| 201 | |||||||||
| wk | date | day | |||||||
| 1 | 5-Jan | mon | econ is a behavioral science | ||||||
| scarcity implies competition | |||||||||
| 6-Jan | tues | ghandi & hitler | |||||||
| unintended consequences | |||||||||
| tradeoffs | |||||||||
| georgetown and garbage transfer station | |||||||||
| abortion poster | |||||||||
| fundamental assumption: expected benefit/expected cost | |||||||||
| lottery cartoon: tax on the poor | |||||||||
| all actions have costs | |||||||||
| when will we run out of oil? | |||||||||
| hubert fear and information | |||||||||
| 7-Jan | wed | http://seattlecentral.edu/faculty/jhubert/pjo.html | |||||||
| there is no free lunch | |||||||||
| wealth defined | |||||||||
| needs vs wants | |||||||||
| clarence thomas quote | |||||||||
| science: explain and predict | |||||||||
| libertarianism/conservatism/liberalism | |||||||||
| nationalized health care | |||||||||
| actions reveal preferences (not words) | |||||||||
| factors of production and returns | |||||||||
| profit - a residual claim | |||||||||
| capital defined | |||||||||
| the functions of the entrepreneur | |||||||||
| institutional framework: rules of the game | |||||||||
| 8-Jan | thur | http://seattlecentral.edu/faculty/jhubert/mills3.html | |||||||
| http://seattlecentral.edu/faculty/jhubert/proust.html | |||||||||
| nick holt - assist coarch | |||||||||
| rationality assumptiong | |||||||||
| minimum wage discussion | |||||||||
| the best for our children | |||||||||
| marginal defined | |||||||||
| good decisions are based on good information | |||||||||
| 9-Jan | fri | hispanic bank | |||||||
| opportunity cost | |||||||||
| at what cost | |||||||||
| fairness has a cost | |||||||||
| sweatshop | |||||||||
| nike in bangladish | |||||||||
| sovereignty | |||||||||
| 2 | 12-Jan | mon | what to produce? How to produce it? Who gets it? | ||||||
| relative prices | |||||||||
| labor/capital intensive production function | |||||||||
| horizontal / vertical production function | |||||||||
| factors of production and returns | |||||||||
| cutting grass at the taj mahal | |||||||||
| unload truck | |||||||||
| lottery as an allocation mechanism | |||||||||
| force as an allocation mechanism | |||||||||
| willingness and ability to sacrifice - markets as an allocation mech | |||||||||
| functions of the entrepreneur | |||||||||
| 13-Jan | tues | mb(x) > mc(x), then act x | |||||||
| postulates of behavior | |||||||||
| scarcity forces us to ration | |||||||||
| butcher, baker….adam smith | |||||||||
| public policy steps | |||||||||
| positive / normative economics | |||||||||
| promarket bias | |||||||||
| opera tickets | |||||||||
| comic book | |||||||||
| positive-sum game, zero-sum game | |||||||||
| 14-Jan | wed | well-defined objective function | |||||||
| 1066 - battle of hastings | |||||||||
| 1848 - crimean war | |||||||||
| french vs english legal systems | |||||||||
| group work on readings | |||||||||
| 15-Jan | thur | transaction costs | |||||||
| efficiency defined (heyne) | |||||||||
| frank shrontz (boeing) letter | |||||||||
| lazy b | |||||||||
| allocative / technical efficiency | |||||||||
| friedman quote on social responsibility | |||||||||
| structural unemployment | |||||||||
| discussion of heyne justice reading | |||||||||
| 16-Jan | fri | ppc and opp cost | |||||||
| 3 | 19-Jan | mon | holiday - no class | ||||||
| 20-Jan | tues | demand | |||||||
| locus of points, each point representing a combination of p & q | |||||||||
| change in qty demanded | |||||||||
| equilibrium price where qty demanded = qty supplied | |||||||||
| surplus: qty supplied > qty demanded | |||||||||
| shortage: qty supplied < qty demanded | |||||||||
| mispricing | |||||||||
| perfectly inelastic / perfectly elastic demand curve | |||||||||
| shortages and surpluses | |||||||||
| supply | |||||||||
| 21-Jan | wed | minimum wage (roosevelt 1938) | |||||||
| wash state min wage (2009) is 8.55, highest in the country | |||||||||
| nonprice cost | |||||||||
| rent control | |||||||||
| 22-Jan | thur | http://seattlecentral.edu/faculty/jhubert/laborsubs.html | |||||||
| portfolio theory and gold and bow ties | |||||||||
| usury | |||||||||
| quality and quantity of income | |||||||||
| information is costly | |||||||||
| misinformation and mistakes - weapons of mass destruction | |||||||||
| 23-Jan | fri | hw: p1 = 1.80, p2 = 2.40; q1 = 16, q2 = 10 | |||||||
| http://seattlecentral.edu/faculty/jhubert/continental.html | |||||||||
| arc and point calculation | |||||||||
| elasticity: substitutes, time, proportion of budget | |||||||||
| elasicity: responsiness or sensitivity to price changes | |||||||||
| price elasticity of demand: neg coefficient - convention: report + | |||||||||
| group work on readings | |||||||||
| 4 | 26-Jan | mon | elasticity changes along a linear demand curve | ||||||
| http://seattlecentral.edu/faculty/jhubert/elasticityvalues.html | |||||||||
| http://seattlecentral.edu/faculty/jhubert/demandeffects.html | |||||||||
| substitution effect, real-income effect | |||||||||
| http://seattlecentral.edu/faculty/jhubert/elasticity.html | |||||||||
| http://seattlecentral.edu/faculty/jhubert/cpdemand.html | |||||||||
| through price of related goods | |||||||||
| tariffs | |||||||||
| 27-Jan | tues | Ed = 1 (unitary), < 1 (inelastic), > 1 (elastic) | |||||||
| infrastructure versus tax cut | |||||||||
| http://seattlecentral.edu/faculty/jhubert/cpsupply.html | |||||||||
| factor prices only | |||||||||
| 28-Jan | wed | completed cp supply | |||||||
| state farm insurance in florida | |||||||||
| 29-Jan | thur | heyne chap 5, question 16 | |||||||
| change in the price of outputs | |||||||||
| nea | |||||||||
| dentist vs doctors and supply curves | |||||||||
| 30-Jan | fri | betty the typist | |||||||
| coffee and mt rainier | |||||||||
| http://seattlecentral.edu/faculty/jhubert/advantage.html | |||||||||
| comparative and absolute advantages | |||||||||
| david ricardo 1772 - 1823 | |||||||||
| ann, cal, and ben | |||||||||
| specialization and trade | |||||||||
| child labor | |||||||||
| 5 | 2-Feb | mon | welfare economics (mankiw # 7) | ||||||
| http://seattlecentral.edu/faculty/jhubert/surplus.html | |||||||||
| consumer, producer surplus | |||||||||
| welfare and taxes | |||||||||
| deadweight loss | |||||||||
| homelessness in seattle ("free-attle") | |||||||||
| comparative and absolute advantages | |||||||||
| david ricardo 1772 - 1823 | |||||||||
| betty the typist | |||||||||
| coffee and mt rainier | |||||||||
| vikings | |||||||||
| spanish invasion of england - spanish armada 1588 | |||||||||
| hadrian's wall (122 AD) | |||||||||