VIDEO: Invisible Hands—What Rules and Institutions are Best for Society
One of the most important lessons from economics is that *everyone* responds to incentives. We all make decisions based on our perception of the likely positive benefits and potential negative consequences of our actions. And since the rules and institutions present in a society define all of the basic incentives people face on a daily basis, knowing which types of rules and institutions lead to prosperity and economic growth and which don't is one of the most valuable things any of us can learn.
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