Our friends at Marginal Revolution University – a project by several professors at Virginia’s George Mason University – have come up with a great new video series explaining inflation and how it redistributes wealth. (The worst hyperinflation in history came in socialist Venezuela in 2018, where the IMF reports prices rose 929,790%.)
This introductory four-minute video is part of a new free Money & Inflation series, which is a great way to teach basic economic principles to young people. It comes complete with lesson plans, has lots of excellent resources including lesson plans, interactive games, and group exercises.
Bring home a now valuable carton of eggs and use it to explain to your kids just how inflation explains why their eggs are both in short supply and much more expensive.