Y1 - Principles of Economics and Business 1

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1. Lecture 1: The Big Ideas
2. Introduction
3. The Importance of Economics
4. Main Summary of the Lecture
5. The 'Big Ideas' in Economics (from the chapters)
6. The Power of Trade
7. Definitions
8. Lecture 2: Is Economics a Science?
9. The three big ideas
10. 1 · Incentives matter
11. 2 · Good institutions align self-interest with the social interest
12. 3 · Trade-offs are everywhere
13. The power of trade
14. Absolute vs. comparative advantage
15. Everyone always has a comparative advantage
16. “Trade unites humanity”
17. But what about distribution, inequality and poverty?
18. Comparative advantage and wages
19. Adam Smith on the division of labour (Wealth of Nations, Book I, Ch. I–III)
20. Limitations of the division of labour
21. Is economics a science? The case against
22. Is economics a science? The case for
23. Ha-Joon Chang: three lessons (Economics: The User’s Guide)
24. Nine schools, one method
25. Preview of Week 2