MGMT 1 Lecture Notes - Lecture 3: Malthusian Catastrophe, Thomas Robert Malthus, The Communist Manifesto
Document Summary
Chapter 2 understanding economics and how it affects business. Economics (how to best allocate/use resources to achieve good results) The economic and political government greatly affects businesses in a given country and throughout the world. Microeconomics- is about the behavior of individuals and organizations within an economy (supply and demand. Macroeconomics- is about the economy as a whole (inflation, unemployment) Model building: simplified frameworks to understand complex reality (assumptions) Econometrics: uses statics to analyze and interpret empirical data. Experiments: study actual behavior under controlled conditions (led to behavioral economics) Worry about unencumbered population growth would do to the economy will lead to poverty resource. Neo-malthusians agree that population is a major issue. Adam smith (1723-1790) 1776 wealth of nations/ theory of moral sentiments. An inquiry into the nature and causes of the wealth of nations. The best way to create and distribute wealth is to leave it in the people"s self-interest.
