David Orrell,Borin Van Loon

Introducing Economics

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    Economics, and money itself, are also based on the Pythagorean idea that all things can be reduced to number.
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    enlightened. “Nature has placed mankind under the governance of two sovereign masters – pain and pleasure … The principle of utility recognizes this subjection, and assumes it for the foundation of that system, the object of which is to rear the fabric of felicity by the hands of reason and of law.”
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    The philosopher David Hume later pointed out that it was in any case impossible to maintain a constantly positive balance of trade. A surplus of exports would result in more money entering the country, which would increase money supply, which would cause inflation. Prices would rise, resulting in fewer exports.
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    For example, an apple on a tree is of no use to anyone. But by picking it, a worker mixes his or her labour with the apple, thus giving it value.
    His labour hath taken it out of the hands of nature … and hath thereby appropriated to himself.

    The job of the government is not to assign these natural property rights, but to protect them. This is Locke’s idea of the social contract.
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    Reason in man is rather like God in the world
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    Capitalism is an economic system based on private ownership of the means of production and trading goods for profit
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    Economics is the study of how goods and services are produced, distributed, and consumed by society
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    The Pythagoreans believed that all things were composed of number. Each number had a special, almost magical significance.
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    His school grew into what amounts to a pseudo-religious cult, based on the worship of number. The Pythagoreans were highly secretive and left no written documents, so we only know about them indirectly
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    The law of economic gravity
    In a competitive market, if a particular good were too expensive, then more suppliers would enter the market, supply would increase, and competition would drive the price down. If the price were too low, then suppliers would go broke or leave the market, and the price would go up.
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    excess money supply would just create inflation. Smith therefore drew a distinction between real and nominal prices.
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    David Hume and Sir James Steuart, whose tract An Inquiry into the Principles of Political Oeconomy introduced the phrase “supply and demand”
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    Quesnay believed that the ultimate source of wealth is agriculture.
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    Physiocrats are considered to be the first properly organized group of economists.
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    Because mercantilists aimed to maximize exports, they favoured an artificially low exchange rate, which made goods cheaper to produce
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    Locke’s Two Treatises on Government (1689) argued that the role of the state is to protect the rights and freedoms of its citizens. One of the key rights was property rights, which Locke believed are generated when people mix their labour with the material world.
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    According to mercantilism, the aim of economic policy was to produce low-cost goods for export, and thus maximize the country’s share of overall monetary wealth
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    People are indeed the essential of commerce, and …
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    Isaac Newton (1643–1727) derived his laws of motion and the law of gravity in his Principia Mathematica (1687).
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    Gold is a wonderful thing! Whoever possesses it is master of everything he desires.
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