Economist Russ Roberts once remarked, "How strange it is that we live in the richest society in human history and we don't teach our children how we got to be the richest society in human history." We are unbelievably wealthy, yet most of us give little thought to what it takes to create that wealth. This video course, featuring Professor Dan Russell of the University of Arizona, explores the nature of wealth and the institutions that help us create it.
Paradoxically, while natural disasters clearly destroy wealth, they also seem to create ...
Paradoxically, while natural disasters clearly destroy wealth, they also seem to create wealth and employment when the damages are repaired. But 19th century French economist Frédéric Bastiat argued that this idea is a fallacy and fails to take opportunity costs into account. In this video, philosophy professor Dan Russell of the University of Arizona defines opportunity costs and explains the importance of Bastiat’s realization on contemporary economics.