ECON BC 3041x Lecture Notes - Lecture 14: Barter, Migraine, Economic System
1 Nov 2016
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Mar(cid:454) defi(cid:374)itio(cid:374) of (cid:862)capitalis(cid:373)(cid:863: though does not use the term. Capital as a process: wealth in the form of money. 4, paragraph 1: 16th 17th centuries, primitive capitalist accumulation (ch. Mar(cid:454)"s goal: mo(cid:374)e(cid:455), (cid:373)o(cid:374)etar(cid:455) eco(cid:374)o(cid:373)(cid:455: economic system where all transactions mediated by money. Ue= generally accepted unit of account, means of payment, etc. Wealth is an amalgam of commodities (elemental unit: commodities: 2 intrinsic + opposing properties. Useful (in consumption: satisfy some need or want. 2) exchange value inherently exchangeable (to producers: can be turned into money, reality of a capitalist society. Theory of value (two theories: similar to (real vs. nominal, labor theory of value (labor expended in production) Cost of productions: primordial exchange between humans + nature, socially necessary labor. **checked out 26 min in ** see audio recording. Value expressed in money: price, exchangeability of commodity. Money: 1) equal to gold + labor expended in extraction, 2) universal equivalent with no value.
