Textbook Notes (280,000)
US (110,000)
Harvard (100)
ECON (90)
Chapter McVickar

Economics 1776 Chapter McVickar: Ec 1776 Reading Notes- McVickar Notes (1031)


Department
Economics
Course Code
Economics 1776
Professor
Professor Friedman
Chapter
McVickar

This preview shows half of the first page. to view the full 3 pages of the document.
Introductory*Letter*to*a*Course*on*Political*Economy*(!"#$%"&"!'()'*+#,-.$('*+##"/"0'
123
4"%5'6+78'9:;$:<(&'== >&+?"@@+&'+?'9+&(#'>7$#+@+A7B'(8!'>+#$)$:(#'C:+8+-B'
D"(#)7'$@')7"'&"@,#)'+?')7"'-+&(#0'$8)"##":),(#0' (8!'A7B@$:(#'A+E"&@'+?'-(8
F/8+&(8)'+&'%$:$+,@0')7"&"'$@'8+'&+(!')+'E"(#)7
D$)7+,)')7"@"0'-(8'$@'('-(:7$8"'+,)'+?'+&!"&
§
9(8'$@'.,)'('-(:7$8"'?+&')7"':&"()$+8'+?'%(#,"'== ('-(:7$8"'A"&?":)'$8'
A&+A+&)$+8')+'@<$##0'<8+E#"!/"0')"-A"&(8:"0'$8!,@)&B0'(8!')7"'E7+#"')&($8'
+?'A"&@+8(#'%$&),"@
G+8"'"!,:()"!0'@:$"8)$?$:'-(80'E$##'E"$/7'-+&"'$8')7"'.(#(8:"')7(8'('
E7+#"'7+&!"'+?'$/8+&(8)'(8!'$8!+#"8)'@(%(/"@G'HI3
§
F)'$@')7"'E$@"'7"(!@')7()'(&"'+8'$)0'(8!')7"'-+&(#'"8"&/$"@')7()'
A"&%(!"'$)0',A+8'E7$:7'!"A"8!'$)@'(:),(#'&"@+,&:"@'(8!'$)@'
?,),&"'E"(#)7
J
§
M+&!'N(:+8O'GF8'E(&0')7+,/7')7"'@)&+8/'(&-'-(B')(<"'$)'?$&@)0'$)'$@')7"'
#+8/'7"(!')7()')(<"@'$)'#(@)0'(8!'7+#!@'$)'#+8/"@)G'HI=P3
§
>7B@$:(#'@)&"8/)7'$@')7"'#+E"@)'"#"-"8)'$8')7"'@:(#"'+?'E"(#)7
§
Q+'E"'8+)'?$8!')7()'<8+E#"!/"'$@'A+E"&0'@:$"8:"' $@'E"(#)70'(8!'%$:"'
$@'&,$8R
§
>"(:"
F8')7"'-(@@'+?'-"80'$)'$@')7"'+8#B'@":,&$)B
J
It#is#the#pursuit#of#future#independence#that#first#raises#him#
above#present#temptation#(7)
J
Q+"@'8+)')7"'@(%(/"':"(@"')+'."'@(%(/"0'(@'@++8'(@')7"'
7+8"@)'(:S,$@$)$+8'+?'E"(#)7'.":+-"@'('-+)$%"'(8!'+.T":)'
E$)7'7$-R'HU3
J
K7"'S,$")'A,&@,$)'+?'E"(#)7'$@'@)$##')7"'/&"()"@)'
@(?"/,(&!'+?'%$&),"5'D$)7+,)'$)0')7"'A++&'&,8'$8)+':&$-"0'
)7"'&$:7'&,8'$8)+'&$+)
