Yeah, after shooting the video I realized I could have made the first example more visual/intuitive if I had gotten out my kids' Thomas the Tank Engine toys. Maybe next time!
Having the property right to pollute the whole river is crazy proposition in the socially embedded economics. Your business is destroying business, life, and health of the village/town/country. This is why economic theories work in the paper but not always in the paper mills. 😢 The river must be seen as a "commons" whose use must be negotiated by all parties for perpetual use.
The technology costs $5,000 no matter who pays for it. If the farmer couldn't force the railroad to install the technology, he could either pay for it himself for $5,000 or accept the $10,000 loss of not using his entire field. Paying for the technology is the cheaper option, so he would choose that.
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Cute interruption from henry!!! Thank you for the lecture sir!
I am not a economist, your explanation was thoroughly clear. Thanks
Very clear, detailed yet concise explanation
This deserves more views, very good examples
Thank you very much. Spread the word!
Your explanation was so easy to grasp.
Thank you
Good explanation crisp clear ❤
This is a fantastic video, thank you!
Thank you this was very helpful! Great example!!!
Fantastic explanation!
Good explanation sir
thank you Jesus that was clear explanation.
Much appreciated!
Well explained thank you so much
2022 and am having a paper tomorrow but this saved my grades😊
Good lecture. I have used it in my class. thanks
Glad you found it useful!
Thanks so much!
Very helpful ....
YOU SAVED ME! second example is better for me, ty ty
Yeah, after shooting the video I realized I could have made the first example more visual/intuitive if I had gotten out my kids' Thomas the Tank Engine toys. Maybe next time!
thakx
he sounds like the man talking in Khan Academy
Having the property right to pollute the whole river is crazy proposition in the socially embedded economics. Your business is destroying business, life, and health of the village/town/country. This is why economic theories work in the paper but not always in the paper mills. 😢 The river must be seen as a "commons" whose use must be negotiated by all parties for perpetual use.
Why does the technology cost 5000 instead of 10000 if the farmer pays for it?
The technology costs $5,000 no matter who pays for it. If the farmer couldn't force the railroad to install the technology, he could either pay for it himself for $5,000 or accept the $10,000 loss of not using his entire field. Paying for the technology is the cheaper option, so he would choose that.
You sound almost identical to the Khan Academy guy
Yeah, that guy’s got a pretty great voice ;)
One like for your son??