Economics

Great lectures by Dr. Johnson. He certainly has a talent for “encouraging” class participation. A few particulars were drilled in. Cost effective is the most efficient, not necessarily related to pricing. I once believed that quality (not value-I was too smart for that) might be reflected in cost. Maturity, the recession, and this lecture, changed this perception. In addition, what non-economist would think that things like welfare payments were merely transfers, from a societal perspective.Then, there are opportunity costs, some we are not willing to pay. What students agreed to reducing the speed limit to 10mph to save lives?
The article by Krugman, was also an interesting read. I can only trust the credibility of the author (2008 Nobel Memorial Prize in Economics; refers to his NY Times blog as “The Conscience of a Liberal”), as this is referenced reading from Kanav. He gives us a historical perspective of the evolution of economics, discussing neoclassical economics to the birth of Keynesian theory following the Great Depression, a return to neoclassicism, and adoption of monetarism, to New Keynesians, with mention of behavioral finance (does cognitive science have a role in every application?).The author also provides a plan to "re-embrace" Keynesian economics, given the fact that recessions and depression cannot be denied or ignored.
I am leaving this week with ever more to consider. I did not approach BMI from an economic perspective. I am painfully aware that economics is a factor in most every healthcare decision. However, BMI is clearly a global science. Everything must be considered and evaluated, perhaps finances as much as anything.

Lee B.