Government functions, flaming Fiskers, MOOCs… and waiting on Scare C-T

Posted: April 2, 2014 in Uncategorized

The most important role of government, according to Dr. S, is ensuring that there is a reliable framework of laws, especially those enforcing property rights.  Luckily, the U.S. founding fathers put such a system in place… unlike, say, Somalia, the most corrupt land on the globe.

We learned the correlation between the level of corruption and prosperity.  The class was able to guess many of the bad actor nations characterized by bribes, nepotism, crony capitalism and pay-for-play politics.  Needless to say, and sadly for its citizens, these countries are generally desperately poverty stricken.

Every decision has an opportunity cost

Every decision has an opportunity cost

We dug into the concept of opportunity costs: namely, the cost of choosing to use one scare resource over another.   Dinner out or put your hard-earned money into a college fund?   There will be an opportunity cost to nearly every decision regarding SRTHAU you make.

Finally, the Sowellian crew will be jamming this coming week on the section test on four chapters.  And aspiring rappers Mason, Brendon, Davis, Matthew, Lucy and Bethany are slated to appear next Tuesday with the world’s foremost econ-only rapper: Scare C-T.  You will not want to miss this one.

Here’s the PPT from today.  Week 12, April 1

 

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