RSM100Y1 Lecture Notes - Hindsight Bias, Offshoring, Trade Restriction
Document Summary
Canada is a social democracy, with a monarch as head of state. Our economy is widely recognized as a mixed market economy. In canada, capitalism is not unbridled : public (gov"t) ownership, as well as private, adam smith"s (1776) invisible hand is at work, competition is not pure; many oligopolies. Wealth (n): an abundance of material possessions and resource; property that has economic utility. Today, canada"s wealth is derived mostly from trade (and mostly with the u. s. ) When john sterman claims that all models are wrong , he is referring to our inability to: get perfect info. Sept 23rd rsm100: build complete models of our world, get the bill quickly in a nice restaurant, all of the above, a and b. One of your employees blames you and others for his poor job performance, but takes perdonal credit for his successes.
