Dsoc 9_16_Notes - dsoc 101 Non O Expense(income 12:10:00 Current market failures Us govt debt 9.4 trillion Fannie mae and Freddie Mac debt is 5.3

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dsoc 101  16/02/2009 13:10:00 Non O Expense (income) Current market failures Us gov’t debt 9.4 trillion; Fannie mae and Freddie Mac debt is 5.3 trillion Debt crisis  inequality   social crisis Climate change = externality Economic science Individualism Adam smith: individuals “truck and barter” Robert Frank: CU students optimize altruism and self interest Methodological individualism – starting point for the individualist paradigm is the  simple fact that all social interactions are after all interactions among individuals. The  individual in the economy or in the society is like the atom in chemistry; whatever  happens can ultimately be described exhaustively in terms of the individuals involved Economic knowledge Epistemology – nature of knowledge, presuppositions, foundations, extent  and validity Methodology – a system of methods, principles, and rue regulating a given 
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This note was uploaded on 02/20/2009 for the course DSOC 1101 taught by Professor Hirshel during the Fall '07 term at Cornell University (Engineering School).

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Dsoc 9_16_Notes - dsoc 101 Non O Expense(income 12:10:00 Current market failures Us govt debt 9.4 trillion Fannie mae and Freddie Mac debt is 5.3

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