Politicians and Talking Heads - BS or Real Stuff?
We can use the pandemic as a great teacher of economics. Around the world and within every country different approaches have been used to deal with the virus. This gives us an unique opportunity to examine the impact of government intervention on business.
Topic 1: What Happened?
When Economics Became a Science
Economics were not created or discovered. Adam Smith was the first to analyze it in a systematic way and called it capitalism. Other than a few local examples, most countries were involved in some form of mercantilism where exporting was good and importing bad because of the transfer of wealth.
Topic Two: Development of Economic Models
Belief in the Invisible Hand
Exactly what is the invisible hand? It is the unseen forces that move market based economies. Through individual self-interest and freedom of production and consumption, the best interest of the great society is fulfilled because bad actors are nullified.
Topic 3: Market Based Economies
Belief in the Sword Hand or the Velvet Fist
Topic 4: Command & Mixed Economies
"The World Of Business At Your Finger Tips"
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