ENVS 1000 Lecture Notes - Lecture 16: Market Failure, Polluter Pays Principle, Externality
1 May 2015
School
Department
Course
Professor
Document Summary
Introduction it may not be feasible to have a life-style which so extravagantly uses the resources of the world. Things are given value through price (someone has value to it, puts a dollar price on it) Later middle ages saw beginnings of a more substantial international trading, banking and marketing system. Usury: describes loaning money at interest (bank deposit, visa cards) Money is a medium of exchange, but seems to have life of its own. Early economists tried to see if they could come up with social laws for people in communities that were of the same kind as newton"s laws of physics. Francois du quesnay (1694 1774): and flows of materials though an economy. Frenchmen called physiocrat; create pictorial system of stocks: helped determine who contributed what to the wealth of a country, agriculture was the main thing, when analyzing the physical nature of things in society.
