SOSC 1000 Lecture Notes - Aggregate Demand, Mercantilism, Labour Power

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Terry Conlin

Document Summary

Smith and keynes: heilbroner says capitalism is a insatiable ,dynamic, disembedded, two edged sword . Insatiable: humans always want more and more and no matter how well we are off there is never more than enough- never satisfied, life is about accumulation. Disembedded: for the first time in history the economy becomes disembedded from society and it takes on a life of its own- heilbroner tries to convince us that there was no economics. Two edged sword: capitalism simultaneously produces wealth and the goods like nothing we have seen before. He refers to locke as possessive individualism. Karl marx: under capitalism all that is solid melts into air all the is holy is profaned . Keynes referred to economics as the dismal science. For aristotle economic life is void of nobility. Unnatural acquisition: for profit, usury is a sin; lending money without interest is a sin.