ECON 1 Lecture Notes - Lecture 1: Academic Integrity, Business Cycle
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Bring clicker to next lecture, counts starting f. Ex. how do producers get messages, how does system get things when decentralized. Markets operate as computational system: use ppl"s demands and prices to coordinate interactions (competitive but cooperative) Direct/indirect transfer of funds for a product through a channel. Produced through co-op or many dist channels. Indirect large loop, interconnected web of co-op. When it works/doesn"t work, how public policy can make it more. Which makes us better off? (normative question) Law of unintended consequences: rippling effect of making one change in web efficient. Normative vs positive parts of a policy. Economy as a whole, business cycles, econ growth, etc. Experiments and simulations done in sections (4) Do hw: analyze experiments and see if theory will explain what happened. Section web: data from hw, submit hw. 1 question on reading (1 pt if correct) 1 t/f question in class at conclusion (1 pt if correct)
