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Economics Lecture Six (view source)

Revision as of 17:57, October 9, 2009

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let's start with a Shakespeare quote

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Over 400 years ago, William Shakespeare wrote a play (Henry VI Part II) in which one of his characters exclaimed upon seizing power, "The first thing we do, let’s kill all the lawyers." It is one of Shakespeare's most famous lines.

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A smart economist might observe that Shakespeare was expressing the undesirability of transaction costs nearly 200 years before Adam Smith discovered the invisible hand, and over 350 years before Ronald Coase discovered and criticized transaction costs. Shakespeare knew economics before it was even recognized as a field of study!<ref>Believe it or not, lawyers claim that Shakespeare was actually ''complimenting'' them, because the line was spoken by an enemy of freedom. See http://www.johnlocke.org/news_columns/display_story.html?id=962</ref>

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10. The tremendous economic growth of the 1980s and 1990s resulted from the “supply side” economic policies of President Ronald Reagan, which boosted production by cutting taxes and encouraging investment. Why might the supply side be more important than the demand side?

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== References ==

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[[Category:Economics lectures]]

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