Economics - Course Description
Thursday, August 1, 2013
After considering the worldwide network of organizations and activities involved in producing a simple product like a bar of Swiss chocolate, students move to a study of pre-capitalist economics, then on to Adam Smith and his idea of a self-regulating free-market system. Students learn how supply and demand curves lead to an equilibrium point where overproduction and shortfall can be avoided, and about factors that affect supply and demand. The class considers how to resolve the tensions that exist between our objectives as self-seeking consumers and the ideals we carry as members of a humane democratic society. The class concludes with consideration of subprime mortgages, mortgage-backed securities, and other factors that contributed to the economic recession that began in 2008.