ECON 1020 Lecture Notes - Lecture 10: Sunless Tanning, Conspicuous Consumption, Qwerty
13 Nov 2016
School
Department
Course
Professor
Document Summary
Focused on the process of change, or the evolutionary nature of the economy: cumulative causation. Theory of the leisure class: conspicuous consumption, pecuniary emulation. Trying to look like something (act like wealthy) Believes in using resources for needs/useful things: gets the job done (not for show/social status) Don"t like to make value judgments: like to keep biases out of it. Change comes form conflict between working and capitalist. Believes capitalism wouldn"t last: how capitalism works, conflict in capitalism, think about other economic systems. To do we acquire what we need to survive: dialectics. Actively engaged in trying to create change. Labor theory of value: the value of a commodity is determined by the amount of labor needed for its production. A (necessary labor - ) b (surplus beyond ) c creates surplus value: making work longer, decrease wages. Goal of bourgeoisie: pay little, get them to work hard. Profit maximization externalities: pesticides negatively effecting workers.
