MHR 522 Lecture Notes - Lecture 3: Commodification, Geographic Mobility, Pareto Principle

• School: Ryerson University
• Department: Human Resources
• Course: MHR 522
• Professor: Wally Whistance- Smith

Document Summary

Market for labour want to buy at a certain price gets to. Treats labour like a commodity, non-seperability problem (cid:498)efficiency(cid:499) (cid:523)relating to labour(cid:524) those who want to work at a certain price / (cid:498)potential pareto principle(cid:499) -> we should always be at the maximum. World is filled with imperfect competition, imperfect information, imperfect rationality, imperfect mobility, and etc. Pg. 20 bottom right, limited 2nd many human emotions arise come comparisons with others. 3rd principle: similar to adam smith"s view but (cid:883)st human rationality is. Capitalism characteristics: alienation, exploitation of the poor/workers, ** class structure ** proletarist (working class), bourgeasie (capitalist), private property, ownership, Theory: (labour theory of value: class based exploitation, capitalism: system of generalized (cid:498)commodity production(cid:499) social. Commodity thing produces for sale or exchange on a market. system most things that get made, get made in a commodity form. Things are produced for sale: every commodity made for sale has: