In this lecture, Dr. Jim Boyd presents an overview of the philosophical foundations of economics, theories for setting market values, and perceptions of non-economists to economic research and analysis. He starts with highlighting three key theoretical assumptions made by economists, that individuals are self-interested, rational actors and work toward maximizing benefits. He stresses that economics is not just about maximizing money or profits, and emphasizes the balance of efficiency and equity that underlies economic analysis. He then presents the basic building blocks of economic analysis, supply and demand curves, and notes that there are many examples of economic activity where these curves and the preferences they reflect are not sufficient to explain empirical outcomes. He ends with discussion of public goods and ways to understand human decision-making that is less than optimal from an economic viewpoint.
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