SOCI 235 Lecture Notes - Lecture 5: Extortion, Henry Bessemer, Micrometer
7 Dec 2015
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Gdp amount of goods produced in a society: expenditure -> consumption, investment, government, same income -> wages, interests, business income. Water wheel -> roman times: improvement over time. Micrometer, gages allowed ppl to work, created labor. Large demand of written documents, especially in government settings. Gunpowder (chinese used it in powder form) corning: process where you take the gun powder in wet form and turn it into grain form, large projectile. Clock waterwheel helped innovation of mechanical clock. Nature should be submissive (?) to humans. Linear sense of time, saw time as progressive. Church didn"t have complete control -> separation between church and states. Capital market: bonds, stocks, financial need to finance ways of discoveries , movement across oceans. Labor market: 15th century development of labor market, based on skilled labor. Market for goods: demand for capital goods. Entrepreneurship eg: unproductive: rent seeking (monopoly), extortion (racketeering), fraud. Suitable incentive: respectable value to work, welfare.
