Class summary 9/7
* Man acts with purpose in the society that is characterized by scarcity which is the condition upon we must choose.
* We deal with scarcity by economizing things. We would think and compare between expected benefits and expected costs to make a final decision.
* Different people evaluate things in different ways. ( Value + Cost are subjective )
* Choices have consequences. For example, shipping slaves from Britain to Australia. The crews and captain are paid already before shipping slaves. So they will think about cost-benefits equation. They can treat slaves bad and finish shipping them over or they can treat the nicely and offer good food and beer. Under that circumstance, they will definitely go with the first choice because they get the money already and the second choice is costly, then 1/3 of slaves die during the journey. If they are paid based on how many slaves are shipping over successfully, they will go with the second choice to get more money at the end because the second situation increases their incentives.
* Prudence VS Temperance
* We deal with scarcity by economizing things. We would think and compare between expected benefits and expected costs to make a final decision.
* Different people evaluate things in different ways. ( Value + Cost are subjective )
* Choices have consequences. For example, shipping slaves from Britain to Australia. The crews and captain are paid already before shipping slaves. So they will think about cost-benefits equation. They can treat slaves bad and finish shipping them over or they can treat the nicely and offer good food and beer. Under that circumstance, they will definitely go with the first choice because they get the money already and the second choice is costly, then 1/3 of slaves die during the journey. If they are paid based on how many slaves are shipping over successfully, they will go with the second choice to get more money at the end because the second situation increases their incentives.
* Prudence VS Temperance
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