lecture 3 - LECTURE 3: THINKING LIKE AN ECONOMIST Normative...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
2010: LECTURE 3 1 LECTURE 3: THINKING LIKE AN ECONOMIST Normative v Positive Circular Flow Model Production Possibility Model. Mankiw: Chapter 2
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2010: LECTURE 3 2 NORMATIVE AND POSITIVE ECONOMICS Normative Positive concerned with ranking outcomes: concerned with linkages: need to know value judgements need to know the process “what ought to be” “what is” “how we want the world to look” “how the world works” policies advocated by policy analyst linkages described by scientist Examples : “50% tax on gasoline is better than 10% tax on food” “If the price of cars is cut 30%, sales will increase by 12%” “How hard should I work?” “If I keep working this hard, will I get an A?”
Background image of page 2
2010: LECTURE 3 3 Normative comes from norm - a standard. normal with same root: “normal children walk by age 2" - 2 is the standard and child should go to the doctor after 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2010: LECTURE 3 4 The Times (London), June 1994 THE CREDULOUS CARDINAL by Bernard Levin The headline alone bade fair to choke me on my very first slice of toast, and it was all I could do to avoid knocking over the coffee-pot into the bargain. But really, no one should be woken by words like that, coming from a source like that . A source like what, you ask? Well, first for the headline: it read "Cardinal Hume urges goodwill towards all politicians." The archbishop had preached a sermon - a most ecumenical sermon, considering that it was preached not in the cardinal's own cathedral but in Westminster Abbey, and was for the Lord Mayor of Westminster and the councillors. Thus titillated, I got a copy of the full sermon: could he really have urged goodwill towards all politicians - all politicians? What, even Portillo? And - surely there must be a stop somewhere - even Michael Howard ? To be sure, the cardinal is notoriously a gentle and indeed truly saintly figure, but
Background image of page 4
2010: LECTURE 3 5 this strains credulity to its limits and beyond. I turned to the sermon. The first half is perhaps ground that I should not be treading. He pointed out that religion is not a private affair, for the sacred and the secular worlds must and do mingle and intertwine. He put it beautifully when he said "Shafts of the glory of God can touch us in any context, at any moment, allowing us to glimpse a deeper purpose and significance behind our everyday concerns." Rising to his argument, he spoke of the value of every human being made "in the image and likeness of God," and continued with "what it means simply to be human, to share one common humanity." At that point, a very tiny breeze fluttered my eyebrows: it was nothing like a demurral, but the invisible dog that goes with me
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/29/2011 for the course ECON 2010 taught by Professor Mertens,wi during the Spring '07 term at Colorado.

Page1 / 20

lecture 3 - LECTURE 3: THINKING LIKE AN ECONOMIST Normative...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online