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Equilibrium Price: How a Market Finds the Right Price on Its Own | A Life Well Lived
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(04:22) A life well lived
(02:41) Marshall's fish market and time
(01:58) Too low: a shortage
(01:32) Too high: a surplus
(00:55) Balance
(00:00) Who sets the price of fish?
Every morning, thousands of fish change hands at markets around the world, and no one announces the price. Lesson 4 of A Life Well Lived explains the equilibrium price: what happens when a price is too high (a surplus) or too low (a shortage), how a market moves back to balance on its own, and Alfred Marshall's great insight about time, using his own…
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