ECONOMICS DEFINED:

SCIENCE ART OF CONSTRAINED MAXIMIZATION

 

 

 

 

 

 

 

 

 

 

 

 

ECONOMIC PROBLEM DILEMMA

LIMITED RESOURCES
UNLIMITED WANTS

 

 

 

 

 

 

 

 

 

 

OPPORTUNITY COST

WHAT YOU BLOW OFF TO MAKE A CHOICE

SO, ANY CHOICE LIMITS OTHER CHOICES

AND NOTHING IS FREE

 

 

 

 

 

 

 

 

 

 

 

FREEDOM OF CHOICE?

 

COURSE SCHEDULE

INFLUENCES INSTITUTIONS
PARENTS FAMILY
FRIENDS SCHOOL
RULE-HEADS STATE
PRIESTS/CLERICS CHURCH
$$$$$ MARKET

 

 

 

 

 

 

 

 

 

 

 

INSTITUTIONS ARE THE DNA OF SOCIETY

INTER-GENERATIONAL WEB OF VALUES

 

 

 

 

 

 

 

 

 

 

 

ETHNOCENTRIC CHOICE AND WAR

 

 

 

 

 

 

 

 

 

 

 

Art and Economics

CONSTRAINED POSSIBILITY CURVE

 

 

 

 

 

 

 

ZERO-SUM GAME

GAINS + LOSSES = 0

 

POSITIVE-SUM GAME

GAINS + LOSSES > 0

 

NEGATIVE-SUM GAME

GAINS + LOSSES < 0

 

 

 

 

 

 

 

 

 

Thinking in 3-D

 

 

 

 

 

 

 

 

Revenge of the Nerds

 

 

 

 

 

 

 

 

 

ECONOMIC GROWTH

One Step Back Two Steps Forward

 

 

 

 

 

 

 

 

 

MLK'S DREAM

 

 

 

 

 

 

 

 

 

 

 

 

 

"FIRST WORLD's" WAY OUT:

MAX WEBER"S

WESTERN ACCIDENT

REFORMATION &

Max Weber
RISE OF CAPITALISM
ENLIGHTENMENT

 

 

 

 

 

 

 

 

 

 

"zeitgeist"

 

theism

U.S. Constitution
humanism

 

 

 

 

 

 

 

 

The Western Accident

 

 

 

 

 

 

 

 

 

 

SOCIAL SCIENCE PROBLEM:

POST HOC ERGO PROPTER HOC FALLACY

Correlation doesn't imply causation

 

 

 

 

 

 

 

 

 

 

 

 

ENLIGHTENMENT

PROTESTANT REFORMATION

DEMOCRATIC REVOLUTION
CAPITALISM

 

ECONOMIC DETERMINISM

 

 

 

 

 

 

 

 

 

 

Big Karl

 

MARX'S 19TH CENTURY

ECONOMIC REVOLUTION

FEUDALISM

CAPITALISM
COMMUNISM

 

 

 

 

 

 

 

 

 

 

 

"SECOND WORLD'S" WAY OUT:

LENIN'S 20TH CENTURY

SKIP-A-STEP POLITICAL REVOLUTION

"MARX ON HIS HEAD"

 

FEUDALISM

COMMUNISM

 

 

 

 

 

 

 

 

 

 

 

 

Two Russian Revolutions

 

 

 

 

 

 

 

 

 

 

J-Curve Theory

J-Curve Theory of Revolution

 

 

 

 

 

 

 

 

 

 

 

 

Perestroika

GORBY & GRANDAUGHTER

AT PIZZA HUT

 

 

 

 

 

 

 

 

 

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