Naked Economics--student

Naked Economics--student - Comparative Economic Systems...

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Comparative Economic Systems Wheelan: "Naked Economics" Grand Valley State University Dr. Daniel Giedeman
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Chapter One Key Points and Concepts – Who feeds Paris? – “Time Well Spent” • 1971: 25 inch color tv = 174 hours of wages • 2002: 25 inch color tv = 23 hours of wages • 2011: 32 inch HD LCD tv = 13 hours of wages – Cautions against imposing our preferences on others • Rain forests example – Opportunity Costs • Costs of having a child – Price Discrimination
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Chapter One Key Points and Concepts – The Power of Markets • The market economy is a powerful force for making our life better • The market is amoral • Because we use price to allocate goods, most markets are self- correcting • If we fix prices in a market system, firms will find some other way to compete • Every market transaction make both parties better off – “The economic battles of the twenty-first century will be over how unfettered our markets should be.”
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Chapter Two Incentives Matter
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This note was uploaded on 04/05/2011 for the course ECO 365 taught by Professor Giederman during the Winter '11 term at Grand Valley State University.

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Naked Economics--student - Comparative Economic Systems...

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