Econ 104-4 - Econ1044 18:24 EconomicsasaMoralScience(1)...

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Econ 104-4 18:24 Economics as a Moral Science (1) What is an economy? Economic organizations Households – we can envision an entire economy according to the standards of a  household Businesses Markets Governments – government is there at the minimum to enforce agreements Money and Exchange How do they interact? Combinations of interactions defines an economy Capitalism and Socialism Capitalist economy – the US as market economy (individuals follow their self interest –  glorifying greed) To beat others rather than to benefit others Socialist economy – it’s based on individuals’ goodwill towards others Not on their own self-interest, society determines for what; how much to produce Alternative perspectives on video: Milton Friedman (most influential economist of the last half of the 21 st  century -  capitalism) vs. Michael Harrington
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This note was uploaded on 10/24/2011 for the course ECON 104 taught by Professor Dolenc during the Fall '08 term at UMass (Amherst).

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Econ 104-4 - Econ1044 18:24 EconomicsasaMoralScience(1)...

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