Session One An Overview of the Terrain January 20, 2010.

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Presentation transcript:

Session One An Overview of the Terrain January 20, 2010

Courtesy of JustUptown

Courtesy Schlunzi

icvet.tafensw.edu.au

Boundary* from ImapixImapix

Focus from D50ManchesterD50Manchester

Pilgrimage of the Self - Discipline from Emerald watcherEmerald watcher

domino.lancs.ac.uk

Got no boundaries and not limits from GioPhotos GioPhotos

Where is the invisible hand? from emstruremstrur

Courtesy of Katrinket

Courtesy Chris_Parker Photo Stream

welcome to the new economy from Sangroncito Sangroncito

Duckk and Flea’s Photostream

Bull Market? (Market Failure #5) from David Lewis-Baker David Lewis-Baker

Depressions, recessions, and inflation are not exclusively modern phenomena: they are patterns that have recurred since the beginning of recorded history. There are other patterns in economics that are equally old, including the long-run growth in wealth per person... and the distribution of wealth... For these patterns to be so old, they must be the result of causes that are deep in the workings of economics, cases that are independent of the technologies, government policies or business practices of a particular age. (Beinhocker p. 161) Courtesy of Miketbh

network from BinkiexxxBinkiexxx

me tools... from tdub303tdub303 The need for humility. Anecdotal evidence tells us what is happening, not why. The role of theory. How do we define the realm of economics & economic theory.

Dictionary Definitions #2 from Mukumbura Mukumbura

Economics entails the meeting of material needs through a process of interaction between humans and their environments. Polanyi’s substantive definition allows us to conceive of many ways of achieving our ends. The formal definition presumes scarcity—a networked economy is characterized by many externalities and non zero sum outcomes.

Courtesy of Kate Ferarra Classical economic theory Socio-economics Transaction Costs Analysis Institutional Economics Organizational/innovation theory Networking economics Evolutionary economics Economic geography Organizational fields Complexity Theory

Tracking fro m ImapixImapix Track your economic interactions during the week, and comment about them in the light of today’s conversation and next weeks readings. On the basis of your experiences, how would you define the economy?