ECON 1100 Lecture Notes - Lecture 1: Gambling, Lydia Lopokova, Near-Sightedness
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Friedrich August von Hayek (1189 - 1992) Vienna, Austria
• University of Vienna, graduated with two doctorates in law and political science.
• Supported the free and decentralized, or laissez-faire, system.
• Lionel Robbins took him to LSE from the Austrian School of Economics 1930s.
• Shared the 1974 Nobel Prize with Swedish Gunnar Myrdal.
• Wrote about socialism and its role in fascism, how collectivism leads to
• Margaret Thatcher allegedly supported him by slamming his book onto a table
and saying “This is what we believe in.”
• Two works:
o “The Constitution of Liberty” and “The Use of Knowledge in Society”
• Classic liberal or libertarian stance on politics, preferred “Burkean Whig”
Amartya Kumar Sen (1933 - ) West Bengal, India (on a college campus)
• Known for co-developing the Human Development Index (HDI) in 1990.
• Created Department of Economics at Jadavpur University.
• Known for the liberal paradox, which states that free markets can’t be both
efficient and value human freedom at the same time.
• Spent working career at Harvard, Oxford, Cambridge, LSE, Delhi, etc..
John Law (1671 - 1729) England
• His father was a goldsmith who died when John was four years old
• He moved to London in 1688
• Became a gambler, ended up killing a man in a duel over mistress/homosexual
guy, there’s no conclusive evidence about it.
• He was condemned to death, escaped, made a fortune and then wrote about
money and banking systems.
• First economist to use supply and demand properly (before Adam Smith)
• He suggested that Scotland use paper notes for currency as opposed to gold
because then their value wouldn’t fluctuate with the prices of gold/silver.
• He went to France after the Act of Union in 1705, became a gambler again.
• The death of Louis XIV prevented his deportation, to which he responded by
setting up a banking system and taking on France’s debt.
• He took over companies to monopolize Louisiana, Mississippi, Africa, etc..
• He ruined the French economy via hyperinflation because he printed too much
money. The stock of the companies overseas crashed.
• He fled back to England after that because he was pardoned for murder charge.
• Died in Venice from pneumonia. Still hustlin’.
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