®
"This#is#the#very#history#of#human#society.#The#desire#of#
accumulation#has#been#its#first#moving#principle;#and#wealth#
and#refinement#have#ever#gone#hand#in#hand.#Nor#has#it#
ceased#to#operate"#(7)
J
F)@'pursuit0'$8'('8()$+8(#'A+$8)'+?'%$"E0'$@'!":$!"!#B'?(%+&(.#"')+')7"'
?+&-()$+8'+?'-+&(#':7(&(:)"&
§
>MVKWO'GX+#!'(8!'%$&),"'(&"'.(#(8:"!'(/($8@)'"(:7'+)7"&'$8'
+AA+@$)"'@:(#"@G'HP3
§
Wealth#is#not#a#moral#science#only#in#reference#to#its#sources,#but#also#to#
its#pursuits
Y:$"8:"'+?'D"(#)7
Z
GK7()')7+,/7'E"(#)7'."'8+)'%$&),"0'8"$)7"&'$@'$)'%$&),"')+'!"@A$@"'$)[')7()'
)7"'A,&@,$)'+?'$)'$@'?(%+&(.#"')+'-+&(#':+8!,:)0'(8!'$8')7"'-(@@'+?'-"80'
8":"@@(&B')+'$)['(8!'?$8(##B0')7()'$)'/$%"@')7+@"'-"(8@')+'%$&),"'E$)7+,)'
E7$:7'$)':(8'."'.,)'('.(&&"8'@"8)$-"8)0'&$:7')+E(&!@'7"(%"80'.,)'?&,$)#"@@'
(8!'$8+A"&()$%"',A+8'"(&)7G'H\3
GK7"'<8+E#"!/"0')7"&"?+&"0')7()'?(:$#$)()"@'$)@'(:S,$@$)$+8'$@'('-+&(#'
@:$"8:"0'.":(,@"'$)'$@'('A,.#$:'/++!0'(8!'$?'@,:7'<8+E#"!/"'/,(&!'-"8'(@'$)'
!+"@0'(/($8@)'$)@'#+@@0'$)'$@'8+'#"@@'"8)$)#"!')+'-+&(#':+--"8!()$+80'@$8:"'$)'
@(%"@')7"-'?&+-')7"'7(&!"@)')"-A)()$+8@')+'E7$:7')7"B'(&"':(##"!5'F'@A"(<'
8+)7$8/'8"E')+'B+,'E7"8'F'@(B0')7()'&"%"&@"@'+?'?+&),8"'(&"'('?$"&B')&$(#')+'
-"8L@'$8)"/&$)BG'H\35
*+8:#,@$+8Z
F)')"(:7"@'(-+8/'8()$+8@'(8!'?"!"&()$%"'@)()"@0')7"'(##=$-A+&)(8)'#"@@+8@'
+?'A"(:"'(8!'-,),(#'."8"?$)@
GF)'!+"@'-+&"')7(8'?+&.$!'E(&['$)')(<"@'(E(B')7+@"'?(#@"'+A$8$+8@'+8'E7$:7'
E(&'(&$@"@5'F)',8$)"@'8()$+8@0'8+)'.B')&"()$"@'+&'?"!"&()$+8@0'E7$:7'-(B'."'
.&+<"8'+&'"%(!"!0'.,)'.B')7"'#(E@'+?'-,),(#'$8)"&"@)0'E7$:7'E7"8'+8:"'
?,##B',8!"&@)++!0'8+'-"-."&'$@'$8:#$8"!')+'.&"(<'+&'"%(!"5G'H]3
D7()'&"#$/$+8')"(:7"@'(,)7+&$)()$%"#B')+'-"80')7$@')"(:7"@'
A"&@,(@$%"#B
§
F)'-(<"@'T,@)$:"'(8!'."8"%+#"8:"'(8!')7"'$8)"&:7(8/"'+?'/++!'
