The Economic History of the United States 10

The Economic History of the United States 10

1. Lecture 10
The Economic History of the United States

4. Adam Eve
Total
Hours
Make a
Hook
3 2 5
Catch
a Fish
4 1 5
Total
Hours
7 3 10
No Trade
2 Hooks and 2 Fish
10 Hours - 5 Hours per Fish

5. Adam Eve
Total
Hours
Make a
Hook
Cost 3/4
fish
Cost 2
fish
Catch
a Fish
Cost 4/3
hooks
Cost 1/2
hooks
Total
Hours
Do-It-Yourself Costs

6. Adam Eve
Total
Hours
Make a
Hook
2 hooks
6 hours
6
Catch
a Fish
2 fish
2 hours
2
Total
Hours
6 2 8
With Trade
2 Hooks and 2 Fish
8 Hours - 4 Hours Per Fish

8. F- in Economics A+ in Politics

9. Wage Rate
Supply
Demand
$12
Employees
Wage Controls
150
Minimum
Floor
Minimum Wage $20
100 200
RaiseFiredNot Hired

10. Rate
Supply
Demand
Market Rate 18%
Customers
Credit Card Interest Controls
15
Maximum
Ceiling
Maximum Rate 10%
10 20
Lower Lose No Card

11. Frédéric Bastiat
(1801-1850)
There is only one difference
between a bad economist and a
good one: the bad economist
confines himself to the visible
effect; the good economist takes
into account both the effect than
can be seen and those effects
than must be foreseen.
What is Seen and What in Not Seen,
1850

13. Does the word
"Democracy"
appear in the
Declaration or
Constitution?

14. Democracy
vs.
Constitutional Republic

15. Democracy
Universal Equality

16. Constitutional Republic
Individual Liberty

17. Political Freedom Economic Freedom
Freedom from seizure of your
person
Freedom from seizure of your
property
Assemble with who you wish Trade with who you wish
Replace bad public-service
providers
Replace bad private-service
providers