Joseph Schumpeter, one of the deepest and most broadly read economists, ever. A splendid horseman too. Development Economics course: http://mruniversity.com/courses/development-economics-0 Ask a question about the video: http://mruniversity.com/courses/development-economics/joseph-schumpeter#QandA Next video: http://mruniversity.com/courses/development-economics/alexander-gerschenkron ... https://www.youtube.com/watch?v=QzUn627cmwI

What is comparative advantage? And why is it important to trade? This video guides us through a specific example surrounding Tasmania — an island off the coast of Australia that experienced the miracle of growth in reverse. Through this example we show what can happen when a civilization is deprived of trade, and show why trade is essential to economic growth. In an economy with a greater number of participants trading goods and services, there are more ways to find a comparative advantage and earn more by creating the most value for others. Let’s dive right in with an example from our new friends, Bob and Ann. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1QEYD77 Next video: http://bit.ly/21gU5IU ... https://www.youtube.com/watch?v=4rUfoU04QJM

http://mruniversity.com/courses/economic-history-soviet-union/prerequisites-utopian-society Help us caption & translate this video! http://amara.org/v/FK5b/ ... https://www.youtube.com/watch?v=UjtpDH-NaeQ

Happy Halloween from the MRU team! Guess the economic concepts in our costumes to win one of our business cycle t-shirts. Click here to submit your answers: http://bit.ly/2zlsVZx ------------------------------------------------------------------------------------------------------------ Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Check out our Everyday Economics series: http://bit.ly/2z7B9Dx ... https://www.youtube.com/watch?v=FnRysgHpAN0