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Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions (misconceptions that persist to this very day outside the economics profession!). He developed the concept of opportunity cost, one of the building blocks of economic theory, arguing that it is not enough to consider only the seeneffects of an action; we must also account for that which is not seen. In What Is Seen and What Is Not Seen, Bastiat refutes 12 specific fallacies regarded as conventional wisdom (from "The Broken Window" through "The Right to Employment and the Right to Profit"). Your extra credit assignment is as follows: Read the essay and summarize each of Bastiat's 12 arguments. In your own words, lay out Bastiat's position on each issue and explain his reasoning. Convince me that you understand the logic underlying each of his arguments; simply copying and pasting won't do the trick. In terms of length, I have no specific requirements in mind but I would guess that 1-4 paragraphs per argument will suffice. That said, you will not be penalized for deviating from this guideline. Each argument summary in which you demonstrate competence of the economic principles at work will earn you 1 point toward your final course grade. Additionally, you can earn 1 more point for applying Bastiat's seen vs unseen analysis to a current news or political issue in which the popular press or a politician has taken a stance that betrays fallacious economic reasoning.
Fiona requires a minimum level of consumption, a threshold, to derive additional utility: U(X,Z) is 0 if X+Z is less than or equal to 5 and is X+Z otherwise. Draw fionas indifference curves. Which of our usual assumption does this example violate.
where there is a natural monopoly situation there may be a case for government intervention either in the form of price
Assume the market for wooden toothpicks is competitive. Earlier this week, in a nationally published study, 4 out of 5 dentists enthusiastically endorsed the benefits of toothpicking for dental health
There are 200 pounds of food on an island that must be allocated between 2 marooned sailors. The utility function of the first sailor is given by Utility= ( F1) Where F1 is the quantity of food consumed by the first sailor. For the second sailor u..
one of the offenders cited in the article is the royal economic societys economic journal which charges about 50 more
Find the project's expected cash flows and NPV. Now suppose the BSI can abandon the project at the end of the first year by selling it for $6 million. Assume the salvage value is risky and should be discounted at the WACC.
How does industry-level price elasticity of demand shape the opportunities for making profit in an industry? How does the firm-level price elasticity of demand shape the opportunities for making profit in an industry?
Examine whether the introduction of the London Living Wage (LLW) has been good for London and for Londoners. Illustrate your answer using a case study focusing on one particular sector or industry.
The possible merger currently faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new scenario of expansion via capital projects.
What is the purpose of the policy Why is the policy necessary The welfare of consumers, producers, and society (the winners and losers) before and after the policy The distribution of costs and benefits Does government intervention improve the si..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Grow Fertilizers Company purchases a gravity settling tank of the $30,000 purchase price. The company finances 30% of the investment with a loan to be repaid with eight equal semiannual payments at an annual interest rate of 12% compounded semian..
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