Consider one or more of the following questions to reflect on at the end of Subtopic 3.1. Discuss with another student or in a small group, or record (written, audio, video) your response.
Think about the types of markets that you engage with. In writing, or through another medium, describe the markets in your life.
What types of things do you or other members of your household buy in markets?
Who do you engage with and what relationships do you have with them?
For which things do you use local, in-person markets and for which things do you use other channels or types of markets? Why?
In this subtopic, you might have watched the i, Pencil video, which explains the complex coordination of different businesses in markets to create the simple pencil. The video is based on an essay by Leonard Read, an influential libertarian. A libertarian is someone who believes that the government should not be involved in economic activities, and that markets should be “free”.
How is the libertarian anti-government philosophy visible in the i, Pencil video?
Do you have to believe in this philosophy to accept the power and usefulness of markets in our economies?
Can you already explain some ways that markets are always embedded in their social and ecological context, and therefore never as “free” as some people imagine they might be?
Consider a product that you or your family recently purchased.
What factors led you to buy that product? Which, if any, of the demand factors listed in this section were involved in your decision?
To what extent does advertising impact your and your household member’s demand for products? Explain your thinking.
What insights have you developed in this subtopic on the core question for the Regenerative Economics course:
How can our community be home to a thriving people, in a thriving place,
while respecting the wellbeing of people worldwide, and the health of the whole planet?