ECON 1P91 lecture 1.pdf - A BRIEF HISTORY OF ECONOMICS ECON 1P91 FALL 2018 ECONOMICS A SCIENCE OF REVOLUTIONS • First Revolution The Enlightenment •


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ECONOMICS: A SCIENCE OF REVOLUTIONS First Revolution: The Enlightenment Second Revolution: The Marginal Third Revolution: The Mathematical Fourth Revolution: The Game Theoretic Fifth Revolution: ??? (Maybe you)
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THE ENLIGHTENMENT Period: 1715-1789. Build society upon reason and natural law, not Catholic or Protestant Church doctrine. All men are born equal (rejection of old conservatism).
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WHY THE ENLIGHTENMENT ? SCIENCE: comes from Christianity - Roger Bacon, Francis Bacon, Descartes, Isaac Newton. (See Rodney Stark) THE REFORMATION (1517): Protestantism encourages literacy and individualism.
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ENLIGHTENED SELF-INTEREST ‘Self-interest’ needs basis in reason. Result: those who further others, further themselves. Not the same as ‘greed is good.’
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ADAM SMITH, GRANDFATHER OF ECONOMICS An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Seminal work - first in
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