Econ 101 - Lecture 4 9:08:00 AM Last time What's needed to...

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Lecture 4 30/01/2008 09:08:00 Last time: What’s needed to run a “Specialized” economy? With specialization  production (ppl find out what they are good at and then  specialize in it) Institutions (govt.-planned/markets) o Cant have anarchy and chaos  example is Baghdad – we caused terrorist and anarchy   cant have a smooth working economy without law and order. Anti-trust laws – describes how businesses can organize and  compete. 
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Economic  Mechanisms F P M A X X
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D ? X
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Democracy allows us to make mistakes but society can  eventually throw leaders out of office.  In the market society   if you make a mistake you get  thrown out of the economy  Infrastructure  Political Economy (the interface) Prerequisites for voluntary exchange Inherent attributes of goods & services (“public’” vs. “private”) Govt. Essentials for markets to work
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