Basic Economics ****Starring**** Adam, Alex, Andy, Avery, Ian, Jason, Joel, Jose, Joseph, Kara, Mallory, Marissa, Miranda, Santi, Sarah Economics An introduction to economics based on Basic Economics by Thomas Sowell Economics During the year, well explore: What is the study of economics What is the study of economics Economics During the year, well explore: What is the study of economics What is the study of economics How economics impacts your quality of life How economics impacts your quality of life Economics During the year, well explore: What is the study of economics What is the study of economics How economics impacts your quality of life How economics impacts your quality of life Basic contrasts between the two major economic philosophies/systems: Capitalism v Socialism in a cage match!!!!!!!!!!!!!!!!!!!!! Basic contrasts between the two major economic philosophies/systems: Capitalism v Socialism in a cage match!!!!!!!!!!!!!!!!!!!!! Economics During the year, well explore: What is the study of economics What is the study of economics How economics impacts your quality of life How economics impacts your quality of life Basic contrasts between the two major economic philosophies/systems: Capitalism v Socialism in a cage match!!!!!!!!!!!!!!!!!!!!! Basic contrasts between the two major economic philosophies/systems: Capitalism v Socialism in a cage match!!!!!!!!!!!!!!!!!!!!! How current U.S. politicians and governments adhere to or ignore fundamental economic laws How current U.S. politicians and governments adhere to or ignore fundamental economic laws Economics Dr. Sowell contends that economics is in fact a science that is provable and predictable Caveat department Economics is a matter of great controversy look no further than the campaigns of John McCain and Barak Obama in 2008, or the governance of Ronald Reagan and Barack Obama Economics is a matter of great controversy look no further than the campaigns of John McCain and Barak Obama in 2008, or the governance of Ronald Reagan and Barack Obama Caveat department Economics is a matter of great controversy look no further than the campaigns of John McCain and Barak Obama in 2008, or the governance of Ronald Reagan and Barack Obama Economics is a matter of great controversy look no further than the campaigns of John McCain and Barak Obama in 2008, or the governance of Ronald Reagan and Barack Obama Remember that Basic Economics presents Dr. Sowells perspective and philosophy; it is not an attempt to discuss all of the different economic theories Remember that Basic Economics presents Dr. Sowells perspective and philosophy; it is not an attempt to discuss all of the different economic theories What is Economics? Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Governments role and impact Governments role and impact Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Governments role and impact Governments role and impact Productivity and pay Productivity and pay Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Governments role and impact Governments role and impact Productivity and pay Productivity and pay Investment, speculation and risk Investment, speculation and risk Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Governments role and impact Governments role and impact Productivity and pay Productivity and pay Investment, speculation and risk Investment, speculation and risk U.S. economy: National output, money and banking system, government function U.S. economy: National output, money and banking system, government function Economics includes the study of the roles of... Prices, markets and price controls Prices, markets and price controls Business profits and losses Business profits and losses Governments role and impact Governments role and impact Productivity and pay Productivity and pay Investment, speculation and risk Investment, speculation and risk U.S. economy: National output, money and banking system, government function U.S. economy: National output, money and banking system, government function International economy International economy What Is Not Economics? How to run a business, make money How to run a business, make money What Is Not Economics? How to run a business, make money How to run a business, make money Predicting the stock market Predicting the stock market What Is Not Economics? How to run a business, make money How to run a business, make money Predicting the stock market Predicting the stock market Personal finance, budgeting, running your household Personal finance, budgeting, running your household What Is Not Economics? How to run a business, make money How to run a business, make money Predicting the stock market Predicting the stock market Personal finance, budgeting, running your household Personal finance, budgeting, running your household Personal investing in real estate, tangibles, etc. Personal investing in real estate, tangibles, etc. What we wont cover and may not even get mentioned beyond this slide Anarchist, anarcho-capitalist, corporatist, Georgist, Islamic, mercantilist, protectionist, syndicalist, Anglo-Saxon, hunter-gathers, post- industrial, palace, plantation, UF football, feudal, common household bacteria, oral hygiene and numnahs Anarchist, anarcho-capitalist, corporatist, Georgist, Islamic, mercantilist, protectionist, syndicalist, Anglo-Saxon, hunter-gathers, post- industrial, palace, plantation, UF football, feudal, common household bacteria, oral hygiene and numnahs Numnahs?? Who is Thomas Sowell? Sowells Credentials Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Sowells Credentials Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Hoover is not a center for vacuum research Hoover is not a center