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MARKETS AND THE NORMATIVE PHILOSOPHICAL FOUNDATIONS OF MARKET ECONOMICS WHAT YOU NEED TO DO: IN 500 WORDS OR LESS, please discuss how your understanding of markets is rooted in one or more of the philosophies introduced in the VIDEOS below. STEPS: I. Please watch videos in one or more of the following sections A, B, C, D. Il. Discuss how what you have learned in chapters 3 to 6, listed below, about the market has been influenced by one or more of the below philosophical currents described in the videos. 1. supply, and factors that affect it, 2. demand, and factors that affect it, 3. market equilibrium price and quantity, 4. efficiency in generation of consumer and producer surplus, 5. demand and supply elasticities of price, cross price or income, 6. variations in consumer and producer surplus for elastic versus inelastic demand or supply conditions, 7. government interventions in the form of 1. price controls (ceilings or floors), when price controls are binding or not, 2. taxes (ad valorem, per unit) on demand or supply, and 3. subsidies (ad valorem, per unit) on demand or supplyVIDEOS LIST: 1. The Market mechanism and fundamental philosophies: Adam Smith, the wealth of nations, from mercantilism to capitalism and the general conception of the market. Adam Smith and the Birth of Economics | Lawrence Reed 2. The Market mechanism and fundamental philosophies: marginal analysis, opportunity costs, expectations, subjectivism. The Austrian school of economics and Von Hayek: An Introduction to Austrian Economics, Part 1 c 3. The Market mechanism and fundamental philosophies: reality, reason, self-interest, love. Objectivism and Ayn Rand: An Introduction To Objectivism : brief introduction to Ayn RandAyn Rand - Her Philosophy in Two Minutes WON'T : definition of the four layers of objectivism Ayn Rand Mike Wallace Interview (Part 1) 1959 : interview of the philosopher with Mike Wallace 4. The Market mechanism and fundamental philosophies: conflict, division, power, oppression, struggle, revolution, redistribution. Marxism: A Brief Introduction to Marxism : Introduction to Marxism Marxism is ignorant of the Pareto principle | Jordan Peterson & Bret Weinstein : The Pareto principle explains flaws in Marxist assumptions and conditions. Marx observed in capitalist economies the manifestation of a fundamental law-the Pareto principle. However, he erred in his diagnosis and prescription for the problem. Jordan Peterson and Bret Weinstein explain