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Chapter 2

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Department
Economics
Course
ECON 1BB3
Professor
Hannah Holmes
Semester
Fall

Description
Lecture three chapter 2: what is more dangerous, a gun or a swimming pool? (1) why economics is difficult o express ideas in economics: 1. English language (understanding stories, and people) 2. Alegrba/equtions 3. Diragramns/graphs  People who struggle with economics, are not people who are not good at math, they are the ones who cannot translate between these three forms of communication When the price of coffee rises, people drink less coffee (2) ECONOMICS is a Social science - Social = people - economics is all about people - science = use scientific method  observe (instead of experiment like other scientists)  theorize  test theory (if supports theory then continue, if it doesn’t then go back to step to and tinker with our theory - natural experiment: o ex, seatbelt laws on injurys and deaths, law for it injuries decline (3) Microeconomics vs. Macroeconomics - microeconomics: individual households & individual firms and how they interact - macroeconomics: economy-wide phenomena such as interest rates, unemployment, money and growth (4) Efficiency vs. equity - one of the biggest tradeoffs that the society has to make - efficiency is the size of the pie - if we’re more effiecnet then we can take the same ingredients and make a bigger pie - quity is how the pie is divided - does everyone get an equal share, does everyone get 99% and the remaining have to share the 1% - most countries are in the middle fo the spectrum, most os are not entirely centrally planned or entirely market driven and we need to make this choice - becoming more ffienct means we are less equitable, may not want to give away all our equity (5) Positive vs. Normative analysis
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