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ECON 103 Lecture Notes - Milkshake, Optimism

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azurelizard859
13 Jan 2022
School
Simon Fraser University
Department
Economics
Course
ECON 103
Professor
Douglas Allen

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Document Summary

Why maximization is so important: economic fundamental principle, economists" lenses in interpreting the world, economists" religion and faith. What is maximization: all individuals are motivated by greed. This assumption is due to people are often unable to 100% understand others" motivation and economist just assume that everyone is motivated by greed. Can it be other motivation beside greed: no other motivation is allowed beside greed. There is only one motivation in this world, and that is greed, you cannot say culture, stupidity, nor irrational, nothing! Regardless of insane people, criminal people, nor terrorist, they all are in greed in a way where is subjective be it in psychologically or materialistically. How about altruism: altruism is ruled out in economic perspective, everything that seems altruism is intent to have other type of benefit in the moment or for the future in economics" thinking.

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Related Questions

The economic way of thinking stresses that:
a. as the cost of an option increases, people will be less likely to choose that option.
b. an objective value can be attached to physical goods.
c. greed is the primary motivation for human action
d. only material goods lead to happiness.
Ā 

What role does rational self-interest play in economic analysis?

A. It is assumed that the rational self-interest assumption is much stronger than the incentive assumption.

B. It is assumed that individuals act as if they are motivated by self-interest and respond predictably to opportunities for gain.

C. It is assumed that individuals act as if they are motivated by self-interest and this makes individuals unpredictable.

Motivation is a key component in employee productivity and overall organizational success. Understanding why people behave as they do is an important step in predicting and managing behavior. There are many theories of motivation. Three important theories are Maslow's Hierarchy of Needs, McGregor's Theories X and Y, and Herzberg's two-factor theory.

In your own words:

Describe and evaluate one of these important theories of motivation. First, choose a theory and describe the claims it makes. What does it say about why people act as they do? Then explain why, in your view, the theory you have chosen is or is not effective in predicting individual behavior. Do people actually behave the way the theory claims that they do?