01 introduction PPT

The british public had no love for the convicts but

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Unformatted text preview: [already] been paid for their passage.” The British public had no love for the convicts, but it wasn’t prepared to give them a death sentence either. Newspaper editorialized in favor of better conditions, clergy appealed to the captain’s sense of humanity, and Example 1 legislators passed regulations requiring better food and water, light and air, and proper medical care. Yet the death rate remained shockingly high. Nothing appeared to be working until an economist suggested something new. …” 10:37:38 4 5 10:37:38 internet photo 6 1 Allsopp, Vicky, 1995, Understanding Economics: “… Economics is in fact very much more than that. Economics is not just the study of how people gain their living whether by ordinary or extraordinary means, but how they use their time and resources, how they spend their lives, not just their money. People make decisions in market and non-market situations; they are more than market players. And there are often very real differences in the ways in which people and their organizations use resources and time, whether from one generation to another, from country to country, or over the sweep of history. … (p.4)” Gary Becker, 1992, Nobel Lecture ⎯ The economic way of looking at life: “… unlike Marxian analysis, internet photo the economic approach I refer to does not assume that individuals are motivated solely by selfishness or gain. It is a method of analysis, not an assumption about particular motivations. Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences. …The analysis assumes that individuals maximize welfare as they conceive it, whether they be selfish, altruistic, loyal, spiteful, or masochistic. Their behavior is forward-looking, and it is also consistent over time. In particular, they try as best...
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This document was uploaded on 03/06/2014.

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