Religion & Liberty Online Archives

Intro to Economics

February 05, 2019

An introduction to business fluctuations

Note: This is post #109 in a weekly video series on basic economics. Rather than moving at a steady pace, economic growth ebbs and flows and has booms and busts. Economists refer to these ups and downs around a country’s long-term GDP growth trend as “business fluctuations.” Continue Reading...
January 29, 2019

Why governments create inflation

Note: This is post #108 in a weekly video series on basic economics. Most people do not like when prices rise so most people do not like inflation. But there is one sector that sometimes finds inflation beneficial: government. Continue Reading...
January 22, 2019

Understanding the causes of inflation

Note: This is post #107 in a weekly video series on basic economics. In the last post in this series we learned that according to the quantity theory of money, if the amount of money in an economy doubles the price levels also double, causing inflation. Continue Reading...
January 15, 2019

Understanding the quantity theory of money

Note: This is post #106 in a weekly video series on basic economics. The quantity theory of money states that there is a direct relationship between the quantity of money in an economy and the level of prices of goods and services sold. Continue Reading...
January 08, 2019

How do we measure inflation?

Note: This is post #105 in a weekly video series on basic economics. Inflation is an average rise in prices. But how exactly is this average rise in prices measured? In this video by Marginal Revolution University, Alex Tabarrok explains how inflation in the United States can be measured using the Bureau of Labor Statistics’ Consumer Price Index (CPI)—a weighted average of the price increases. Continue Reading...
December 18, 2018

How hyperinflation can make you a trillionaire

Note: This is post #104 in a weekly video series on basic economics. Imagine having to pay $417.00 per sheet of toilet paper. That actually happened in Zimbabwe. As Alex Tabarrok notes, around 2000, Robert Mugabe, the President of Zimbabwe, was in need of cash to bribe his enemies and reward his allies. Continue Reading...
December 11, 2018

How taxing work affects employment

Note: This is post #104 in a weekly video series on basic economics. An important factor influencing an individual’s decision whether to keep working as they get older is their government’s tax and retirement policies. Continue Reading...
December 04, 2018

What labor force participation is (and why it matters)

Note: This is post #103 in a weekly video series on basic economics. Labor force participation is an important concept connected to employment. The labor force participation rate is defined as the section of working population in the age group of 16-64 in the economy currently employed or seeking employment.  Continue Reading...