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Join Professor Tabarrok in exploring the mystery and marvel of prices. We take a look at how oil prices signal the scarcity of oil and the value of its alternative uses. Following up on our previous video, “I, Rose,” we show how the price system allows for people with dispersed knowledge and information about rose production to coordinate global economic activity. This global production of roses reveals how the price system is emergent, and not the product of human design. Microeconomics Course: https://mru.io/7de Next video: https://mru.io/y4n Help us caption & translate this video! http://amara.org/v/GGJO/ 00:00 Introduction 00:28 Oil prices rise in the 1970s 01:12 How rose suppliers & buyers respond to increased oil prices 03:57 The price system recap
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