Capitalism Macroeconomics Lecture 4

The economic problem and its denial: production versus consumption—the scarcity of wealth versus the alleged scarcity of the need or desire for wealth; the making of goods versus the making of work. Opposite appraisals of the causes of depressions, and of the economic effects of machinery, worker competition, war, government spending, population growth, advertising, foreign trade, imperialism, and technological progress. READINGS Reisman: pp. 42–49, 54–61, 542–559 Hazlitt: pp. 7-102 (chaps. I-XIV)