HREQ 3010 Lecture Notes - Lecture 2: Joseph Schumpeter, Rationality, Lionel Robbins

• School: York University
• Department: Human Rights and Equity Studies
• Course: HREQ 3010
• Professor: Paul Brienza

Document Summary

Social science broad category of research seeks to understand the organization and behaviour of society and its units. Claims to bring insight into production, distribution and consumption of goods and services in an exchange economy. Economics claims to be the science of household management. Lionel robbins economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses economics studies the limits of behaviour as imposed by scarcity. Gary becker economics focuses on the assumptions of maximizing behaviour, stable preferences and market equilibrium. Microeconomics examines the behaviour of basic elements within the economic system ex. Macroeconomics studies the entire economy - emphasis on identifiable economic phenomena such as inflation, economic growth, unemployment, etc. Particular focus is on the activities of the government and what it can and cannot do to improve or enhance economic growth, investment and consumption.