The Jaw-Dropping Cost of Making Things on Your Own - Efficiency of Free Markets - FutureIQ

The invisible hand or the efficiency of free markets in economics explains why it would be insanely expensive to build or make simple things on your own. Things like tea, chicken sandwich and more. Let's understand how the world works in brilliant cooperation to bring objects as simple as a pencil and as complex as a mobile phone. Understand the economics behind the free market efficiency in this FutureIQ episode. Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Watch other episodes of The FutureIQ podcast: https://www.youtube.com/playlist?list=PLAppTB0r5_TaYueZ0adD42Wiw5X-wTE4v Books referred in this episode: Thanks a thousand: https://tapthe.link/ThanksAThousandBook More videos for you: The illusion of explanatory depth: https://youtu.be/_ak0k7GNCjM Dunning-Kruger effect: https://youtu.be/GtmcY3t5hB4 Chapters: 00:00 Introduction 01:10 Making a pencil 05:35 The eraser 07:05 Specialization 08:55 How does this happen? 10:57 Making a chicken sandwich 11:54 Making a toast 13:55 Thanking everyone 16:02 Brilliant design of the lid 17:07 Why it matters? Sources: I, Pencil: https://www.econlib.org/library/Essays/rdPncl.html XKCD Lamp: https://xkcd.com/1741/ Coffee supply chain visualisation: https://www.visualcapitalist.com/from-bean-to-brew-the-coffee-supply-chain/ Milton Friedman on I, pencil: https://www.youtube.com/watch?v=67tHtpac5ws Six months to make a Chicken sandwich: https://www.theverge.com/2015/9/17/9344597/man-spent-six-months-1500-making-sandwich-from-scratch TED Talk: how I built a toaster from scratch: https://www.ted.com/talks/thomas_thwaites_how_i_built_a_toaster_from_scratch?subtitle=en 1000 thank yous for a coffee: https://nextbigideaclub.com/magazine/one-cup-coffee-inspired-journey-thousand-thank-yous/19485/ #futureiq #economics #freemarket