Economics·Conflicts of interest: costs, benefits & choices · NSSCO 9.1
Conflicts of interest: costs, benefits & choices
Narrated lesson · press play
This is our capstone lesson, where the whole course comes together. Every economic decision creates winners and losers, because what benefits one person can cost another. We learn to tell private costs from external costs, and to add them into the social cost. Then we meet four great conflicts of interest: short-term against long-term, conserving against exploiting our resources, free trade against protection, and public against private spending. Using Namibia's fish, minerals and wildlife, we see why good policy must weigh every cost and benefit — the very heart of Economics.
What you'll learn in this lesson
By the end you should be able to (NSSCO Economics 9.1):
- Discuss conflicts of interest in relation to: social costs and benefits and private costs and benefits; short-term and long-term costs and benefits; conserving resources versus exploiting resources; free trade versus protection; public expenditure versus private expenditure
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