Acton Institute Powerblog

How markets link the world

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Note: This is post #16 in a weekly video series on basic microeconomics.

Ten years ago this week, Apple unveiled the iPhone. It’s a product that was designed in California and produced by thousands of people all over the world. How exactly is that process coordinated? How do those people now how much of each part to make?

In this video by Marginal Revolution University, economist Alex Tabarrok explains how voluntary coordination and markets make possible such modern-day miracles as the iPhone.

(If you find the pace of the videos too slow, I’d recommend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Previous in series: A price is a signal wrapped up in an incentive

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Joe Carter Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).

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