1 of 35

Slide Notes

DownloadGo Live

Econ. Oct 1

Published on Dec 05, 2015

No Description

View Outline

MORE DECKS TO EXPLORE

PRESENTATION OUTLINE

1.

The evolution of economic thought

Mr. Melkonian
Photo by kevin dooley
2.

Lined Paper + Pencil

QUIZ time!!!
3.

Joke...

Quiz tomorrow... Test is next Wednesday!
4.

Comic discussion

Photo by kevin dooley
5.

Change the world?

When do big ideas like this happen?
6.

ideas to change the world

usually emerge during times of serious trouble 
Photo by Yogendra174
7.

more radical the idea

more trouble we're in
Photo by One Tree Hill Studios
8.

During huge crisis

people are willing to listen
Photo by Tobias Sieben
9.

Intro to group economist activity

Photo by lytfyre
10.

Adam Smith

Father of modern economics
11.

Adam Smith

  • Born in middle class family
  • Super smart kid - won scholarship to Glasgow at 14 and Oxford at 17
  • At 27 became a prof at Glaslow
  • In 1978 he became the dean
12.

Adam Smith

  • He wrote his first book 'The Theory of Moral Sentiments'
  • Made him famous in Great Britain
  • Eventually quit his job and became a private tutor for lots of money
13.

Physiocrats

If unchangable natural laws govern physical world - same for human behavior
Photo by Internet Archive Book Images
14.

If all human behavior was controlled by natural laws then the artificial laws created by humans were unnecessary and ineffective.

Photo by Martintoy
15.

People are naturally selfish

so pursuit of self-interest would benefit people
Photo by CZ Photography
16.

Laissezfaire

'leave to do' - idea that things will work out naturally 
Photo by anieto2k
17.

Mercantilism

prevailing economic system when Smith was around
Photo by henrikj
18.

State controls economic production and trade with the goal of exporting goods for sale abroad, while bringing in as few foreign stuff as possible

Photo by Sprengben [why not get a friend]
19.

Lots of money flowing in

Not a lot flowing out
Photo by Isaac Torrontera
20.

Tarrifs

needed for this to work
Photo by rogersanderson
21.

Tariffs are taxes on imported goods to make them more expensive than stuff produced inside the country - crayons.

Photo by John-Morgan
22.

What if everyone did this?

Trade drops off, prices of most things skyrocket
Photo by hartlandmartin
23.

Working/middle class gets it worse

Photo by Leo Reynolds
24.

Self-interest

humans want to have better condition in life
Photo by WineFolly.com
25.

profit motivates people

Photo by benchilada
26.

Can't desire too much profit though, could overwhelm society...

Photo by vl8189
27.

Free market competition

Should limit this and advance us for a common good
Photo by mcbill
28.

Government isn't necessary to regulate

competition will level things out naturally 
Photo by vgm8383
29.

Invisible hand

natural control according to smith 
Photo by CCdyson
30.

Poptarts

natural control according to smith
Photo by djwudi
31.

3 reasons for country's economic growth

Photo by tatadbb
32.

division of labour

SPECIALIZATION of workers in complex processes
Photo by onesecbeforethedub
33.

law of accumulation

accumulated profits used to get more capital
Photo by @Doug88888
34.

law of population

higher incomes will result in healthier people and more people
Photo by utilitarian
35.

Increasing the labor force over time naturally increases competition with prospective employees, ultimately keeping wages from increasing.

Photo by Mukumbura

Peter Melkonian