ECON-100 FA4 Lecture Notes - Lecture 4: Price Floor, Creative Destruction, Rationality
12 Sep 2016
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Document Summary
Neolithic- adoption of agriculture: after 200k years of living as nomads and hunter/gathers, gave them more control over their food supply. Urban- rise of state, civilization, and inequality: population density rose to a level where people clustered in urban areas, set the grounds for separation of labor, made more sophisticated output. Industrial revolution: began around 1750, the replacement of human/animal muscle power by machine power. Cybernetics: no general agreement about this yet, the replacement of mental muscle power with machinery/computers. Neither china nor the islamic world were able to sustain their economic progress. Meant that the competition would led them to do what was economically necessary to defend themselves. Strong military requires a strong economy: trade exists between all countries and all times but it expanded trade at this time: bringing back foreign ideas and ideas of technology, creating competition. Forces businesses to be up to date: the discover and rape of the americas.
