Lecture

<TBD>

Today’s question to ponder:

How did the early theories of English political economists like Adam Smith and David Ricardo lay the groundwork for later economic thinkers, and how do they influence our understanding of the digital economy today?

To Read

Adam Smith

• Reading: "The Wealth of Nations, Book I" (Read Chapters 4 - 5)
• Link: Adam Smith - The Wealth of Nations
• Summary: In Book I of "The Wealth of Nations," Adam Smith lays the foundation for classical economic theory, introducing the concept of the division of labor which leads to increased productivity and efficiency. Smith discusses how the accumulation of wealth operates in growing market economies and the role of self-interest in driving economic prosperity. This foundational work is essential for understanding the basic principles of market economics and their evolution into the digital era.
• Key Vocabulary:
• Division of Labor: The assignment of different parts of a manufacturing process or task to different people to improve efficiency.
• Invisible Hand: A metaphor used by Smith to describe the unintended social benefits of individual self-interested actions.
• Mercantilism: An economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances.
• Market Economy: An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
• Laissez-Faire: A policy of letting things take their own course, without interfering in the free market.

Supplemental Reading

David Ricardo "Principles of Political Economy and Taxation" (Chapter 7: "On Foreign Trade")

To Watch

To Do In Class

Getting Setup for Interviews

1. Go to this website

CoNote - Supercharge your research

Your Research Process. But Easier. CoNote connects the dots for you and helps you get to what you do best. Quality research and indepth analysis.

www.conote.ai

2. Create an account
3. Record a test conversations (this is just a one sided “conversation” (5 minutes)
4. Get to know the software (5 minutes)

Best Practices for Interviewing

Strategies of Effective Interviewing

We all think we know how to carry on our side of a two-way business conversation, but we can get much fuller and more-accurate information if we pay careful attention to strategies of effective interviewing.

hbr.org