Home > Uncategorized > Economic harmonies 1: Division of Labour -Tuesday March 15 6pm

Economic harmonies 1: Division of Labour -Tuesday March 15 6pm

Hi all,
This last week we looked at the fallacy know as the Fallacy of the Broken Window identified by the 19th century French economics Frederick Bastiat.  A summary of what we discussed is provided below. But first:
This next Tuesday the 15th of March at 6pm in Case Room 4 of the Business School, we begin our first session of four on Economic Harmonies. And in the first of these we shall discuss an idea that is really at the heart and soul of economics, and yet is not fully understood.
Economic Harmonies 1: Division of Labour – The very soul of economics!
* Why was Henry Ford able to produce more cars in a day than any other manufacturer?
* Why is economics founded on ‘division of labour’?
* What barriers are there to division of labour? And what are implications of these barriers?
The answer to why Henry Ford’s assembly line was able to be produce more cars in a day than any other car manufacturer is to be found in the concept of division of labour and it is this that necessitates the existence of the subject of economics. However, division of labour does not function automatically and its functioning critically depends on the laws and institutions countries adopt. We will begin to examine this concept from an historical perspective and look at what barriers to division of labour exist, and continue to exist.
Where: Case Room 4, Level 0, Business School
When: Tuesday 15 March, 6:00pm
Now here’s what we covered in the seminar on the Broken Window Fallacy this week: We asked whether earthquakes stimulate the economy. And we talked about:
*the aims of each of these seminars;
*Frederic Bastiat’s Broken Window Parable;
*Henry Hazlitt’s First Lesson of Economics;
*examples of “Broken Window Economics”–and of plenty of broken-down Broken Window Economists;
*the most dangerous Broken Window Myth of all time;
*what constitutes real demand; and
*the Lesson of the Free Lunch Myth.
And we integrated Hazlitt’s First Lesson of Economics with other economic ideas to be discussed in future seminars in this year’s programme, including Say’s Law, the Law of Unintended Consequences, and the Fallacy of Consumptionism.
The Recommended Readings and Video Viewings for the seminar on the Broken Window Fallacy are attached.
Remember to visit – and join – us on Facebook to keep up to date with out programme for the year.
Regards
UOA Economics Group
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