IDSB01H3 Study Guide - Midterm Guide: Constant Capital, Capital Good, Simple Living
23 Nov 2017
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Document Summary
Economics vs political economy, difference but tremdenons overlap. Economics: the study of how individuals, firms, and government make choices about the allocation of scare resources in order to satisfy unlimited wants. Political economy no assume unlimited wants, choice, or scarcity they question it. Why is it that in us expected to purchase health care as a service from a company ( business spheres) but in. Canada provided by the states ( moves to the public sphere), Some say we not only need to look at society also look at environment context -> economic provision may be contingent on natural resources -> natural inputs are turned and transformed into economic outputs. In pe understand that economy is much bigger than the business sphere, need to go much broader. Goal strive for efficiency, wants the market at equilibrium. Fairness, wealth, freedom of need, sustainability, improve social relations. Context; focus on politics, history, cultural, ecological contexts.
