Critical Introduction to Law Lecture 1 Spring Term

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Critical Introduction to Law

An 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