Econ 219 synthesis of notes

Econ 219 synthesis of notes - Econ 219 Thursday September 1...

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Econ 219: Thursday, September 1, 11 Notes: Current Economic Issues: WebCT: My Courses: Minerva Icon on the sheet for extra materials/ Christopher Ragan Leacock 321-C 10:00-11 AM Tuesdays and Thursdays TALK IN PERSON- don’t email. 4 weeks: Basic Econ- then application -How do markets work and why do we care? Read a newspaper: watch the news Price of Oil: World Price of Oil: per barrel [55 gallons AMERICAN]- $85 Price of a gasoline: fuel charge Market structure: Why should we care? Adam Smith: The Wealth of Nations: father of economics Interact in a market: Consumers and producers via self-interest: GOOD for society Demand-Supply: Why do Markets fail? Current mortgage crisis: banks creating as many mortgages as possible: the people lent to- can’t pay it back Buyer-Seller doesn’t know what they are getting: Pollution: Steel producers: sludge down the river National Defense : Who pays? Public goods problem: Private sector won’t provide them- public has to compensate High demand: prices people out does not equal failure Distinction between “what you don’t like” versus an actual failure Hockey player makes more than a heart surgeon Free trade and globalization: why the debate? Anti-globilization:
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-escape environmental/labor laws -leaders -doesn’t benefit equally -lower wage -gains from trade aren’t across the board- exploitation of workers -mostly upper-middle class people protesting What are the economic challenges from climate change? -driven by mans burning of fossil fuels -talk about the economic challenges facing climate change -very little being done in Canada Kyoto Agreement: Canada promised to reduce its greenhouse emitions: actually increased by 30% Is growing income inequality a problem and why? -some amount of poverty: how do we measure poverty? -How do we define poverty? -Absolute sense: eliminate poverty (doesn’t take account of the fact we interact with other people) absolute or relative sense: measuring poverty Inequality: redic high, high, lower incomes: Disparity Past 25 years (Canada) people in 10% wealth gone up, 50% of people have 0%income increase The upper 40% little increases Social mobility: perception: rags to riches perception Low income, low education generally go together: correlation Vicious cycle of poverty: low income is contagious Governments DO NOT pay for things: Concern about education- if you don’t subsdize (sp) education: no one will go What are the challenges by an aging population? -health care concerns: -social security -dependency ratio becomes larger: fertility rate: 3.6
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-replacement rate: 1.7 children per woman 15 years: Boom of retirements social programs: post war period: publically provided healthcare Pay as you go: demographically stable program Pension-plan is okay 55 years under: 250 dollars 55 over: 2500 dollars Micro: becomes everything Section 6: Selected Macroeconomic Issues: Chapter 19 AT: What makes people happy? Chapter 25
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Econ 219 synthesis of notes - Econ 219 Thursday September 1...

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