Kinetic Gas Theory
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Philosophers and theologians have railed against interest for thousands of years. But that is because they didn't understand what causes interest. Irving Fisher built a model of financial equilibrium on top of general equilibrium (GE) by introducing time and assets into the GE model. He saw that trade between apples today and apples next year is completely analogous to trade between apples and oranges today. Similarly he saw that in a worl...more
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Professor Shapiro dives more deeply into Robert Nozick's theory of the minimal, or night watchman, state. This formulation is not redistributive, nor does it consider rights as goals, but rather as side-constraints on what we can do. In other words, Nozick's is a deontological, not teleological, approach. However, the Achilles' heel of this formulation is the incorporation of independents, based on a system of compensation. Some people wil...more
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The mature Rawls departed quite a bit from his earlier theory of justice, choosing instead an overlapping consensus, or political, not metaphysical approach. Professor Shapiro argues that this is a significant departure from the Enlightenment tradition. In a wrap-up of the class's examination of the Enlightenment, Professor Shapiro charts its evolution from Locke to Bentham to Mill to Marx to contemporary theorists. As for the Enlightenmen...more
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Marxism is the second Enlightenment tradition upon which the course will focus. Contrary to popular belief, Marx did not hate capitalism but derived from economic analysis that it would self-destruct and lead to socialism. It is also a myth that Marx did not care about freedom; he was only egalitarian in the sense that he wanted everyone to have freedom. Ergo, Professor Shapiro asserts that Marx's dialectical materialism is as committed to...more
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This lecture begins a series describing the development of organic chemistry in chronological order, beginning with the father of modern chemistry, Lavoisier. The focus is to understand the logic of the development of modern theory, technique and nomenclature so as to use them more effectively. Chemistry begins before Lavoisier's "Chemical Revolution," with the practice of ancient technology and alchemy, and with discoveries like those of ...more
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This lecture begins with the second half of the discussion on social psychology. Students will learn about several important factors influencing how we form impressions of others, including our ability to form rapid impressions about people. This discussion focuses heavily upon stereotypes, including a discussion of their utility, reliability, and the negative effects that even implicit stereotypes can incur. The second half of the lectur...more
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In order to understand the precise predictions of the Leverage Cycle theory, in this last class we explicitly solve two mathematical examples of leverage cycles. We show how supply and demand determine leverage as well as the interest rate, and how impatience and volatility play crucial roles in setting the interest rate and the leverage. Mathematically, the model helps us identify the three key elements of a crisis. First, scary bad news ...more
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Edmund Burke was an English politician who wrote his Reflections on the Revolution in France to express his disdain for the destructive havoc wrought by the French Revolution. As a traditionalist-conservative, he thinks about social change in a cautious and incremental way and characterizes the social contract as binding on those who are living, those who are dead, and those who are yet to be born. Studying the anti-Enlightenment differs f...more
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John Stuart Mill's synthesis rights and utility follows naturally in the vein of neoclassical utilitarianism, and it attempts to compensate for many of the shortcomings of Bentham's classical utilitarianism. In the end, it turns out to be a doctrine that does not look very similar to Bentham's at all. An important component of Mill's doctrine is his harm principle, which states that the only purpose for which one can interfere with the lib...more
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The sanitary movement was an approach to public health first developed in England in the 1830s and '40s. With increasing industrialization and urbanization, the removal of filth from towns and cities became a major focus in the struggle against infectious diseases. As pioneered by Edwin Chadwick, the sanitary movement also embraced an explicit political objective, according to which urban cleansing took on a figurative as well as a literal...more
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Professor Shapiro continues his examination of Jeremy Bentham's formulation of classical utilitarianism, with a focus on the distributive implications of the theory of "maximizing the greatest happiness of the greatest number." He engages students in a discussion of a guiding principle of classical utilitarianism, the principle of diminishing marginal utility, and some traditional critiques of this principle. Professor Shapiro examines the...more
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Part 1 - A Lesson in Lying: Immanuel Kant believed that telling a lie, even a white lie, is a violation of one’s own dignity. Professor Sandel asks students to test Kant’s theory with this hypothetical case: if your friend were hiding inside your home, and a person intent on killing your friend came to your door and asked you where he was, would it be wrong to tell a lie? This leads to a video clip of one of the most famous, recent exampl...more
