201		Lecture Topics
wk	date	day
1	31-Mar	mon	nber
			bob anderson, meg ryan and class
			fundamental assumption
			institutional framework
			hubert fear and information
	1-Apr	tues	well-defined objective function
			http://seattlecentral.edu/faculty/jhubert/mills3.html
			http://seattlecentral.edu/faculty/jhubert/proust.html
			jointly determined outcomes
			hispanic bank
			science: predict and explain behavior
			ft lewis newpaper piece
			rationality assumption
			mb(x) > mc(x) then act
	2-Apr	wed	people have preferences
			actions reveal preferences: bow ties and books
			what to produce? How? How to distribute
			vertical / horizontal production function
			labor intensive or capital intensive production function
			wealth defined
			asset defined
			economics is a behavioral science
			trade-offs
			factors of production and returns
			do we want "the best?"
	3-Apr	thur	allocation mechanisms
			promarket bias
			trade creates wealth out of thin air
			comic books and trade
			scarcity implies competition
			ceteris paribus
			free trade
			fair or costly trade
			hong kong
	4-Apr	fri	public policy analysis
			ppc
			opp cost defined
			healthcare vs education reading and ppc
			unloading truck example
			actions have costs
			normative / positive economics
			ceteris paribus
			functions of the entrepreneur
			pres. Lincoln and habeus corpus
2	7-Apr	mon	exploitation
			women and income
			rules are important
			new road
			hoover depression article and discussion
			heyne's justice discussed
			heyne efficiency
	8-Apr	tues	butcher, baker…
			profit max and the common good
			absolute and comparative advantage
			betty the typist
			zero-sum game - ppc, poker
			frank shrontz letter re: boeing
			transaction costs defined
	9-Apr	wed	allocative and technical efficiency
			students don't know what they don't know
			mcgovern election: biased sample
			demand: inverse relationship
			willingness and ability to buy
			alfred marshall
			mining machine
			change in qty demanded
			change in demand
			walmart and the common good
			self-interest
	10-Apr	thur	no class
	11-Apr	fri	no class
3	14-Apr	mon	david ricardo, 1817, principles of political economy and taxation
			sunk costs
			supply
			shortages/surpluses
			mispricing
			supply - marginal cost curve
	15-Apr	tues	prices ceilings: milk and loans (usuary laws)
			binding
			allocation problem
			perceived default risk
			ddt & rachael carson
	16-Apr	wed	min wage
			price floors and price ceilings
			bob's gas station and exploitation
			rent control
	17-Apr	thur	elasticities
			ed = 1, > 1, < 1
			famine
			income elasticity of demand
			cross elasticity of demand
			price ceiling, plywood and hurricane in galveston
			elasticity and illegal drugs, public transportation
			prices provide information regarding relative scarcity
			tr = p X q
	18-Apr	fri	cp conditions for demand
			outsourcing and specialization
			insourcing
			tariff
			specialization requires trade
			growing coffee on mt rainier
			mexico and avocados and corn
4	21-Apr	mon	cp conditions for supply
			relative prices
	22-Apr	tues	http://seattlecentral.edu/faculty/jhubert/circularflowdiagram.html
			should tiger woods mow his own lawn?
			consumer / producer surplus
			efficiency (max total surplus)
			rare book, garage sale example
	23-Apr	wed	ann, ben & cal
			four goals:
			per capita gdp
			progressive vs flat tax
			taxing those who contribute the most
	24-Apr	thur	video: cosmic justice
	25-Apr	fri	inflation defined
			interest defined
			group work on readings
5	28-Apr	mon	taxes and surplus
			group work on end-of-chapter questions
	29-Apr	tues	chap 9 - trade
	30-Apr	wed	business cycle
			secular trend line
			c+I+g+nx = ad
			c is largest component (66%)
			commodities prices - crude oil, gasoline and food
			of or relating to a long term of indefinite duration
			free trade discussion
	1-May	thur	http://seattlecentral.edu/faculty/jhubert/nber.html
			I is the most volatile component
			real gdp
			discussion of protest
			manufacturing and mining job loss - your children
	2-May	fri	gdp = c + I+ g + nx
			weltanschauung
			argument for small government
6	5-May	mon	mcgovern reading vs mcbank reading
			gdp continued
			cross-sectional vs intertemporal comparison
			inflation, inflation rete
	6-May	tues	hyperinflation
			cpi market basket
			cpi video
			inventories and the bus cylce
			transfer payments
			subprime loan problem
			hw problems discussion
	7-May	wed