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Lecture 2 - Demand Supply and the Meaning of(Economic Life...

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1 1 Demand, Supply and the Meaning of (Economic) Life What did Adam Smith Know? It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. By pursuing his own interest he frequently promotes that of society more effectually than when he really intends to promote it Self-interest, competition, markets, S&D, price system Friedman’s pencil and 5 Minute U 2 In the News 3 Course Issues ? Questions, Problems - CHAT ROOMS (correct room) Late HW NOT Missed Class – do not email unless athletics, university sponsored event, sustained problem (>4) Clickers – don’t worry about reg yet HW – images, careful Slides posted before each Monday’s class
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