Type:

Video

Description:

Prof. Antony Davies explains that prices are not levers that set value, but rather, are metrics that respond to value. Therefore, since government cannot legislate value, attempts to control prices will generate unintended consequences. Using the minimum wage as an example, Davies demonstrates that minimum wage laws increase unemployment rates amongst low-skilled workers.

Subjects:

  • Social Studies > Economics

Education Levels:

  • Grade 11
  • Grade 12
  • Higher Education

Keywords:

prices, government intervention, price controls, unintended consequences

Language:

English

Access Privileges:

Public - Available to anyone

License Deed:

Creative Commons Attribution 3.0

Collections:

None
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