Political Science 1020E Lecture Notes - Lecture 3: Invisible Hand, Natural Abundance, Nash Equilibrium
2 Nov 2016
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Smith: individual ambition serves the common good (known for the invisible hand) and if each person looks out for themselves, everything will be better for everybody. Nash: the (cid:271)est (cid:272)o(cid:373)es fro(cid:373) (cid:449)he(cid:374) e(cid:448)eryo(cid:374)e doi(cid:374)g (cid:449)hat"s (cid:271)est for hi(cid:373)self a(cid:374)d the group. Nash is famous for the nash equilibrium; where no individual can do better for himself given what everyone else is doing. Some lack power to enforce law of nature. Lays the ground work for the structure of the state, let"s us imagine what life would be like without a state. Law of nature: governs us to help people, free only to do what we have a right to do. (different from. Hobbes" idea of being free to do whatever you want to do) Equality: hobbes says we"re equal, locke says we have equal moral status. All god"s children and we have equal moral rights.
