TR 1070 Lecture Notes - Lecture 16: Theodore Roosevelt, Consumerism
5 Jun 2018
School
Department
Course
Professor
Whose idea was the backwards bending supply curve of labor? --- predictive model
that economists used for a long time, not identified with a particular person
Declining Utility
The Great Leisure Mystery is what happened
•
To understand the great leisure of mystery you can try to understand the
century of work reduction
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Consumerism happened during the 1920s---Gospel of Consumption
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Productivity is units produced/period of time
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If productivity increases
Shorter hours
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Higher wages
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Productivity continues to grow
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Declining utility
The first thing you buy has the greatest utility for you
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Subsequent purchases will have less utility for you
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•
Forgotten American dream, that curve
Cause of change
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We've lost the forgotten American dream
A catalog of all the wonderful things that people expected would occur
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Read his book lmaoooo
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New Economic gospel of consumption
Government steps in an supports the new economic gospel of
consumption (after great depression)
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Government intervention to stimulate the economy
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Government replaces productivity by machines with productivity by jobs
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New work created directly by the government or supported by
government payment ensures full time payment
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Before--government didn’t take responsibility for economy
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After---government began to take responsibility for marketplace
To make sure that everyone has a full time (40 hour) job
§
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The only thing anyone knew to do was work sharing
If 25% of people employeed, reduce hours of those employed to
pick up slack ?
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Herbert hoover share the work
Business volunteerism--voluntary business action□
Hoover encouraged businesses to share the work □
§
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•
Black Connery
Bill introduced that requires 30 hour work weeks instead of 40 hour work
weeks
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Did not pass
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Teddy Roosevelt blocks bill
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Government grows •
Stimulate economy•
Spend money in defecit •
3/20 Lecture
Monday, March 19, 2018
4:19 PM
Document Summary
-- predictive model that economists used for a long time, not identified with a particular person. To understand the great leisure of mystery you can try to understand the century of work reduction. The first thing you buy has the greatest utility for you. Subsequent purchases will have less utility for you. A catalog of all the wonderful things that people expected would occur. Government steps in an supports the new economic gospel of consumption (after great depression) Government replaces productivity by machines with productivity by jobs. New work created directly by the government or supported by government payment ensures full time payment government payment ensures full time payment. To make sure that everyone has a full time (40 hour) job. The only thing anyone knew to do was work sharing. Bill introduced that requires 30 hour work weeks instead of 40 hour work weeks.
