HOSept20 - Economics 201, Witte, Tuesday, September 20th,...

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Economics 201, Witte, Tuesday, September 20 th , 2005 No TA sections this week, they will start a week from Friday. We will announce the sign-ups I will be in my office (Andersen 311) today from 5:30-7:PM and tomorrow from 9:30-11:30 if you want to pick up the Krugman & Wells text. What is Economics? I. How agents (people, firms, governments, institutions, etc.) make choices in the face of scarcity. II. The (social science) study of how society makes choices to allocate scarce resources. The three big questions of economics: How do we use our resources efficiently? What do we make? Who gets what is produced? III. Scarcity => Choices => Consequences IV. Policy is about making good choices, and so economics is one of the most important tools for policy makers. V. Where do we see the most interesting social progress? Generally where economies are healthy, and the direction of causality runs from economics toward the other progress. VI. Simplifying assumption of “rationality” in choice. No alternative yields a better payoff. VII.
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HOSept20 - Economics 201, Witte, Tuesday, September 20th,...

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