MGCR 222 Lecture Notes - Lecture 12: Social Relation, Human Capital, Market Failure

• School: McGill University
• Department: Management Core
• Course: MGCR 222
• Professor: Ferguson

Document Summary

The fundamental concept in social science is power, in the same sense, in which energy is the fundamental concept in physics. Power ability of a person or group to influence or control some aspect of another person or group. Control over resources others need (money, information, decisions, work assignments, and so on) Power is not absolutely, it has to be given by others who are willing to be influenced. Social power used to recognize that power comes from the ability to influence another in a social relation. If not used properly, it can be taken away. Force - power that occurs against another"s will. Dependence - power is based on dependence which means that one person or group relies on another person or group to get what they want or need. Dependence cannot be easily removed: individuals have little choice and must comply.