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INTRODUCTION TO ECONOMICS

INTRODUCTION TO ECONOMICS. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Lionel Robbins. Schools of thought Often presented as coherent, opposed schools of thought

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INTRODUCTION TO ECONOMICS

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  1. INTRODUCTION TO ECONOMICS

  2. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Lionel Robbins

  3. Schools of thought • Often presented as coherent, opposed schools of thought • 2. But, actually, schools of thought are most often neither as coherent, nor as self-aware, nor as opposed as usually presented

  4. MARGINALISM (late 19th century-today) • Context • The increasing prestige of mathematics • b) A focus on the individual • 2. Major authors • William Stanley Jevons • b) Alfred Marshall • c) Leon Walras • 3. Major ideas • Marginal utility analysis and equilibrium • b) Mathematical modeling

  5. MARXISM (mid-19th century-today) • Context • Industrial revolution in full swing • b) Internal migrations • c) Deprivation • 2. Major authors • Karl Marx • b) Many others • 3. Major ideas • Labor theory of value • b) Class conflict and revolution

  6. What is the relationship between the wage and the number of working hours offered? • Who chooses the distribution of total hours between work and leisure? • Does only the wage affect the choice of working hours?

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