ECO 108 Lecture 3: Eco 108- Lecture 3
Document Summary
Wealth of nations was about society and temperance, sympathy and justice: supply and demand will collapse if the people operating it is indecent. Greed is always there but was not unleashed in 2004 but it was in 2007: good political system, social system allows greed to stay down and to benefit the social order. Gravity is always there and greed is always there. Blaming plane for falling bc of gravity is like blaming greed for problems. Simply trying to relate our individual choices to social outcome. Bc of scarcity, there are tradeoffs and which create outcomes for both parties. Most people would agree for health care for everyone: there isn"t universal health care bc of scarcity, no one wants 2016 health care in 2046, we don"t wanna settle for less, but we always want more. Economics doesn"t apply to health care: that"s like saying there is no scarcity problem in health care.
