Political Science 1020E Lecture Notes - Rationality, Natural Abundance
26 Sep 2012
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John nash vs. adam smith: smith: individual ambition serves the common good, nash: the best result comes from everyone doing what"s best for himself and the group. Laws of nature: fundamental law: seek peace, if you can get it, second law: lay down natural right, if others do too, third law: perform your covenants. Covenants without the sword are but words. Individual and collective rationality: it is rational for individuals to attack others. Rationality leads to both war and peace: smart for one, dumb for all, it is rational for the collective to seek peace. Lets break a deal: collectively rational outcome is unstable, individuals have an incentive to defect, state provides assurance that laws of nature will be followed. Why do we need a state at all. Locke"s state of nature: a state of peace. Hobbes believed it would be a state of war: equality. All free and equal creatures: law of nature.
