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| factually based, can be proven true or false |
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| if you are not a liberal at age 20, you have no heart, if you are not a conservative at age 40, you have no brain |
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| something causing response in another |
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| associated, neither one necessarily caused the other |
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| one thing always follows another |
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| post hoc ergo propter hoc fallacy |
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| falsehood of putting things together |
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| scarce, resources, choices |
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| there's enough around, but we still want more |
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conservative economics
"there's no such thing as a free lunch"
book "Free to Choose" |
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father of modern economics
book "The Wealth of Nations" 1776
~operating manual to market system
~conservative
~laissez-faire "hands off"~driven by greed |
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| concepts of "wealth of nations" |
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1. gov't duty to coin currency
2. gov't duty to provide nat'l defense
3. provide arena for not following through in contractual disputes |
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| "double coincidence of wants" |
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notion widely held true, but isn't
~john k galbraith
ex: women's earnings vs men's earnings |
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| those who aim for "good enough" |
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| those who always aim to make the best possible choice |
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| the study of mankind in the ordinary business of life |
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| four factors of production |
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land (raw materials, resources)
labor
capital
~money (financial)
~tools, equip., machinery, factory used in production (physical)
management |
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| cost of factors of production |
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rent (land)
wages (labor)
interest (i) (capital)
profit (pi) (management) |
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guns (defense) vs butter (social welfare)
convex
the factors of production are non-homogenous
the law of increasing opp.costs |
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| law of increasing opportunity costs |
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| giving up more and more of the production of one thing in order to produce equal amounts of the other |
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| "economics is about people. every economic principle that we develop must be a statement about the way individuals make choices in their environment. all economic policies must be judged in terms of their impact on the welfare of the individual people" |
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| economics is a social science concerned chiefly with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services for present and future consumption |
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| the economic problem is simply the process of providing for the material well being of society...economics is the study of how man earns his daily bread |
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| economics is the study of men as they live and move and think in the ordinary business of life |
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| economics is the study og how man and society end up choosing, with or w/o the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various people and groups in society |
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| economics may be defined as the study of the allocation of scarce means among alternative wants |
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| economics is what economists study |
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| a systematic application and critical evaluation of the basic analytic concepts of economic theory, with an emphasis on money and why it is good. fixed coefficient production functions, costs and supply curves and nonconvexity compromise the first semester, with the second semester concentrating on spending, making change and keeping a neat wallet. the federal reserve system is analyzed, and advanced students are coached in the proper methof of filling out a deposit slip. other topics include inflation and depression-how to dress for each; loans, interest, welching |
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| that part of economics which studies and theorizes about the economy as a whole, or about large subdivisions of it. it analyzes the economic "forest" as distinct from its "trees". economics studies or statistics that consider aggregates of individuals or groups of commodities: for ex, total consumption, employment, or income |
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| that part of economics which studies and theorizes about specific economic units or parts of an economic system, such as its firms, industries, and households, and the relationship b/w these parts |
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| the great depression is a testament to how much harm can be done by a few men |
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| imagine you are a great idiot, now imagine you are a member of congress...but i repeat myself |
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| the ideas of economists, right or wrong, are more powerful than commonly understood. the world is ruled by little else. practical men who believe themselves exempt from such influences, are usually the slaves of some defunct economist. madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back |
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| economics is extremely useful as the employer of economists |
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| every gun that is made, every warship launched, every rocket fired, signifies a theft from those who hunger and are not fed, those who are cold and not clothed |
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| guns will make us strong, butter will make us fat |
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| capitalism is the worst system known, except all those others that have been tried from time to time |
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| three basic economic systems |
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market (profit)
command (central authority)
traditional (determined by ancestry) |
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| four basic market structures |
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perfect competition
monopolistic competition
oligopoly (5-7)
monopoly |
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| the bigger you are, the more efficient you become |
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| anti-trust laws to fix that issue |
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| problems of a market system |
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1. tendency towards a monopoly power
2. cruel & ruthless nature
3. inefficiency
4. externalities (a social cost or benefit that impacts a third party and is not reflected in the selling price of a good or service)
5. ignorance (advertising-puffery) |
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| a schedule of the # of goods/services consumers will purchase in a given period of time, over a given range of prices (ceteris paribus) |
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income
price
interest
profit |
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