Good question. Trade offs deal specifically with efficiency vs. equality. Now that choice inherently involves opportunity cost because the cost of equality (equal distribution) is surrendering efficiency (maximizing outputs form inputs). Hope this helps. Please like and subscribe.
Am I right if I say that the value of money depreciates if the government prints additional money without an additional gold reserve? Even if the government will print more money as long as it is backed by more gold as well, there will be no depreciation in the value of money?
The first statement is partially correct. If they print more money it’ll become less scarce, thus, less valuable (and prices rise; inflation. However, the US government’s money is backed by fiat (not gold). We’ve been off the gold standard for quite a while .
Under Principle 7, "they" is a general reference to the government (and its ability to step in to enforce property rights through laws, policies, court systems and the criminal justice construct).
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Love from India🙏
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what"s the difference between trade offs and opportunity cost?
Good question. Trade offs deal specifically with efficiency vs. equality. Now that choice inherently involves opportunity cost because the cost of equality (equal distribution) is surrendering efficiency (maximizing outputs form inputs). Hope this helps. Please like and subscribe.
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Am I right if I say that the value of money depreciates if the government prints additional money without an additional gold reserve? Even if the government will print more money as long as it is backed by more gold as well, there will be no depreciation in the value of money?
The first statement is partially correct. If they print more money it’ll become less scarce, thus, less valuable (and prices rise; inflation. However, the US government’s money is backed by fiat (not gold). We’ve been off the gold standard for quite a while .
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At 11:43 what does the “they” refer to?
Under Principle 7, "they" is a general reference to the government (and its ability to step in to enforce property rights through laws, policies, court systems and the criminal justice construct).
clever
Awesome Thank you soooooooooooooooooooo much
There is no Principle 4 where ?
Most important one: “People respond to incentives”
@@ageconjon oh thank you proffesor you thought better than my proffeesor in my university
I have a midterm exam in a few hours and this vid is making feel easy about it hope I can pass the exam 🩵
what did u do in your exam?
thanks sir
thanks