LABR 1F99 Lecture Notes - Lecture 4: Wage Labour, Profit Motive, Precontract
9 Oct 2015
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100 over time hours/month to make average wags. Forget the quarterly gdp statistics, the financial pages and the daily updates we hear about the stock markets and foreign exchange. The economy is the sum total of work we must perform to produce the goods and services we need to survive and live. Without work nothing happens in the economy. You can see the economy around us. Because we are living beings and we must work to produce things we need to stay alive. But we want more: a full, quality, enjoyable life. An economy that does not meet human needs, is not doing its job very well. There is nothing more fundamental about an economy"s performance, that weather human needs are being met. All economies require work to be done to produce goods and services we need. But they organize that work (and the distribution and use of output) differently. Human civilization 200,000 years old capitalism around 300 years old.
