We teach Austrian Economics in a fun way! How is wealth created? Saving and investing is the key to personal wealth as well as the economic growth. 👍 How prices are determined? What can we learn from knowing the price discovery process? 😎 The Great Recession was initiated by bursting of the housing bubble. But why there was a housing bubble in the first place? Opportunity cost is the road not taken. Every action has a cost! How do we determine the value of things? How to explain the “water and diamonds paradox”? The law of diminishing marginal utility gives us an answer! Learn Austrian Economics in a fun way! 🎞
How are monopoly formed?
John is a shoe producer in a far country of Los Zapatos. He achieved his significant market position in an honest manner, i.e. through offering desirable products to [...]
Lean Manufacturing | a pursuit of perfection
In today's episode, we'll talk about: 1. What is Lean Manufacturing and what principles and tools does it use? 2. What does the Lean concept have in common [...]
Why do we need accounting?
Why do we need accounting? Some might think, that accounting is only a boring and unnecessary redundancy and that it exists only due to regulations and legal requirements. But the opposite is true. [...]
Skyscrapers | heralds of prosperity or crises?
The concept of "capitalism" evokes a number of associations. In popular culture, the symbols of capitalism are often banknotes, trademarks of well-known global companies, the dollar sign – or skyscrapers. The construction of [...]
Price controls
In the previous episode we talked about prohibition. Although we started with the example of an autistic intervention in the form of a ban on possessing and consuming a substance, we also discussed partially [...]
How to Buy Gold and Silver | Practical Guide
What are the purposes of buying gold and silver? First of all, to keep purchasing power in the long term. In times of constant inflation, money [...]
What’s the difference between invention and innovation?
Have you ever heard about the dispute of two Steves who created an apple? Of course, it is about the disagreements between Steve Wozniak and Steve Jobs: two [...]
Types of intervention and the effects of prohibition
Today, let's discuss the types of market intervention and, using an example, the effects of one of its types. Our aim is not to determine whether [...]
Capitalism, Socialism, Interventionism
To understand the effects of interventionism and find out what it is, we have to state what capitalism and socialism in economic terms are, because they are sometimes defined in different ways. [...]
Climate Change from the Economic Point of View
Everyday we hear chilling stories about climate change in the media: In a dozen years or so humanity will certainly die out, forests will burn or wither, and the glaciers will melt, drowning us [...]