Class Lecture #17 - 10/12

1.) Unintended consequences tend to arise because of a complex system that attempts to be governed by a simple set of rules. (ex: American Disabilities Act, Endangered Species Act, etc.)

2.) Trade is NOT zero-sum..... pie fallacy --> if someone gains someone else has to lose. In reality this is what exploitation is. Consequences of zero-sum trade would include slowed economic growth, rich oppressors, poor oppressed, an invoked notion of power.

3.) Wealth is stock
     Income is flow