ECON BC 3041x Lecture Notes - Lecture 8: Due Process

• School: Barnard College
• Department: Economics
• Course: ECON BC 3041x
• Professor: davidweiman

Document Summary

Ectio(cid:374) (cid:1005)(cid:1007)8: up(cid:396)e(cid:373)e p(cid:396)ope(cid:396)t(cid:455) ca(cid:374)(cid:374)ot take a(cid:374)(cid:455)o(cid:374)e"s p(cid:396)ope(cid:396)t(cid:455) (cid:449)ithout thei(cid:396) co(cid:374)se(cid:374)t. Ectio(cid:374)(cid:1005)(cid:1008)(cid:1004): ta(cid:454)atio(cid:374), (cid:396)e(cid:395)ui(cid:396)es co(cid:374)se(cid:374)t though co(cid:374)se(cid:374)t of the (cid:373)ajo(cid:396)it(cid:455: due process (i. e. consent): legislation in us. Invisible hand (self-regulating market system: natural price = equilibrium price. Commercial society: everyone is a merchant (buying and selling their labor or products of their labor, monetary economy (not bartered transactions) A(cid:396)istotle"s (cid:448)alue s(cid:455)ste(cid:373: market (labor for labor) Takes more labor to procure a diamond than water: rules of value system. 2) (cid:862)addi(cid:374)g up (cid:862)o(cid:396) property theory [supply price theory] Self-ownership (sell your labor for a wage) Chapter 5: real vs. nominal price of commodities: proletarian, real price: Command over goods and services (purchasing power measure) Command over labor (labor is equivalent to goods and services: nominal price: money price (market price) Labor commodities (of value) other commodities (of value) produce of others (labor) Cost of commodity (to the person who wants to (cid:862)acquire(cid:863) it via labor or work effort)