for vacuum research Sowells Credentials Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Senior Fellow at Hoover Institution at Stanford University: often described as a conservative think tank Hoover is not a center for vacuum research Hoover is not a center for vacuum research Mission: By collecting knowledge, generating ideas, and disseminating both, the Institution seeks to secure and safeguard peace, improve the human condition, and limit government intrusion into the lives of individuals. Mission: By collecting knowledge, generating ideas, and disseminating both, the Institution seeks to secure and safeguard peace, improve the human condition, and limit government intrusion into the lives of individuals. Sowells Credentials Economist, author (at least 28 books), social commentator Economist, author (at least 28 books), social commentator Sowells Credentials Economist, author (at least 28 books), social commentator Economist, author (at least 28 books), social commentator Grew up in North Carolina, a high school drop out Grew up in North Carolina, a high school drop out Sowells Credentials Economist, author (at least 28 books), social commentator Economist, author (at least 28 books), social commentator Grew up in North Carolina, a high school drop out Grew up in North Carolina, a high school drop out Former U.S. Marine; used GI bill for college Former U.S. Marine; used GI bill for college Sowells Credentials Economist, author (at least 28 books), social commentator Economist, author (at least 28 books), social commentator Grew up in North Carolina, a high school drop out Grew up in North Carolina, a high school drop out Former U.S. Marine; used GI bill for college Former U.S. Marine; used GI bill for college Degrees from Harvard College, Columbia University and Ph.D. from the University of Chicago Degrees from Harvard College, Columbia University and Ph.D. from the University of Chicago Sowells Credentials Economist, author (at least 28 books), social commentator Economist, author (at least 28 books), social commentator Grew up in North Carolina, a high school drop out Grew up in North Carolina, a high school drop out Former U.S. Marine; used GI bill for college Former U.S. Marine; used GI bill for college Degrees from Harvard College, Columbia University and Ph.D. from the University of Chicago Degrees from Harvard College, Columbia University and Ph.D. from the University of Chicago Former faculty member at UCLA, Cornell, Amherst, Brandeis Former faculty member at UCLA, Cornell, Amherst, Brandeis What is Sowells Reputation? Widely regarded as a leading thinker in laissez- faire, or free-market economics Widely regarded as a leading thinker in laissez- faire, or free-market economics Laissez-faire Laissez-faire (means let do) argues that society prospers best when the government intervenes as little as possible in the marketplace Laissez-faire (means let do) argues that society prospers best when the government intervenes as little as possible in the marketplace Laissez-faire LF argues that taxation and regulation should be imposed only as necessary to maintain order and protect rights LF argues that taxation and regulation should be imposed only as necessary to maintain order and protect rights Sowells rep Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Sowells rep Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Lionized by conservatives and libertarians; ripped by the left for supporting the rich over working class, demeaning role of government Lionized by conservatives and libertarians; ripped by the left for supporting the rich over working class, demeaning role of government Sowells rep Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Influence on many contemporary conservative leaders such as Justice Clarence Thomas and Rush Limbaugh Lionized by conservatives and libertarians; ripped by the left for supporting the rich over working class, demeaning role of government Lionized by conservatives and libertarians; ripped by the left for supporting the rich over working class, demeaning role of government Sowell declines labels Sowell declines labels Sowells Experiences While at college considered himself a Marxist (more to come on Karl baby) While at college considered himself a Marxist (more to come on Karl baby) Took first economics position as summer intern with the U.S. Department of Labor Took first economics position as summer intern with the U.S. Department of Labor Being inside a government bureaucracy profoundly changed his life Being inside a government bureaucracy profoundly changed his life Sowell on government the experience of seeing government at work from the inside and at a professional level started me to rethinking the whole notion of government as a potentially benevolent force in the economy and society my adherence to the visions and doctrines of the left began to erode rapidly with the passage of time Sowell on his first government supervisor ..my boss was intellectually pitiful. And this was not some senile old man in whom you see the ruins of a once sharp mind, he is still in the full vim and vigor of his late 30s. Moreover, he is not just an isolated instance. The program I was in exposed me to many (if not most) of the top people in the Department Most of them were genial mediocrities, real organization men Who was Karl Marx? The German born Marx ( ) is known as the father of communism The German born Marx ( ) is known as the father of communism Who was Karl Marx? The German born Marx ( ) is known as the father of communism The German born Marx ( ) is known as the father of communism Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Who was Karl Marx? The German born Marx ( ) is