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Lecture 1- Introduction to Political Economy.pdf

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Economics (Arts)
ECON 205
Tom Velk

the ideas of economics which are mainly technical and their implications for our lives together as human beingsmodern economics has a tech precision about it which is oftentimes inappropriate considering the most recent recession 2008 set off by problems in the financial community market failure or government failure economic processes can be fairer more efficient and more effective because they are farther from the political process the players on the government side of things in modern democratic societies have in mind are motivated by staying in office and electionswhereas the guys who work in the economic world are motivated by profitselfinterest the pursuit of getting rich is only superficially a bad thing Adam Smith The Wealth of Nations David Humeidea that if you design institutions right therefore introducing a pol aspect you can channel the selfinterest energies so you are concerned with your neighbournot in the corrupt way like trying to get your neighbour to vote for you but to give your neighbour a good product the magic button problemsome guy I dont know would drop dead and I get a million dollarshow much do you need put in the bank before you push the buttonfor David Hume human beings are not wicked or evil they are in fact quite generous and noble with people in their inner circlesthe more distant you get from the circle bound by love and duty you are more and more indifferent this is just the nature of mankindlimited beneficence and you canno
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