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Unformatted text preview: 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 1 he frequently promotes that of society more effectually than when he really intends to promote it Self-interest, competition, markets, S&D, price system Friedmans pencil and 5 Minute U In the News 2 Course Issues Religious Absence email/ no penalty/ slides etc Questions, Problems - CHAT ROOMS (correct room) Late HW NOT (except for 1) Missed Class do not email unless athletics university sponsored event 3 ? athletics, university sponsored event, sustained problem (>4) Clickers dont worry about reg yet HW images, careful Slides posted before first class each week 2 According to Adam Smith, self- interested businesses and consumers acting in a market system leads to...
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This note was uploaded on 02/08/2011 for the course ECONOMICS 220:103 taught by Professor Sheflin during the Spring '08 term at Rutgers.
- Spring '08