TMC C C S C M Who owns the production resources? Who makes the decisions? Who was a founding thinker? What book(s) did he write? Wrote The Wealth of Nations Introduced the idea of the invisible hand Laissez-faire economics David Ricardo Called capitalism The Dismal Science The Iron Law of Wages raising wages would only cover cost of necessities Predicted population increase would grow faster than food production (he was wrong at that time) Urged population control: fewer children, no handouts, no vaccinations You sell one and buy a bull! Jeremy Bentham Utilitarianism : The greatest happiness for the greatest number The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others. Who owns the production resources? Who makes the decisions? Bourgeoisie (aka: the haves) Proletariat (aka: the have-nots) The government takes them and gives you the milk. Who makes the decisions? Who owns the resources? Some things are owned by the government (examples?) Some things are owned by individuals (examples?) The government takes one and gives it to your neighbor.