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Lecture

May 28th

5 Pages
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Department
Social Science
Course
SOSC 1000
Professor
Tanja Juric
Semester
Winter

Description
May 28 , 2013: Smith and Keynes: - Economists are unhappy when they have to examine variables that are not easily measured by something like a price – ernest schusky - Capitalism is unsatiable and hobbes calls it a desire for more and we are creatures of insatiable appetites. There is no such thing as “enough”. Capitalism is dynamic. - Capitalism is disembedded. Capitalism is a two edged sword. Growth and misery go together in capitalism. - Change, accumulation, competition and miseration are 4 parts of capitalism - John Keynes: the dismal science - Economic ideas revolved around early Christian ideas and ideas ofAristotle and st Thomas Aquinas and stAugustine - Economics was something that had to be kept in check - Aristotle argued that lending money with interest is a sin and immoral and debt is immoral - For the socratics, there was natural and unnatural forms of acquisition - Aristotle argued that people who engaged in long distance trade put their communities at risk - For early thinkers, economy is embedded in society - Political life dominated economic life - The merchants and traders were sub serving to the priests and the states leading figures - The economy is limited, local and it is regulated - All of this changed with the development of liberal ideology and the age of discovery and industrial revolution - This brought out the rise of new forces and ideas in society (classical liberal ideas) - Marx and engels call this the bourgousie - Adam smith wrote during the Scottish englightenment with scots and brits were united - - Adam smith and mercantilism: - Liberal ideas challenging conservative ideas - During this time, govt granted monopolies to companies to exploit theAmericas - The Hudson bay company for much of its history was the de facto govt - East india company played the same role in india - During this time, labour and workers are being moved off their lands and converted into peasantry to proletariats - Workers in society are regulated by systems of apprenticeships - There is anything but a labour market that we have today - Economic activity was regulated by alliance of govt and trading firms known as mercantilism - Large colonies were created - Firms are given major control of colonies - Tariffs and taxes - Trade is made to benefit the govt and the trading company - The political debate in this era wasn’t over govt should have role in economy, the debate was whether govt should ally with the bourgouisie - Everyone in this era accepted a major a role in govt in terms of economy in society - Adam smith was motivated to write by his opposition to mercantilism - That opposition resulted in his economic model called the liberty and the disembedded, self correcting free market economy - He advocated a market economy to enhance the wealth of nations and economic liberty of all individuals - Smith’s book is a democratic work, he is not a fan of old dominant class and new brougoisie - His book the wealth of nations is one of the most widely quoted book in history - Smith said govt should pursue economic policies for free market and a comparative advantage - France had comparative advantage in wine and England had wool - For smith, if you didn’t re
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