Critical Introduction to Law Lecture 1 Spring Term

Critical Introduction to LawAn Introduction to Economic Life What is economic life to (most) sociologists?Actions & interactions production, distribution, exchange & consumption of goods & services motivated by various sets of values & interests. But economists don't believe this one. they believe we all are oriented by our 'hand' aspect. Regimes (systems) governing (inter) actions affecting/affected by (inter) actions & rationalities. They also don't believe in this. They don't think it takes place in the everyday life. Rationalities Multiple, equally valid, modes of reasoning (pragmatic, theoretical, value-based, rule-based) To an economists humans are: Rational logically calculating Utility Happiness, satisfaction Maximisers More is always better So efficiency is crucial Allocation Use So because of this they believe it's important that you use your time effectively, and you will make sure of this because you're rational. To use your money and time as efficiently as possible. What are the aims of economics?Understanding via analysis of: Material prospects (of households, firms, groups, regions, nations) in present + future + uncertainty Choices + how they influence future prospects How current circumstances were inherited