COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. The example of Lewis and Clark, and the Corps of Discovery: sometimes groups have to choose, AS A GROUP. They all...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Price signals scarcity, and organizes production through profit, and encourages innovation But…wait: If markets are so...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Three stages of social choice: Deciding how to decide how to decide (forming a group identity) Deciding how to decide...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. The "Spatial Model" has three aspects: Nature of voter preferences Endogenous platform selection Predictions about...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Externalities: The uncompensated impact of one person’s actions on the well-being of a bystander 2. Markets alone...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. The example of Lewis and Clark, and the Corps of Discovery: sometimes groups have to choose, AS A GROUP. They all...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Problem with voting: May not produce a coherent result, if people disagree 2. In the case of the Corps of Discovery,...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Venezuela as an example: a "shortage" of money? 2. Bitcoin: Is a global crypto-currency, has been around since...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. A core argument for markets, then, is that voluntary exchange makes both parties better off. The public policy...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Division of labor is the central concept in all of understanding social institutions. States and markets focus division...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. This lecture is taught by Richard Salsman, Ph.D.. LECTURE OVERVIEW: 1. Money functions & forms metal, paper, plastic and bits market-based...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. The argument for capitalism and entrepreneurship is not greed, but benefits to consumers. Markets rely on a system called...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Profits are defined as the revenue left over from sales after all the inputs (including the salary of the entrepreneur)...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Division of Labor: In a production process, the assignment of different parts of a manufacturing process or task to...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Is economics a science? 2. Do institutions evolve (coyotes), or emerge from conscious choice (chihuahuas)? Another...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Human beings are self-interested, but they are also intensely moral beings. Our moral sense evolved in a setting where...

COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: I, Pencil (Leonard Read) No one knows enough to do anything. We all depend on other people for almost everything we...