The Birth of Economics
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MORE DECKS TO EXPLORE
PRESENTATION OUTLINE
HOW DID CAPITALISM COME TO BE?
- Changes in beliefs about pursuing wealth
- Destruction of old institutions
- Increase in scientific curiosity
- Infrastructure and unified measurements
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AUTHORITY
FEUDAL-STYLE SOCIETIES WERE TOP-DOWN & SET UP TO UPHOLD SAFETY AND STABILITY
CHURCH AND STATE
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reformation
declining power of the Catholic Church as decider
THE PURSUIT OF WEALTH IS SINFUL AND ILLEGAL
for much of our history
renaissance
humanity is reborn
Invention
begins
Key inventions of the industrial revolution
- Spinning Jenny
- Steam engine
- Locomotive
- Telegraph
- Power loom
- Cotton gin
- Sewing machine
- Incandescent lightbulb
- Typewriter
- Photograph
Photo by Thomas Hawk
production changes
and so do society's relationships
WHO IS IN CHARGE OF DECIDING:
- What should we produce?
- How should we produce it?
- Who should get it?
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"It is not from the benevolence of the butcher, the brewer or the baker that I expect my dinner but from his regard to his own self-interest"
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SOCIETY CAN RELY ON FREE MARKETS FOR ORDER
Adam Smith sees an "Invisible Hand" that guides society
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Resources are limited
- Land (Natural Resources)
- Labor
- Capital (machines, buildings)
- Entrepreneurship
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vs. unlimited wants
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things have changed since we started studying it
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firms are larger
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CAPITAL IS MORE IMPORTANT
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INDIVIDUAL VS COMMUNITY
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