ECN 340 Lecture Notes - Lecture 1: Greedy Reductionism, Rationality
16 Apr 2017
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Document Summary
Before an individual can hope to understand social phenomena, the individual must understand why people behave the way they do. A thought process, or the unique manner in which we approach problems confronted by human beings. Defined as a mental skill that incorporates a special view of human behaviour. Arises because of: unlimited desires , limited resources to satisfy those desires. Unlimited resources include both material & non material wants: love, health, friendship, sex, vacation, good looks (plastic surgery, length of life, etc . There are limited resources to satisfy all these wants (including time) To satisfy their desires, people exchange goods and services: they exchange those things they have in abundance for those they don"t have in an effort to maximum satisfaction. Economists use the amoral approach to analyze issues and problems facing human behaviours. The amoral approach is devoid of our own values. The economists tries to understand the behaviour of others given in their own values.
