Class Lecture #4

1.) Economists exist because they know how things work when they're working well and for this reason we need economists.

2.) Economic intentions almost never equal results. Ex: Endangered Species Act was passed in order to protect endangered wildlife. But people are clear-cutting their property as a way to avoid contact with the protected animals. So it could be argued that the ESA has actually done more harm than good to endangered species.

3.) The economy/country is way better off today than it was many years ago.

4.) Invisible Hand..... In the creation of some sort of product, there is no higher power or mastermind that guides everyone. Only the collective efforts of thousands of people and divisions can ensure the proper creation of the product. The economy is at its best when all groups of people spontaneously do their jobs. Then, everything falls into place.