Agenda Calendar Debriefing of Rock, Paper, Scissors Notes on Economic Thinkers/Systems Play Activity Matching

Debriefing Rock, Paper, Scissors How did you feel at the start of the game? How did you feel when you ran out of tokens and had to quit the game? Explain. What tactics could you have used to get back in the game? Why didn’t you turn to these tactics? Do you think the game was fair? Why or why not? Now that the game is over, what action could the teacher take, if any, to make the game fair? Should the teacher take an action why or why not?

What jobs should make the most money? Why do some jobs make so much more than others?

Adam Smith Professor at Glasgow, Scotland Wrote The Wealth of Nations-1776 Free Economy, Free Market “Economic Liberty guaranteed economic progress” Lassiez Faire - hands off: invisible hand and supply/demand would control the market American and other nations have free market economies Ideas led to capitalism

Karl Marx/Engels Marx-German journalist Communist Manifesto Communism Capitalism would destroy itself Proletariat would revolt and seize factories Socialism is called Marxism Warring classes the haves and the have nots Communism- complete socialism; factors of production are owned by the people Communism Soviet Union/China/Cuba/North Vietnam Command Economy

Thomas Malthus/Ricardo Leads to capitalism in Europe and around the world Poverty Natural laws governed economic life Principles of Political Economy and Taxation-1817 Laissez faire capitalism Self interest and profit drive the economy Survival of the fittest Underclass will always be poor Population increases faster than food production Wars and disease were needed to keep population stable

John Stuart Mill Economic Philosopher in the 1800’s Ideas should be judged by usefulness to the most people Wished to help ordinary people Wanted government to help redistribute wealth Utilitarianism

Robert Owen British factory owner Built houses for employees with low rent Prohibited children under ten to work Utopia-place of perfect living Moved to the United States New Harmony, Indiana Inspired other communities

Conversations with Karl Marx an Adam Smith II Read play as a class Answer questions with a partner

Matching Wanted to create a place of perfect living Adam Smith Believed that wars and disease were necessary to keep population down Believed economic liberty, guaranteed economic progress Believed ideas should be judged by their usefulness to the most people 5. Human society has always been divided into warring social classes Adam Smith B. Karl Marx C. Thomas Malthus D. John Stuart Mill E. Robert Owen