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Lecture 2

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Week 2 September-18-13 10:20 AM Late for Class Desirability of Markets  Efficiency- Based Justification (EBJ)- we should have a market because there are more efficient ways to have a market o Committed to efficiency although freedom may be constricted, at least we wont undermine the total wealth  Liberty- Based Justification (LBJ)- in a market economy people have a more liberties (less liberty constraints) o Opens a range of freedom o Even though it doesn’t increase efficiency there will be still liberties  There are trade-offs- if we still keep giving liberties they are going to be negative impacts on efficiency and vice versa  Many people say liberty and wealth go together but economists like Smith and Freeman do not agree Smith: 2 basic principals of human behaviour  Sympathy: Theory of Moral Sentiments:  Self-Interest- important forces behind human behaviour in markets (main study): Wealth of
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