Professor Art Carden, from Samford University in Birmingham, Ala., is able to mow his lawn, build a fence, and install a faucet all at one time. How? He does it by employing others to do this work for him. He uses the money he earns doing what he does best and hires people to do this work for him because that is what they specialize in doing. This is an example of specialization through trade. H/T Learn Liberty
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How many times have we heard that rising gas prices are the fault of villainous oil companies taking advantage of helpless consumers? Prof. Art Carden explains that this popular story is false.
Gas prices go up and down based on the laws of supply and demand. Political problems, such as wars and barriers to the development of new sources and new energy sources, also contribute to rising prices. Prices would also be lower if demand were not artificially increased. H/T Learn Liberty
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