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Lecture 17

SOCY 122 Lecture Notes - Lecture 17: Progressive Tax, Aggregate Supply, Lean Manufacturing

Social Sci, Edu and Soc Work - Sociology
Course Code
SOCY 122
Rob Beamish

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Week 17: Economy and Society II: From Say to Keynes
Production, Say, and Schumpeter pgs 119-129
Rates of Unionization
60% of workers in education, public administration, health and social service work are unionized
(65% of those workers are female and 63% of female workers are unionized)
Median wage for unionized female workers 25% higher (average unionized wage 20% higher)
Age, gender, education, industry are constant, union wages 7 to 14% higher
Power and the Logic of Collective Action
o Primary organizer of labour force
o Capital is a fluid resource
o Key questions reduce to cost and return
o Union is secondary organizer of labour force
o History of worker association
o Human/labour-power inseparable
o Entire spectrum of wants and needs
o Cant reduce fundamental needs
Power and the Logic of Collective Action
Key questions:
o Employer: willingness to pay
o Employees: willingness to pay and to act
Power and the Logic of Collective Action
o Cost of labour's demands
o Cost of a lockout
o Profitability
o Diverse membership; diverse interests, wants and needs
o Consensus building via negotiation
o Cost of accepting offer vs cost of a strike
o Mobilization and maintaining a strike
Power and the Logic of Collective Action
o Power- resources and organization
o Expand associated
Bureaucratic efficiency vs democratic dialogue
Increased heterogeneity
Modern Capitalism
Fundamental relationship is M-C-M
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"Spirit of capitalism" drives production
Stable legal system- rule of lay
State must balance international focus of capital with national interests
Employer- labour process- employee relationship is central
Modern Capitalism
Work discipline through technologies of power and managerial strategies (Taylorism)
Mass production vs lean production
Production and Overproduction
Marx's Manifesto
o Massive and colossal production forces than all generations together
o Commercial crisis
Marx's project
o The object is material production
Das Kapital
o Production process; circulation process; complete process of Capitalist Production
Say's Law
Production creates demand
Humankind does to produce the objects found in the natural world, humans simply work on the
existing material work to produce product that have use or utility
Objects cannot be created - simply reproduced in a new form
Creates a new utility - "this i call production of wealth"
The new utility is wanted (valued) by other so that it can be sold in the market
Say's Law
Capitalist production is the production of wealth through the creation of utilities that have value
in the market and thus sold in the market
The creation and sale of utilities in the production of wealth
Say's Law
Utilities should exchange at their true value without the interference by policy makers
Buyers should purchase utilities for their utility and the value they place on it
To pay more than its value is to pay for value that has no existence which the consumer does not
Say's Law
Monopolies setting process; tariff barriers upset equilibrium of market
Say wants a laissez-faire economy
Say on Machinery
Machinery may displace workers- but not cause of depressions
Machinery increased production- reducing cost of utilities (increase supply reduces how much a
person values a single utility)
Price falls- consumers save- may purchase other utilities
Say on Machinery
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