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Chapter 1 - F inal Exam for t his cour se:00 AM 1:00 PM GE...

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Final Exam for this course Wed 16 11:00 AM – 1:00 PM GE 107 Conflict with another exam? Stay tuned
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Chapter 1 Big Ideas
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The Problem: As many as 1/3 of the prisoners were dying en route to Australia
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How to solve the problem? Newspapers editorialized for more humane treatment Clergymen called for more humane treatment Legislators passed new regulations What really worked?
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Paying Ship Captains for the number of prisoners arriving in Australia, rather than leaving England, solved the problem. Survival rate increases to 99%
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Perhaps the most important lesson to learn from economics: Big Idea one: Incentives matter .
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Incentives Matter 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. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. – Adam Smith, Wealth of
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Why are your course organized as they are?
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