IDSB01H3 Lecture Notes - Lecture 2: Epidemiology, Consumerism, Creative Destruction

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Schools of economic thought & forms of economic provisioning. Theorizing economic provisioning: three properties of a theory, object (objective of the theory) what the theory is trying to understand, entry point the means through which the theorist is trying to understand, where he begins. A somewhat arbitrary point, will be shaped by theorist"s preconceptions, which could be culturally shaped, common practice, political values : logic explanation of how one gets from the entry point to the objective, ex. 5 schools of economic thought: classical, marxian, neo-classical. Institutional: keynesian, all are western schools of thought, all share common object of study: understanding capitalism, try to understand western experience particularly with capitalism, all based on classical p. e. Classical political economy: objective, capitalism (is it good for society?) Born 250 years ago emergence of capitalism: adam smith philosopher, concerned with the moral implication of this new form of economic provisioning (capitalism, society coming out of feudalism where there were lords and serfs.

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