Lecture 07 W12 post

Lecture 07 W12 post - Monday, January 30th Draft of Essay 1...

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Monday, January 30 th Draft of Essay 1 due in labs this week Post electronic version online at Turn-It-In on Blackboard prior to lab. Submit two hard copies at the beginning of lab. Late penalties: Up to 24 hours late: 10% deduction Between 24 and 48 hours late: 25% deduction More than 48 hours late: no credit Midterm #1: February 13-16 in the Testing Center Monday and Tuesday: No late fee Wednesday: $5 late fee Thursday: $7 late fee and test must be in hand by 11 am
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MARKETS AND LIBERTY – I Markets and Liberty - I 2
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Outline (2 lectures) The “magic” of markets Gains from exchange (trade) Money Specialization Competition How markets work Demand, supply, and price adjustment The role of profits The roles of government in a market economy Government restriction of exchange Markets and Liberty - I 3
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The “magic” of the market Smith showed how freedom and a market economy work to achieve the best outcome in the face of self interest. “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but to their own interest. We address ourselves, not to their humanity, but to their self-love …” Adam Smith, Wealth of Nations Markets and Liberty - I 4
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Video: Steak in New York City One way to get a steak in NY is to raise and slaughter own beef (in Central Park?). Another is to depend on the “magic” of the market. Markets and Liberty - I 5
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Video: Steak in Soviet Russia Getting steak in a command economy. Markets and Liberty - I 6
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How does the market do it? Without government direction, how does a market economy cause individuals freely pursuing only their self interest to undertake the cooperation necessary to satisfy my desire for a steak? Markets and Liberty - I
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This note was uploaded on 02/08/2012 for the course AHTG 100 taught by Professor Pope during the Winter '08 term at BYU.

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Lecture 07 W12 post - Monday, January 30th Draft of Essay 1...

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