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SOCB42H3 Study Guide - Midterm Guide: Productive And Unproductive Labour, Factor Price, Capital Accumulation

Course Code
Dan Silver
Study Guide

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Midterm format
1. Identification
5 quotations – say who is the author of quotation (2 marks each) (10 marks in total)
2. Definitions- defining four concepts from either smith or Marx (list of 5 concepts
and choose 3). Defining a concept- say what it means in a clear way; help illustrate
with an example of some kind; say why the concept is important and why it mattes
(10 marks each- 6 definitions so 60)
3. Short Essay (will have multiple options and just do one). Possibilities may
include comparative questions (between Marx and Smith) (what are big issues and
common themes, how do they approach them differently’ strengths and
weaknesses) (30 marks).
10 identification
Definitions- more definitions for post midterm past
Essay- will be something for sure about Tocqueville in a way for cumulative
work too
Will cover everything until the end of Lecture 7.
In class Oct 31st 1-3pm.
Why theory?
1. Intellectual power
2. Sophistication (see things more deeply and the consequences; the complexity
of things)
3. Conceptual of tools
What is classical sociological theory?
Classic- 1. First rank; the best; most excellent version; something people want to
copy or learn from.
2. It lasts
3. Generative
4. Classics are most often “world defining” (define a way of thinking, feeling,
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Theory- 1. A Greek word
2. Theory means to look at something
3. Look at what’s happening from a distance
4. Trying to look at it in an objective way
5. Theories are abstract vs. empirical
6. Theories are general vs. particular
7. Theory is often contemplative vs. practical
Sociology- 1. Logical comes from the Greek word logos
2. Socio comes from Latin for being in company with people;
3. Sociology is like the study of “logic of togetherness”
4. What keeps groups together; Why are we doing that; what are the
different types of groups; ways of interacting.
Industry -----All four of these took off and exploded to what humanity has never seen before
ADAM SMITH – author of the book
-Scottish, 1723-1790
- Middle – upper class family
-Uni at 14
-Learned from the Scottish Englightment Movement
-Oxford University, homesickness kicked in
-Went back to Scotland, and at 28 he was a professor of philosophy
- He gave his lectures in English rather than in Latin, it was a major statement.
-1759, wrote “Theory of Moral Sentiment”
-Became private tutor for son of the Duke
-As a hobby, he wrote a book about economics that came out in 1776
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Agenda of Adam Smith’s book
-What is the title of his book? “An Inquiry into the Nature and Causes of the
Wealth of Nations”
- What do these words mean?
1. Nature and Causes of the Wealth. What is the nature of wealth?
What does it mean to be rich? Smith actually outlined three possible
answers: - 1. Having a lot of money (stored treasure)mercantilism
2. Natural resources (soil, climate, etc. )Conquest
3. GNP per capita improves national productivity.
- Smith answer to what it means to be rich- to be gratified, the country that is
the richest is the country that offers it’s peoples the greatest goods in life. That
statement gave people thinking the GNP idea. That’s the goal. Wealth primarily
depends on how a country organizes the productive process of work . It’s rather a
social product; it allows their productive capacities to do that in the most effective
possible way. It understands those social conditions of what helps productivity or
block productivity.
-How do you get to be that way (rich)? - The causes of wealth. A theory of how to get
rich. What’s the theory? “If you don’t have the oil, go take it”- that theory of wealth
implies military conquest of natural resources. “Sell to another country” – the
name of that theory is mercantilism (exporting is very good; importing is very bad).
“Improve national productivity”- this theory is implied for the GNP per capita.
- 2 conditions for national productivity are
1. Universal – if they are applied, national productivity will increase,
However the way depends on 2. Historical.
- The universal conditions: 1. Making people work more productive
Division of labor
o2. Increase the workforce (the amount of
productive labor in the country)
- The historical conditions:
o1. The relative weight that a given country gives to that culture
(farming) or another culture (manufacturing), and on the other hand
(agriculture). Smith believes agriculture is the base. The fact that
Europe did not start off with agriculture first, is the reason why they
took so long to develop. Specific national historical conditions is the
degree in which a country when and how a country will get rich .
o2. Theories in what the people and country believe in. Guides the
decision that they make. Bad theory- will have a harder time getting
rich. Correct theory- better time getting rich.
-Causes of the Wealth of Nations will be the main topic of the book. First book will
be about DOL , second book will be about what conditions put people into work.
- Paternalism -
- Nations- the government
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