GEOG 2LE3 Lecture Notes - Lecture 5: Agritourism, Invisible Hand, Division Of Labour

• School: McMaster University
• Department: Geography
• Course: GEOG 2LE3
• Professor: Susan Dupej

Document Summary

Lecture 5 the brief history of the economy. Thinking about the economy as: a (cid:858)division of labour(cid:859) Specialization in p(cid:396)odu(cid:272)tio(cid:374) (cid:449)he(cid:396)ei(cid:374) di e(cid:396)e(cid:374)t people (cid:272)a(cid:396)(cid:396)(cid:455)out di e(cid:396)e(cid:374)t tasks i(cid:374) the same production process. (cid:271)(cid:455) di(cid:448)idi(cid:374)g la(cid:271)ou(cid:396) i(cid:374)to spe(cid:272)ialized g(cid:396)oups (cid:894)at di e(cid:396)e(cid:374)t states i(cid:374) the (cid:373)a(cid:374)ufa(cid:272)tu(cid:396)i(cid:374)g p(cid:396)o(cid:272)ess(cid:895), the (cid:374)al p(cid:396)odu(cid:272)t is (cid:373)ade (cid:373)o(cid:396)e (cid:395)ui(cid:272)kl(cid:455) a(cid:374)d e (cid:272)ie(cid:374)tl(cid:455: an integrated whole at the scale of the nation. By seeking our own advancement in societ(cid:455), (cid:449)e u(cid:374)(cid:272)o(cid:374)s(cid:272)iousl(cid:455) (cid:271)e(cid:374)e t so(cid:272)iet(cid:455) as a whole in the process. Ea(cid:272)h i(cid:374)di(cid:448)idual is (cid:862)led (cid:271)(cid:455) the i(cid:374)(cid:448)isi(cid:271)le ha(cid:374)d to p(cid:396)o(cid:373)ote a(cid:374) e(cid:374)d (cid:449)hi(cid:272)h (cid:449)as (cid:374)o pa(cid:396)t of his i(cid:374)te(cid:374)tio(cid:374)(cid:863: national consumption and production. Thinking about the economy as (1940s): a bounded and self-contained entity that could be managed using particular policy tools. The central tenet of this school of thought is that government intervention can stabilize the economy.