Today we will continue to learn about the global economy. Our focus today will be (1) to get a basic understanding of the ideas of economists such as Adam Smith, Karl Marx, Joseph Schumpeter, John Maynard Keynes, and Friedrich Von Hayek and (2) to start our project on the world economy in the 20th century.
Question of the Day
Can we rely exclusively on the market to organize economic activity or is government intervention necessary at times?
Commanding Heights: You should have finished watching the first 30 minutes of the linked video (stopping at "Cambridge 1936") and taken notes using videonot.es. The video transcript is linked here.
Be prepared for a quiz on the content of the video.
Quiz: On the first 30 minutes of Commanding Heights.
Lecture (The Business Cycle and the Role of Government): The focus of this lecture will be the ideas of Adam Smith, Karl Marx, John Maynard Keynes, and Friedrich Von Hayek. Specifically, we will look at what these ideas tell us about the 20th century experience of countries with different economic systems (capitalist, socialist, and mixed). We will also discuss the role of government in severe economic crises such as those of 1929 and 2008.
Commanding Heights project: I will introduce the project that you'll be working on in the coming weeks. You'll be using Timeline JS to do this project. Feel free to click the link to start getting familiar with this application.
Commanding Heights: Watch the next 30 minutes of the linked video (stop at "Chicago, 1950") and take notes using videonot.es. The video transcript is linked here.
Be prepared for a quiz on the content of the video.
Click here for more resources related to Commanding Heights.