LIMITED RESOURCES
UNLIMITED WANTS
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 & |
 |
RISE OF CAPITALISM |
ENLIGHTENMENT |
"zeitgeist"
theism |
|
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