All posts by Scorcia

Economic Thought

Groups of 4

Select one of the following Economic Thinkers:

  • Adam Smith
  • Thomas Malthus
  • David Ricardo
  • Karl Marx
  • John Maynard Keynes
  • John Kenneth Galbraith
  • Milton Friedman
  • Paul Krugman

Prepare a brief outline of:

  1. Biography
  2. The Times
  3. Ideas that Changed Economic Thought

All students are to complete a chart for each of the above:

Download (PDF, 14KB)

Some Possible Topics

Due: March 10th

You may select an issue in economics or a major event in economic history as your focus:

Some major events:

  1. The Great Depression
  2. Stagflation of the 1970’s
  3. The 70’s Energy Crisis and the Oil Shock of 1973
  4. The Savings and Loans Crises
  5. The Great Recession of 2008
  6. The Japanese Asset Price Bubble and the Lost Decade
  7. The Dot.Com Bubble
  8. The Greek Debt Crisis
  9. European Sovereign Debt Crisis

Pick from:

  1. Housing Affordability – Why are Prices Rising So Fast and What are the Consequences?
  2. Is Canada Getting Too Old?: Consequences of an Aging Population-An Economic Perspective.
  3. Organized Labor: Why Is Labor Unionism Declining?
  4. Women in the Labor Force: Are They Getting Their Due?
  5. Minorities in the Labor Force: Are They Getting Their Due?
  6. Canadian Tax Policy: Is the Canadian Tax System Fair?
  7. Poverty in Canada: Is the Middle Class Dream an Increasingly Impossible One?
  8. Modernization of Agriculture: Can Canadian Farmers “Make It” in the 21st Century?
  9. Socialism vs. Laissez-faire: What Direction for the New Millennium?
  10. Free Trade: are Free Trade Deals a Good Idea for Canada?

Economic and Political Systems

1. Background Readings to be Completed: Pages 27-37

2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37

3. Class Discussion:

Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?

4. Does economics/international trade help or hinder human development?

  • Discussion: Gunder Frank and David Ricardo
  • Marxism/Dependency/modernization debate
  • Discussion: the North Atlantic Slave Trade Triangle and the Luddites

Video Resource:

Download (PDF, 80KB)

6. The Basic Economic Goals for Government:

Political Stability
Reduced Public Debt
Economic Growth
Increased Productivity and Efficiency
Equitable Distribution of Income
Price Stability
Full Employment
Viable Balance of Payments and a Stable Currency

7. Group Assignment (Present Findings Thursday):

Complete the following chart for your assigned party (present findings on Thursday to the class):

Download (PDF, 24KB)

image:pixabay.com

Thought, Systems & Decision Making

Concepts:

Tangible vs. Intangible Resources

The Environment for firms and individuals- economic systems

The 3 basic questions for any economy

The decision making framework:

  1. by tradition
  2. by command
  3. by market forces

 

Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product