There is a circumstance here that is not discussed. What about when the customer’s demands increase beyond what is efficient for the business to provide, and because they do not provide that, customers feel empowered to punish them? The example here is Yelp and the reviewers that tarnish a restaurant’s reputation because of impossible expectations. They can feel free to leave a bad review, there is no incentive to tell the truth, especially when there is a perceived abundance (in the case of franchised small businesses).
Another great video. These concise videos are a great way to disseminate Austrian ideas. You should do a video on Austrian Capital Theory. You could use your video to recreate Robert P Murphy's Sushi Analogy mises.org/library/importance-capital-theory or a similar scenario. You could then relate this theory to modern western economies to try and explain why our current standard of living is unsustainable. Let me know what you think.
There is also a very cool online game that helps to understand prisoner's dilemma.
ncase.me/trust/
Nicky case I have played that
Really nice game. Thank you!
This Channel is so good!!!! Thank you so much for the content, love, from Brazil.
Thank you! :)
Cooperation is always the best thing people can do. Your video shows that perfectly.
Only if you know the other will cooperate.
@@bobbyrayofthefamilysmith24 If the orher won't cooperate this wouldn't be cooperation.
this chanel is soooo underrated !
Just the type of channel I was looking for😃
Roadside sellers always jack up their prices when tourists are around(especially in developing countries).
There is a circumstance here that is not discussed. What about when the customer’s demands increase beyond what is efficient for the business to provide, and because they do not provide that, customers feel empowered to punish them?
The example here is Yelp and the reviewers that tarnish a restaurant’s reputation because of impossible expectations. They can feel free to leave a bad review, there is no incentive to tell the truth, especially when there is a perceived abundance (in the case of franchised small businesses).
Awesome vids, I'm learning so much! Regards from Honduras.
Cool vid
Interesting video
Another great video. These concise videos are a great way to disseminate Austrian ideas. You should do a video on Austrian Capital Theory. You could use your video to recreate Robert P Murphy's Sushi Analogy mises.org/library/importance-capital-theory or a similar scenario. You could then relate this theory to modern western economies to try and explain why our current standard of living is unsustainable. Let me know what you think.
That cattle industry has to stop
Watch at 0:75 speed
Why every economist obsessed with game theory