ECON 103 Lecture Notes - Lecture 1: Subjectivism, Fallacy, Spontaneous Order
14 Dec 2020
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He believed disagreements invalidated science: reasons disagreements do not invalidate science, *future predictions, *normative (what should happen morally) vs positive (cause and effect/ what is ) If humans are pursuing their values, they are greedy: human mind has the power of imagination which makes them greedy, mind is never settled, once a goal is accomplished, mind looks for another one, no limit to desires . Not necessarily narcissistic, values and goals are not always about yourself: history of pricing, aristotle coined worked economics (meaning budgeting of household, came up with the equality of exchange to try and price things. 2: people value things differently, no trade is possible, price is different, short-side of the market always determine quantity of transaction. Wealth of nations: saying people are greedy and that is why they do things (to serve their own needs) but that is how others get things.
