EN.660.100 Lecture Notes - Lecture 2: Comparative Advantage, Open Market Operation, Antoine Augustin Cournot

• School: JHU
• Department: EN Center for Leadership Education, EN Entrepreneurship and Management
• Course: EN.660.100
• Professor: Aronhime

Document Summary

John stuart mill practical science of production and distribution of wealth . Hal varian (berkeley: optimization principle - people choose what"s best for them, equilibrium principle - prices adjust until demand=supply. Louis menand economist vs. noneconomist // prosperity=production, not employment. Macroeconomics stability and growth of the economy. Microeconomics allocation and distribution of scarce resources. John mcmillan: markets autonomous, voluntary, decentralized decision-making, government makes rules, transaction costs must checked for market to function well, well-functioning markets trustworthy people, competition, property rights protected, externality curtailed, free information. Information asymmetry one party has more info. Adam smith (an inquiry into the nature and causes of the wealth of nations) land and capital stock are the sources of all revenue. Antoine augustin cournot (researches on the mathematical principles of the. Alfred marshall (principles of economics) supply and demand curves. Atomicity large number of small producers and consumers. Confidence keeps the circular flow flowing, and confidence is fostered by.