I frequently teach economics principles courses, offering many college students their first exposure to the subject. While we cover all the basics — supply and demand, elasticity (consumer and producer sensitivity to price changes), taxation, trade, and externalities — I’m under no illusion that most of them will remember a lot of the material come a year from now, much less longer.
But there is one thing I hope all my students remember forever — the role of prices and private property. In particular, I want them to remember how these mechanisms are vital for a free and prosperous society. I make it clear to them that I think this material is of the utmost importance. In fact, prior to beginning our discussion of prices, I tell them I will be thrilled if the price system is one thing they remember from the class fifteen years from now.
Prices and private property rights are fundamentally important. Failure to grasp how these forces work leads to positively detrimental outcomes.
Abigail Blanco, “Marxism on the Menu: Why This Communist Restaurant Failed”, Foundation for Economic Education, 2016-12-27.
November 12, 2018
QotD: The importance of prices
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