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Lecture 1

ECON 1100 Lecture Notes - Lecture 1: Gambling, Lydia Lopokova, Near-Sightedness


Department
Economics
Course Code
ECON 1100
Professor
All
Lecture
1

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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
totalitarianism.
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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