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Econamics

Econamics

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1. Introduction to Course and Economics

1. Economics Defined - Economics is the study of the ALLOCATION of SCARCE resources to

meet UNLIMITED human wants.

a.Microeconomics-isconcernedwithdecision-makingbyindividual economic agents such as firms

and consumers. (Subject matter of this course)

b.Macroeconomics-isconcernedwiththe aggregate performance of the entire economic system.

(Subject matter of the following course)

c. Empirical economics - relies upon facts to present a description of economic activity.

. d.Economictheory-reliesuponprinciplestoanalyzebehaviorofeconomic agents.

e. Inductive logic - creates principles from observation.

f. Deductive logic - hypothesis is formulated and tested.

2.Usefulnessofeconomics-economicsprovidesanobjectivemodeofanalysis, with rigorous models

that are predictive of human behavior.

a. Scientificapproach

b. Rationalchoice

3.AssumptionsinEconomics-economicmodelsofhumanbehaviorarebuiltupon assumptions; or

simplifications that permit rigorous analysis of real world events, without irrelevant

complications.

a.modelbuilding-modelsareabstractionsfromreality-thebestmodelis the one that best describes

reality and is the simplest B Occam=s Razor.

b. simplifications:

1.ceterisparibus-meansallotherthingsequal.

2.Thereareproblemswithabstractions,basedonassumptions. Too often, the models built are

inconsistent with observed reality - therefore they are faulty and require modification.

3.When a model is so complex that it cannot be easily communicated or its implications easily

understood - it is less useful.

4. GoalsandtheirRelations-

a.POSITIVEeconomicsisconcernedwithwhatis;

b.NORMATIVEeconomicsisconcernedwithwhatshouldbe.

1.Economicgoalsarevaluestatements,hencenormative.

c. Economics is not value free, there are judgments made concerning what is important:

1.Individualutilitymaximizationversussocialbetterment

2. Efficiencyversusfairness

3. Moreispreferredtoless

d.Mostsocietieshaveoneormoreofthefollowinggoals,dependingon historical context, public

opinion, and socially accepted values :

1. Economicefficiency,

2. Economicgrowth,

3. Economicfreedom,

4. Economicsecurity,

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1. Introduction to Course and Economics 1. Economics Defined - Economics is the study of the ALLOCATION of SCARCE resources to meet UNLIMITED human wants. a.Microeconomics-isconcernedwithdecision-makingbyindividual economic agents such as firms and consumers. (Subject matter of this course) b.Macroeconomics-isconcernedwiththe aggregate performance of the entire economic system. (Subject matter of the following course) c. Empirical economics - relies upon facts to present a description of economic activity. . d.Economictheory-reliesuponprinciplestoanalyzebehaviorofeconomic agents. e. Inductive ...
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