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TOK Economics lesson # 4

TOK Economics lesson # 4. Central themes in economics. Role of government. To what extent should governments intervene in the allocation of resources? Advantages of a large government? Disadvantages of large government role? DVD Ch. 2: Capitalism v. Socialism – The Cuban Quandary.

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TOK Economics lesson # 4

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  1. TOK Economics lesson # 4 Central themes in economics

  2. Role of government • To what extent should governments intervene in the allocation of resources? • Advantages of a large government? • Disadvantages of large government role? • DVD Ch. 2: Capitalism v. Socialism – The Cuban Quandary

  3. HDI vs. EFI • HDI is a measurement of the quality of life in a country • EFI is a measurement of the amount of economic freedom in a country (high EFI means low level of government intervention) • Countries with high HDI numbers tend to also have high EFI numbers

  4. Income inequality • To what extent might the goal of economic efficiency conflict with the goal of equity? • WHY might that be the case? • Which goal is more important? • Occupy Wall Street - the 1% vs. the 99% • DVD Ch. 23 Pareto Optimality & Pecan Pie

  5. Growth vs. Development • Growth: An increase in real GDP (a country has more stuff!) • Development: An improvement in people’s quality of life (measured by the HDI) • Which is more important? • Is there a trade-off between the two? PPF

  6. Sustainability (Save the world EVERY day!) • The threat to sustainability as a result of the current patterns of resource allocation • Why is the concept easier said than done? • Sustainability in a Changing World video (Christian Slatter & Enzo Tiezzi http://www.youtube.com/watch?v=W2DIpohdUI0

  7. Less Developed Countries (LDCs) • How obligated are wealthy countries to help LDCs improve? • Why do they need our help? • What’s in it for us? • Why not help Americans first? • Should the US give more foreign aid or less? • What role should politics and economic benefit (e.g. natural resources) play in which countries we help, vs. degree of need?

  8. FREAKANOMICS? • Maybe….

  9. HOMEWORK? • Maybe….

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