202

Lecture Topics

date

day

5-Jan

mon

hubert and fear

scarcity implies competition: tv remote control

economics is a behavioral science

economics is about choices

expected marginal benefits, expected marginal costs

course table

all actions have costs

6-Jan

tues

trade-offs

institutional framework

well-defined objective function

opportunity costs

blond joke

wealth defined

income defined

science: explain and predict

actions reveal preferences

fundamental assumption of economics

7-Jan

wed

words are important - discrimination

keynes quotation

what to produce

how to produce

factors of production and returns

labor/capital intensive production function

vertical / horizontal production function

what to produce? How? How to distribute

sunnyside bank

servants in china

8-Jan

thur

economists are not well-liked

rationality assumption

mb(x) > mc(x) then act

normative / positive economics

promarket bias

trade creates wealth out of thin air - jh reading

schrontz letter

positive-sum game, zero-sum game

zero-sum game - ppc, poker

potential gains from trade

sciences' goal in to explain & predict

marginal defined

do we want the best for our children

9-Jan

fri

postulates of behavior

opera tickets example

scarcity forces us to ration

recession defined

policy steps

12-Jan

mon

video - chapter 1 mankiw

13-Jan

tues

betty the typist

producing coffee in wash state

fairtrade coffee discussion

transaction costs

unloading truck example (overhead folder)

comic books and trade: matrix

ppc and opp cost

comparative and absolute advantage

david ricardo, 1817, principles of political economy and taxation

14-Jan

wed

well-defined and well-enforced property rights

efficiency defined (heyne)

allocative/technical efficiency

allocation mechanisms

15-Jan

thur

ben, ann, and cal

specialization

division of labor: specialization

fair trade really means costly trade

dumping

http://seattlecentral.edu/faculty/jhubert/circularflowdiagram.html

16-Jan

fri

heyne justice article discussion

rules are important: heyne justice reading

19-Jan

mon

holiday - no class

20-Jan

tues

demand

change in qty demanded

change is quantity demanded: movement along the demand curve

change in demand

qty demanded > qty supplied: shortage

qty demanded < qty supplied: surplus

mispricing

supply

shortages/surpluses

21-Jan

wed

min wage and discrimination

roosevelt and min wage 1938

milk floor and ceiling

price floors and ceiling

binding

dance of the lemons

coercion - defining characteristic of the government

unions and coercion

22-Jan

thur

usury law

rent control

quantity and quality of income

23-Jan

fri

price elasticity of demand

arc and point approaches

stagflation

substitutes, time, proportion of budget

sunk cost

tr = p x q

perfectly elastic and inelastic graphs

26-Jan

mon

http://seattlecentral.edu/faculty/jhubert/cpdemand.html

http://seattlecentral.edu/faculty/jhubert/cpsupply.html

not completed

tariff

27-Jan

tues

downward sloping demand curve

tax cuts versus infrastructure spending

http://seattlecentral.edu/faculty/jhubert/cpsupply.html

cp supply not completed

28-Jan

wed

http://seattlecentral.edu/faculty/jhubert/elasticityvalues.html

cp for supply completed

subsidies not taxes (corp welfare)

welfare economics (mankiw # 7) - jump drive mankiw lecture

efficiency (max total surplus)

29-Jan

thur

state farm insurance withdrawal from florida

taxes and welfare

common pool problem

whales and bison vs cattle

free rider problem

30-Jan

fri

the ugly american

child labor

wto

discussion of readings

http://seattlecentral.edu/faculty/jhubert/welt.html

Weltanschauung

2-Feb

mon

hw problems: chap 8 - quest 1, 2, 3

problem 1

trade and welfare

import and export and relative prices and comparative advantage