ISS 225 Lecture : unit three class notes.pdf
26 Feb 2014
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Document Summary
Study of distribution and consumptions of goods and services in society. Economy as a whole is doing, regions, countries. Central problem of economics? people who write economic books don"t write the books in plain english, they write in a different language. Needs good, some people eat what they can when they can. Yes, third world countries have different needs than the us. Set of ideas and values which have an affected western civilization since the early days of capitalism. Political views, representative government, limited state, individualism, civil liberties, new technology. Produce little but have huge amount of peasant laborers. Rural isolation: nation government seen as isolate and distant. Plan and control all productive activities in the economy. Economic freedom promotes political freedom separates economic power from political power. Economic freedom must be used to get political freedom. Excess supply eventually cause competition, causing change in price, causing interest, Thought that government should not interact with economy.
