The Institute for Humane Studies and the John Templeton Foundation are pleased to announce the release of our sixth Philosophy, Politics, and Economics video module, “Markets on the Margin.”
The first video features Jonathan Anomaly, associate director of the Philosophy, Politics, and Economics program at the University of Pennsylvania, discussing recreational drugs in the market. Dr. Anomaly explains how making recreational drug use illegal may not be the right course of action, especially when you consider the harm resulting from the black market.
In the second video, Michael Munger, professor of economics at Duke University, explains how laws against price gouging keep shelves empty longer. In an emergency, high prices result from scarcity and prevent the first person in line from buying up all of the stock. Dr. Munger says that price signals are vital to a functioning economy, and price gouging plays an important role by incentivizing producers, entrepreneurs, and customers to pursue alternatives.
Christopher Coyne, professor of economics at George Mason University, discusses economic development and foreign policy in the third video of the module. Economic freedom is one of the conditions necessary for economic development in poor countries. Dr. Coyne argues that open migration policies, for instance, could spread prosperity to other peoples.
At the Institute for Humane Studies, our hope is that this free, 23-video series will engage more students with these core ideas and allow faculty to use the videos both in and out of the classroom, pairing them with suggested readings and incorporating them into lesson plans.
Visit our Philosophy, Politics, and Economics page for additional modules and more information on our Philosophy, Politics, and Economics Video Series and Digital Curriculum Resources. For additional resources on remote and online teaching, visit our website.