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Lecture 6

Lecture 6

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York University
Social Science
SOSC 1000
Terry Conlin

3. Smith & Keynes 1. an insatiable, dynamic, disembedded Two-edged Sword 2. Adam Smith, Mercantilism & The Wealth of Nations 3. The Society of Perfect (Economic) Liberty & The Disembedded, Self-Correctin Free Market Economy 4. The Keynesian Challenge to Orthodoxy 5. The Keynesian Welfare State 6. The Attack on Keynesian ism (Right & Left) 7. Marilyn Waring versus Economic Orthodoxy: UN System of National Accounts Economists are unhappy when they have to examine variables that are not easily measured by something like a price…-Ernest Schusky Heilbroner, Twenty First Century Capitalism  Capitalism is insatiable, human beings are creatures of greed, we want more & more  Possessive individualism:  life is about accumulation, accumulate more more more  Capitalism is dynamic, it’s all about change  Nothing has ever produced wealth like capitalism  All that is solid melts into air, all that is holy is profaned  Capitalism is all about creative destruction  Adam Smith wrote in the wealth of nations that the division of labour locks the…the productivity of labour goes through the roof  Creative destruction (always something new)  Capitalism is Disembedded: the economy becomes disembedded from society  Economic life was embedded within society: it was viewed with distrust with most of the mocers and shakers of society  There is no economics in traditional societies; only with the arrival of the economy is something distinct.  Capitalism simultaneously produces wealth and misery (Karl Marx)  Capitalism produces the good like nothing we have ever seen before, but at the same time it is producing misery.  Gut wrenching misery as society is transformed Aristotle is not a fan of Economics There are limits to acquisition, lending money is a sin, if a person is in debt, they are lacking in moral fiber  In futile society, the Aristrocracy, political life dominates economic life.  The economy was embedded in society, it was limited, local Mercantilism is the target that Adam smith is aiming at. He is not a fan of Mercantilism. Mercantilism is the early stage of capitalism. Mercantilism is the target in the Wealth of Nations. Karl Mar’s work is mostly comprised of Adam Smith’s work. Adam Smith: society of perfect liberty to maximize the wealth of nations but at the same time limiting the power of large corporations and big governments. Governments should pursue economic policies which include free trade and comparative advantage. 1760: Free trade between Scotland and England. 1776: Adam Smith is writing during this time and sees
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