LABR 1F90 Lecture Notes - Lecture 2: Wage Labour, Economic Planning, Profit Maximization
1 Feb 2018
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Document Summary
Economists refer to this type as the economy. : wrong, the economy = people work to produce things we want and need, different ways to organize work, capitalism just one way, economy has existed as long as humans. Humans have always had to work to meet material needs of survival. Economy can be a mix of capitalist and non-capitalist. Two key features: production for profit, private, profit-seeking companies undertake most production, wage labour, performed by people who do not own the company/product, hired by company. Trends and patterns of a capitalist economy: fierce competition, innovation, growth, inequality, conflict of interest employers and employees, cycles or rollercoasters of growth and depression. Capitalism began in europe, mid 1700"s: people worked for themselves, some people worked for others but out of obligation or force, production to meet direct need or desire, not monetary profit.