+??$:"@'(-+8/'8()$+8@0')+'."')7"'@,&"@)'-"(8@'+?'(!%(8:$8/')7"$&'
E"(#)7'(8!'A&+@A"&$)B
§
F?'A+#$)$:(#'":+8+-B'$@'#$@)"8"!')+'$)'E+,#!'-(<"'8()$+8@'(8!'@)()"@'('
.&+)7"&7++!'+?'#+%"'H]3
>+#$)$:(#'C:+8+-B'(@'('-+&(#'@:$"8:"'+?')7"'?$&@)'+&!"&Z
K7"'-"&:7(8)'-"&$)@'?+&),8"'== -(!"'.B')7"'@),!$"@'+?'A+#$)$:(#'@:$"8:"0'
A&,!"8)0'$8)"##$/"8)0':#"(&'7"(!"!0'(8!'%$/$#(8)
M")')7"-'?+&-')7"-@"#%"@',A+8'$)'.B',8$)$8/'<8+E#"!/"')+'!$#$/"8:"0'.B'
(!!$8/'A&$8:$A#"')+'A&(:)$:"0'.B'-(<$8/')7"-@"#%"@'":+8+-$@)@'(@'E"##'(@'
)&(!"&@
K7"B'+??"&')7"'@(-"')+')7"'-(8,?(:),&"&0')7"'A&+?"@@$+8(#'-(80')7"'
)&(!"@-(80')7"'-":7(8$:0'(8!')7"'#(.+&"&'H^_3
§
1+&'$@'$)'+8#B')+')7"'-"&:7(8)')7()')7"@"'@),!$"@'A&+??"&')7"'<"B')+'E"(#)7
K7"'*7(&(:)"&'+?')7"'9"&:7(8)Z
GF')"(:70')7"80'A"&?":)'?&""!+-'$8'A&$8:$A#"G'H^`3
§
G$8'('@$8/#"'E+&!0'$)'$@')7()'+?'freedom0'?&""!+-'$8'#(.+,&0'"8)"&A&$@"0'(8!'
:(A$)(#['(@'#"(!$8/')+')7"'?,##"@)'!"%"#+A-"8)'+?'(##'+,&'8()$+8(#'
&"@+,&:"@G'H^`3
GW8'(##')7"'?+&-@'+?'8()$+8(#'#(.+,&0'(@'(8'":+8+-$@)0'F'#++<'E$)7'"S,(#'
"B"'== (/&$:,#),&"0'-(8,?(:),&"&@0'(8!':+--"&:"'(&"'#$8<"!')+/")7"&'.B'
$8!$@@+#,.#"'.(8!@[')7"B'7(%"'"S,(#'&$/7)@0'(8!'(8'"S,(#'$8?#,"8:"'"(:7'$8'
$)@'&"@A":)$%"'@A7"&"0'+8'8()$+8(#'E"(#)7G'H^`3
K7"'%+$:"'+?'(##' 7$@)+&B'!":#(&"@0'E$)7+,)'?+&"$/8':+--"&:"'8+':$%$#$a()$+80'
8+'E"(#)7O'E$)7'$)0'&$:7"@0'A+E"&0'(8!'&"?$8"-"8)
Gb&""':+--"&:"'(@'@+-")7$8/'holy0'@+-")7$8/'(##$"!')+')7"'A+#$:B'+?'('
7$/7"&'A+E"&')7(8'-(80'#$8"!'E$)7')7"'?+&),8"@'+?')7"'7,-(8'&(:"0'(8!'
!"@)$8"!')+'."')7"'.#"@@"!'-"(8@'+?'!$??,@$8/'+%"&')7"'E+&#!',8$%"&@(#'
A"(:"0'(8':+--,8$:()$8/'.B'!"/&""@')+'"%"&B')&$."'(8!'A"+A#"'+8')7"'
?(:"'+?')7"'"(&)70')7"'.#"@@$8/@'+?':$%$#$a()$+80')7"':+-?+&)@'+?'@+:$(#'#(.+&0'
(8!')7"'#$/7)'+?'&"%"(#"!'&"#$/$+8G'H^c3
*+8:#,@$+8Z
!"#$"%&'()*+,-(./012/3
K,"@!(B0' W:)+."&' ^_0'`d_U
cOcc'>9
You're Reading a Preview

Unlock to view full version