EC 200-B01

FROM THURSDAY:
Keynes: govt should be the balancer if Laissez-faire fails

GDP = C + I + G + X – M

GDP= Gross Domestic Product
C=consumption
I=Investment
G=gov’t
X=exports
M=imports
~~~~~~~~~~
NEW MATERIAL:

discussion – McCain/Obama energy policy re offshore drilling
discussion – problem of commons = Prisoner’s dilemma

Keynes, Marx, Smith, James

Thomas Malthus
populations reach growth equilibrium at available food subsistence levels

Ricardo
Law of Diminishing Marginal Productivity
fixed input=farmland
landowners (capitalists) are the ones to benefit from LDMP

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