LABR 1F90 Lecture Notes - Lecture 2: Features Of The Marvel Universe, Wage Labour

• School: Brock University
• Department: Labour Studies
• Course: LABR 1F90
• Professor: Larry Savage

Document Summary

Capitalism: one kind of economy (cid:498)the economy(cid:499) where people work to produce the things we need or want. Neoclassical economics is dedicated to study of capitalism. Economy went through many different stages en route to capitalism. 2 key factors that make economy capitalist: production for profit, production of goods/services undertaken by private-owned. )nherent tendency to (cid:494)growth(cid:495) desire of each individual company to (cid:494))nequality(cid:495) b/w those who work wages & employers who hire (cid:494)economic cycles(cid:495) w/periods of strong growth followed by periods of. Could create dramatic economic and social crisis stagnation/depression make more profit competition profits. Some patterns & outcomes = positive, explain why cap. has been successful. Some negative, explain why cap. tends to be unstable. In pre-cap. societies, most people work for themselves. If worked under someone, relationship based on something other than payment. Implies/unique: reliance on markets/market signals (supply, demand & Economists name what studying (cid:498)market economy(cid:499) not capitalism price) to organize economy wrong too.