PHIL 322 Lecture Notes - Lecture 3: Industrial Revolution, Creative Destruction, Collective Action

• School: University of Arizona
• Department: Philosophy Main
• Course: PHIL 322
• Professor: ALL

Document Summary

Collective action problem, everyone has to work together to solve a problem. Positive sum gain for participants in capitalism. The more that is being produced, the cheaper things are, and the less time people to need satisfy needs. Spike in gdp since 1800 which increases the well-being of people. Increased mechanization, industrial revolution, responsible for spike in gdp in 1800. Mechanization leads to increase in labor which leads to increases in products which leads to a better well-being. Answer to why os that global gdp per capita spiked around 1800: increase in technological innovation has to do largely with a change in people s attitudes toward innovation a certain social class. Egalitarian (equality) accidents of 1517-1789 are accidents of history which gradually elevates serfdom to create a middle class which has the incentive in engage and innovation and trade collapsing hierarchal destruction. Creative destruction - coined by joseph schumpater economist, very efficient producers kill off less efficient producers.