ECON 1202 Lecture Notes - Lecture 1: Friedrich Hayek
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Main ideas: economics studies our material world, economics studies how societies provide for the material well being of their members. Society"s wealth: is tied to the cooperation and economic interdependence of individuals (each of whom specialize, and the impact of this specialization (also called division of labor) is mind tripping. What is this connected with? trade: markets allows for specialization to take place, which is critical to wealth we have. But what is macro economics: branch that is concerned with the overall ups and downs in a economy, study of the economy as a whole including in ation, unemployment, and economic growth. It starts with markets: how they work, economic signi cance, focus on nancial markets, macro is built on micro foundations. Macro starts with keynes: the general theory of employment, interest, and money (john keynes, 1936, the di culty lies not so much in developing new ideas as in escaping from old ones .
