Economic Theory
The fundamental assumption in economics that says that every person aims to maximize their utility.
What is rationality?
An obligation and responsibility that one person has to another
What is Liability?
How the government can help companies during special time period (COVID-19 or recession)
What is cutting taxes and subsiding?
The prison in Norway that was compared to Attica.
What is Halden?
Egos, the economy, an air mattress.
What gets inflated?
A strategic situation amongst multiple agents in which each of the agents is maximizing their gains, with no reason to change their decision given information on other agents’ decisions.
What is Nash equilibrium?
Unequal treatment for a specific group of people.
What is racism/sexism/homophobia/xenophobia?
Should high-technology companies keep their data private?
They should keep their data private after they first code it. After some time, they should publicize it to let other people also have the opportunity to further explore.
This form of dealing with criminal acts aims not to punish, but to make amends to the victim whilst also ensuring appropriate but not life-destroying repercussions for the criminal.
What is restorative justice?
An APR, or annual percentage rate, is a rate of this.
What is interest?
Why it is important to consider psychology in economics theory
Humans are not robots. We can not always make rational choices
What is the relationship between law and money
People who own a large amount of money have the power to change the law (social justice system)
Why Eli Lilly has a cap on their insulin prices.
What is government pressure, pursuit of patient welfare, or corporate social responsibility?
This is our prompt for the final project.
What is the answer?
From the French for "allow to do," it's the doctrine of governmental non-interference in commerce.
What is laissez-faire economics?
The study of using mathematical models to study and predict strategic moves made by competing agents.
What is game theory?
How do you balance your personal ethics with the expectations and values of the society or culture you live in?
It requires defining personal ethics, understanding societal and cultural norms, and identifying areas of overlap. Navigating conflicts may require compromise and seeking support from like-minded individuals. Achieving this balance is an ongoing process that involves reflection and compromise.
It promotes societal gain and social welfare in a way that most other methods may fail, but ethical considerations and the role it plays in individual autonomy must be considered.
Should we use behavioral economics to manipulate consumers?
Behavior economics is a niche field that studies the financial decision-making of an individual, while psychology may cover any aspect of human rationality.
What is the difference between psychology and behavioral economics?
American opposition centered on the monopoly given to this trading company, not the Tea Tax. Incorporated in 1600.
What is The (British) East India Company?
The assumption in microeconomic models that says that consumers have strictly ranked and ordered preferences amongst bundles of goods.
What is transitivity?
The legal structure that relies on people choosing the right course of action in unusual circumstances is unsustainable and needs to be changed in order to properly define the right course of action in various circumstances. The significance of moral judgment in circumstances forces the understanding of the effects of our ethical choices and identifying the biases and prejudices that could affect how we perceive danger are crucial.
To what extent does the “Stand your ground” law rely individual ethics?
Implement integrative logic rather than instrumental logic, heavier government regulation surrounding corporate social responsibility and regulating for inequality, make ethics an integral part of business school curriculum
How would you recommend developing a code of ethics?
A British economic historian who advocated for the incorporation of ethical frameworks in economics. He also wrote a three volume biography of John Maynard Keynes.
Who is Robert Skidelsky?
The study of scarcity.
What is economics?