known as the father of communism The German born Marx ( ) is known as the father of communism Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Argued that class inequality was the most important factor in society Argued that class inequality was the most important factor in society Who was Karl Marx? The German born Marx ( ) is known as the father of communism The German born Marx ( ) is known as the father of communism Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Author of Das Capital and the Communist Manifesto, the bible for communist states such as USSR, Cuba and North Korea Argued that class inequality was the most important factor in society Argued that class inequality was the most important factor in society Believed that communism was the inevitable result of the evolution from feudalism (social and economic system in Europe in middle ages; the granting of land in return for military service) to capitalism to communism Believed that communism was the inevitable result of the evolution from feudalism (social and economic system in Europe in middle ages; the granting of land in return for military service) to capitalism to communism Who was Karl Marx? Believed that the proletariat (those who must sell their labor power) must overthrow the bourgeois (those who buy the labor and control the means of production such as land, technology, etc.) in a violent revolution Believed that the proletariat (those who must sell their labor power) must overthrow the bourgeois (those who buy the labor and control the means of production such as land, technology, etc.) in a violent revolution Who was Karl Marx? Believed that the proletariat (those who must sell their labor power) must overthrow the bourgeois (those who buy the labor and control the means of production such as land, technology, etc.) in a violent revolution Believed that the proletariat (those who must sell their labor power) must overthrow the bourgeois (those who buy the labor and control the means of production such as land, technology, etc.) in a violent revolution Following a period of proletarian dictatorship, they would rule society with foremost concern for the needs of the workers in a classless society a workers utopia Following a period of proletarian dictatorship, they would rule society with foremost concern for the needs of the workers in a classless society a workers utopia Our class website Okay, whos the Siesta Keyster? Assignment for 8/31 1. Read and STUDY Preface & Chapter 1: Basic Economics 1. Read and STUDY Preface & Chapter 1: Basic Economics Assignment for 8/31 1. Read and STUDY Preface & Chapter 1: Basic Economics 1. Read and STUDY Preface & Chapter 1: Basic Economics 2. Write a 250 word essay: Why is the study of economics important to me? 2. Write a 250 word essay: Why is the study of economics important to me? Note: The format for all written assignments for Basic Economics is MLA Note: The format for all written assignments for Basic Economics is MLA Some housekeeping No cell phones, no texting How will I be graded? Writing assignments Writing assignments How will I be graded? Writing assignments Writing assignments Tests Tests How will I be graded? Writing assignments Writing assignments Tests Tests Class participation Class participation Socratic method A way of teaching whereby the teacher (me) leads and stimulates the discussion A way of teaching whereby the teacher (me) leads and stimulates the discussion Socratic method A way of teaching whereby the teacher (me) leads and stimulates the discussion A way of teaching whereby the teacher (me) leads and stimulates the discussion Other option is crushing two-hour lecture, which neither you nor I likely savor Other option is crushing two-hour lecture, which neither you nor I likely savor Socratic method A way of teaching whereby the teacher (me) leads and stimulates the discussion A way of teaching whereby the teacher (me) leads and stimulates the discussion Other option is crushing two-hour lecture, which neither you nor I likely savor Other option is crushing two-hour lecture, which neither you nor I likely savor I promise not to grow a beard or wear a robe if you participate to the max I promise not to grow a beard or wear a robe if you participate to the max Socratic method A way of teaching whereby the teacher (me) leads and stimulates the discussion A way of teaching whereby the teacher (me) leads and stimulates the discussion Other option is crushing two-hour lecture, which neither you nor I likely savor Other option is crushing two-hour lecture, which neither you nor I likely savor I promise not to grow a beard or wear a robe if you participate to the max I promise not to grow a beard or wear a robe if you participate to the max But it does mean youve got to put in the work during the week to participate But it does mean youve got to put in the work during the week to participate So whazzup with MLA? Maddeningly Laconic Artichokes Maddeningly Laconic Artichokes So whazzup with MLA? Maddeningly Laconic Artichokes Maddeningly Laconic Artichokes My Lost Arrow My Lost Arrow So whazzup with MLA? Maddeningly Laconic Artichokes Maddeningly Laconic Artichokes My Lost Arrow My Lost Arrow Mostly Lame Antonyms Mostly Lame Antonyms MLA MLA (Modern Language Association) style is most commonly used to write papers and cite sources within the liberal arts and humanities MLA (Modern Language Association) style is most commonly used to write papers and cite sources within the liberal arts and humanities MLA It will be required for all papers for Econ, starting with the one you will turn in next week It will be required for all papers for Econ, starting with the one you will turn in next week SRTHAU