3 - September ECON 1000 Fall 2009 Cohen PARKIN BADE...

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Lecture 03 17 September ECON 1000 Fall 2009 Cohen 1 E C O N O M I C S PARKIN BADE Lecture 03 17 September 2009 Market Solution to Economic Problem Market Society economy separated out from other social relationships labour, land and capital take on new meanings how does this system of “free” individuals, each pursuing own self-interest, solve economic problem rather than degenerating into chaos? continued Market Society Economy run on self interest Other Social Relations Economy separated out from other social relations
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Lecture 03 17 September ECON 1000 Fall 2009 Cohen 2 Market Economy economy separated out from other social relationships approval and reinforcement of principle of gain/self-interest self-interest plus competition solution to economic problem continued Adam Smith, The Wealth of Nations (1776) “[An individual, by directing his industry] in such a manner that its produce may be of the greatest value, he intends only his own gain, and he is in this ... led by an invisible hand to promote an
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