Notes For My History of Economics Exam
1. Just Price
Make money from labor,
Not money from interest,
You immoral fucks
- St. Thomas Aquinas
This was before banking
And Mastercard.
When money came alive
And ate your babies
re: Salamanca School
2. Natural Law
Rights exist in nature,
Only to be claimed by the Bill of.
Rights exist in nature,
Only to be claimed by Jesus
re: Aquinas
3. Laissez Faire, Laissez Passez
Let things alone,
Let them pass,
Stop regulating,
You communist bastards
re: Smith, Mill
4. Quantity Theory of Money
MV=PT
Money times Velocity (of circulation)
Equals Price times Transactions
… and V and T
are constant
Print more money,
Get more inflation
Hence the lira,
Which I wipe my bum with
re: Milton Friedman, Monetarism
You Friedman,
Can suck it.
V and T aren’t constant
As the empirical data shows
- Keynes
5. Rent
A-Rod is a factor of production,
He’s paid $252 million,
But he’d probably work for less
Cause what the fuck,
He’s Hispanic. (I know, I know)
The difference is called ‘rent’
Unearned income, so to speak,
Rent is on top of profit,
Like whipped cream on a sundae
6. Wage Fund
Wages = Kapital / Labor
Capital sets aside some money,
For labor (to spend at Walmart).
This is the wage fund.
If the population is big and desperate
(i.e. Indochine)
They’ll be willing to split the wage fund
3 billion little ways
So, stop breeding you damnable fools,
You’re just fucking yourselves over
- Mill
You sir, are a douchebag
Workers create capital,
As per the waiter selling food
- Henry George
Yeah, I guess you’re right
But at least people know who I am
- Mill
7. Exploitation of Labor
Labor makes the damn thing,
(labor = value)
Capital takes the profit
What the fuck
- Marx, Smith, Ricardo (labor theory of value)
Capital put up the money
And took the risk,
So bite me
- Neoclassicists
8. Say’s Law (Supply Side)
Supply creates its own demand,
If you sell stuff,
You have money to buy stuff
Egg before the chicken,
Supply before demand
- Jean-Baptiste Say
Chicken before the egg,
Demand before supply
9. Gluts (oversupply)
Buy more shit,
So other people can have money.
If you produce too much stuff,
No one will buy
(as per the VW Phaeton)
- Malthus, Veblen, Keynes
If you make something,
That will pay a wage,
Which will be spent
(as per the New Deal)
10. Transformation Problem
If value is the amount of labor,
A labor intense product will sell for more,
Like organic food
- Marx
If value is set by the market,
People will shop at Walmart
For slave-labor goods.
And luxury hippies aside,
They do
- Keynes, Austrian School
11. Liquidity Preference
If you have lots of cash,
You’re liquid
If you buy shit,
You’re not
If you’re playing Monopoly,
Buy everything you land on
But if you want to retire,
Stop shopping you Gucci whore
12. Natural vs Market Prices
Given competition,
And survival of the fit,
Prices should drop
As low as they can go
(while feeding the producer)
That’s natural
In the real world,
The market (Supply & Demand)
Sells jeans for 200$
And a monopoly
Charge 100$ for Windows
Essays:
1. Magnificent Dynamics
The classical economists,
Smith, Ricardo, and Mill
They saw wealth as national,
Not feudal.
They saw value as labor
It’s been displaced by Marginal Utility,
The value that consumers get from a good,
Not what producers put in.
Hence, Coca-Cola
Keynes
I’m sleepy
http://en.wikipedia.org/wiki/John_Maynard_Keynes
The Mahavamsa (a history of Sri Lanka) is full of conflicts between generals and kings. Usually, the more bloodthirsty and unscrupulous would win. Our current (elected) ruler Mahinda Rajapaksa has had his own general conflicts, namely with one Sarath Fonseka. In the old days Fonseka would have staged a coup, as in literally try to cut of Mahinda’s head, and Mahinda would – if that failed – tie him to four elephants and split his parts asunder. Can’t do that shit anymore. Instead Fonseka ran for office and lost and Mahinda tossed him in jail.
Today on the 
Janith has updated 
This is highly dubious. Miss Travel is a travel/social networking site that connects ‘Generous’ and ‘Attractive’ travelers. To, like, travel together, I guess. It all seems a bit like arranged prostitution and trafficking. This is part of a broader online trend to connect rich men to younger, attractive women. Sites like 
you’re a monkey. when i was studying for my igcse physics i listened to your outkast cd and instead of the equation for power, all i could think of was “power power come gimme some” beware.. jito, was wonderin, did u make it to the national merit semifinals? u are very talented tho. i finished reading Cryptonomicon. subu thinks that’s why u talk the way u do…stupendous badasses