ECON 160 Lecture Notes - Lecture 2: Positive Statement, American Exceptionalism
Document Summary
If a occurs now, b will occur in the future. B is either a good thing or bad, desirable or undesirable. A certain outcome is either good or bad, its with value rather than hypothesis/fact. Econ doesn"t care about normative statements, only how to bring b or prevent b(positive statements) Gdp : total amount of money earned by everyone in an economy in a particular year. The world is characterized by huge disparities in wealth. Ronald reagan was on of the main proponents of american exceptionalism. America is set aside to be a promise land, its exceptional. According to milton friedman capitalism and freedom = prosperity.
