POLS 3125 Lecture Notes - Lecture 3: Absolute Advantage, Comparative Advantage, Global Exchange
25 Jan 2018
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An argument for market self regulation in an ideal situation the market will regulate itself. Hand guiding the market equilibrium + perfect market created. Behavior + profit seeking moving away from importance of community. Utilitarianism what could make the more amount of pleasure without making much pain . Stuart partly lower the value of the state. Economy should lead politics state = caretaker. Economy = institution in a society which is no longer family/kinship based. Economy of contracts property = labour + land + business different rational. Self seeking + self aggrandizing + self interest. Is the good going to outweigh the bad circulation of capital a person has to be a buyer and a seller. Market= social mechanisms satisfaction of private wants. Negative not a guaranteed that a commodity would find a buyer = hardship. Need to adjust economist not blaming the market rather the individual need to change. Not felt by society as a whole/temporary.
