ECON 104 Final: Economics 104 Mostly Complete Note Packet
24 Aug 2017
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Chapter 1 introduction (lecture 1 + 2 reading): 1-10 spontaneous order and the science of economics (rustici) & i, pencil (leonard e. read) Absence of mastermind: emphasis on miracle of human interaction. 11-12 what is seen and what is not seen (fr d ric bastiat) Act, habit, institution, law, has series of effects first alone is immediate. Lucky to foresee the unseen (in reference to decision-making within economy) Good economist takes into account both the seen and the effects that must be foreseen. Flagrante delicto broken window and 6 francs. 13-16 capitalism, socialism and democracy: the process of creative destruction (joseph. Capitalism is an evolutionary process: form or method of economic change; can never be stationary. Fundamental impulse is new consumer goods, new methods of production and transportation, new markets, new forms of industrial organization that capitalist enterprise creates. Creative destruction essential fact about capitalism: takes considerable time in yielding its effects.
