SOCB42H3 Lecture Notes - Lecture 3: Capital Accumulation, Divisor, Barter

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6 Dec 2012
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Propensity to trade markets dol (division of labour) productive labour national wealth commercial society. Propensity to better condition- saving capital accumulation % productive workers national wealth commercial society. Smith is arguing for commercial society that it has its own visions of good and bad in life. Smith argues with limits of barter (both sides of exchange have to have something specific the other party wants). To solve the problem of not interest to exchange, persuade to buy b/c other people want it and are on demand. Money is any commodity (ex: cows) that anyone will accept for anything. Some work better as money than others. What qualities make better or for worse money: lasts- length may be determined by other factors, divisible- it has to be divided into smaller units. Use value: you get out of consumption of using it (use value of corn would be eating it).

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