Class Notes (839,315)
Canada (511,260)
Economics (611)
ECON 2720 (32)
B Ferguson (26)
Lecture 3

Week 3.pdf

3 Pages

Course Code
ECON 2720
B Ferguson

This preview shows page 1. Sign up to view the full 3 pages of the document.
Lecture 7 January 20, 2014 10:27 AM Incentives - Subsidizing a particular approach to a problem deincenitizes people from coming up with new technologies that solve the problem better - Incentives should exist for people to come up with better and new technologies - An example is CO2 emissions because current methods of low carbon power emissions are subsidized but finding new methods are not Business in Ancient Rome - Rome was made up of mostly small businesses and had a strong financial system - Its most important contribution to business history was a relative time of peace, which gave many businesses a feeling of security and certainty - Traders could ship their product and not be worried about something happening along the journey - During peaceful periods ships are designed for trade and not designed for naval warfare - During times of war, ships were designed for battle and carried troops, but had less of a capacity to carry tradable goods - When there was a peace and trade was good, the standard of living for peasants tended to be much better than times of war - At the height of the Roman Empire the standard of living was so high that it would not be seen again for over a thousand years - A societas publicanorum was a sort of corporation that was responsible for the building of aqueducts and the managing of large silver mines - The Roman government was the first to give citizens bread just because they were citizens - During the time of harvest the government would import tons of wheat from Egypt - This wheat was transported by societas publicanorum, large companies that had a lot of ships - The Roman population was always very weary of anything run by the state because generally there only purpose was to make as much money as possible for the governor - A peculium refers to the amount of money a slave was allowed to have - If a slave went into debt more than this peculium no one was liable for that amount of money - This is why many citizens set up companies with slaves as managers because they had a very limited liability associated with them - Shares of the slave could then be sold on the stock market in Rome - This system was a basic corporation and operated in the same way corporations are run today, except it was all centred around the slave - There weren't very many of these businesses around but they did exist - Inflation in ancient Rome was usually generated because the government would put less silver or gold inside coins Lecture 8 January 22, 2014 10:36 AM The Fall of Ancient Rome - After the fall of Rome the population had a much lower standard of living than during its height of power during peace time - It was custom for people to follow their father in the work they do, so people would be locked down into a certain standard of living in the same place - Julius Ceaser is said to have invaded Britain and left because of the weather - The Roman Empire eventually took control of England and spent a considerable amount of money to hold it as a colony - They built Hadrian's Wall between England and Scotland to keep the Scots from invading - It was said that the wall was built because the Scots would come and invade naked and the Romans didn't want to fight with hairy Scots men - The Romans also decided to build the city of London because it was a good site for a major port and administrative services - Many s
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.