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Lecture 3

Week 3.pdf

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Department
Economics
Course Code
ECON 2720
Professor
B Ferguson

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Lecture 7 January 20, 2014 10:27 AM Incentives - Subsidizing a particular approach to a problem deincenitizes people from coming up with new technologies that solve the problem better - Incentives should exist for people to come up with better and new technologies - An example is CO2 emissions because current methods of low carbon power emissions are subsidized but finding new methods are not Business in Ancient Rome - Rome was made up of mostly small businesses and had a strong financial system - Its most important contribution to business history was a relative time of peace, which gave many businesses a feeling of security and certainty - Traders could ship their product and not be worried about something happening along the journey - During peaceful periods ships are designed for trade and not designed for naval warfare - During times of war, ships were designed for battle and carried troops, but had less of a capacity to carry tradable goods - When there was a peace and trade was good, the standard of living for peasants tended to be much better than times of war - At the height of the Roman Empire the standard of living was so high that it would not be seen again for over a thousand years - A societas publicanorum was a sort of corporation that was responsible for the building of aqueducts and the managing of large silver mines - The Roman government was the first to give citizens bread just because they were citizens - During the time of harvest the government would import tons of wheat from Egypt - This wheat was transported by societas publicanorum, large companies that had a lot of ships - The Roman population was always very weary of anything run by the state because generally there only purpose was to make as much money as possible for the governor - A peculium refers to the amount of money a slave was allowed to have - If a slave went into debt more than this peculium no one was liable for that amount of money - This is why many citizens set up companies with slaves as managers because they had a very limited liability associated with them - Shares of the slave could then be sold on the stock market in Rome - This system was a basic corporation and operated in the same way corporations are run today, except it was all centred around the slave - There weren't very many of these businesses around but they did exist - Inflation in ancient Rome was usually generated because the government would put less silver or gold inside coins Lecture 8 January 22, 2014 10:36 AM The Fall of Ancient Rome - After the fall of Rome the population had a much lower standard of living than during its height of power during peace time - It was custom for people to follow their father in the work they do, so people would be locked down into a certain standard of living in the same place - Julius Ceaser is said to have invaded Britain and left because of the weather - The Roman Empire eventually took control of England and spent a considerable amount of money to hold it as a colony - They built Hadrian's Wall between England and Scotland to keep the Scots from invading - It was said that the wall was built because the Scots would come and invade naked and the Romans didn't want to fight with hairy Scots men - The Romans also decided to build the city of London because it was a good site for a major port and administrative services - Many s
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