Lesson 10 Lesson 10: The National Economy, Part 1
Presented by: Dr. Tawni Ferrarini
Northern Michigan University
Aggregate Economic Analysis I, Parts 1 & 3
As people we love to make connections. In a globalized economy, making those connections is more important than ever. The interconnectedness of peoples, resources, and functions in an economy is a source of its abundance. But all this interconnectedness may make it harder to see the full range of effects of a given economic policy. In this lesson you will learn to recognize what is seen and unseen in economies, and why connections are king.
It follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
Aggregate Economic Analysis I, Part 2 with Dr. Tawni FerrariniPlay Now
Profits Are Progressive (Walter Williams with Prager University)Play Now
Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, pp. 89-100Read Now
Frédéric Bastiat, “What Is Seen and What Is Unseen,” 1.1 - 1.21, 1.152-1.200Read Now