPE curriculum resources, including suggestions for further readings on each topic, visit our website: https://theihs.org/ppe/

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