Economics offers a lot of cool and counterintuitive insights. One of the most fun, I think, is the independence of the legal incidence and the economic incidence of a tax. In other words, if demanders are not very responsive to changes in the price of a good, sellers can pass some or even most of a tax on to demanders even when sellers are responsible for writing the check to the government.
In my latest suite of LearnLiberty videos, I explain tax incidence and the distortionary effects of taxation in the context of a handful of simple examples, some of which are literally taken from textbooks. Enjoy!
Disclosure: I have been compensated for appearing in LearnLiberty videos.