DEVS 340 Lecture 2: DESV340 Lecture 2
21 Sep 2018
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Week 2- lecture 2 september 19th, 2018. Leading figures: physiocrats (quesnay, adam smith most complex social theory, david ricardo most developed economic theory, david hume and others. Adam smith: father of modern economics, moral thinker, not understood properly until recently, born in kirkcaldy (scotland), father died before he was born, and mother lived till. 90, went to glasgow university when he was 14, oxford for 7 years, back to. Scotland, lived as a recluse but travelled in bursts: context, affluence of glasgow due to trade, growth of america puzzled him, apparent status" of china and india puzzled him, decline of calvinism. Growing revolt against mercantilist policy: three r"s: regulation, restriction, and restraint. Industrial revolution and the organization of work in late 1800s. Background: the rise of manufacturing: rationalized production, socialization and diversification, rising scale of production the oeconomy". Innovation: machinery shifts the focus from agriculture to industry.
