This post contains the sixth video in my Economics Basics series. This video takes a look at authority and the role authority claims to play and the role authority actually plays in society. Understanding authority is important for an economist as authority influences and attempts to control behaviour (both individual and market).
The video considers where authority has fallen short of its presumed objective of improving outcomes for society. It also looks at how authority has actively tried to control human behaviour as well as even exploit people to achieve its own ends and the ends of those that authority covertly serve. Examples of the number of major wars that have been waged because of authority has been discussed in this video as well as the rapidly increasing incarceration rates in countries like the USA and Australia. The video also briefly considers whether authority is even needed at all.
The next section of videos in the series will cover demand and supply. These first six videos in the series are important background to understanding how demand and supply is approached and influenced by factors such as utility, specialisation, money, and authority.
The video can be watched at the link below:
If you have missed any videos in this series use the link below.
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