Overheads Principles of Economics Economics is a conversation that has been going on for over two hundred years. The conversation includes professional economists, citizens, managers, and others. Another very important source of increasing prosperity is the discovery of new technologies of production. Division of Labor At the beginning of things, Adam Smith thought that increases in the division of labor were the most important source of increasing productivity. Synthesis Technology and the Division of Labor Smith thought increasing division of labor was the most important source of increasing productivity in the long run.
Most modern economists think it is technological progress.
Microeconomics Microeconomics is the topic of this course. Positive versus normative economics. This is an idea we owe to the great conservative social philosopher and economic theorist and statistician, Milton Friedman. The economists' conversation has some things in common with all of those. Some of you may have taken Dr. Catudal's course in Critical Reasoning.