SOCIOL 1000 Chapter Notes - Chapter 7: Albert O. Hirschman, Karl Polanyi, Homo Economicus
Document Summary
Economy/society - bruce g carruthers and sarah l. babb. 166): the gini index is a measure of the inequality of a distribution, as with income inequality. Development theories: economic development requires sustained and rapid growth. Joseph schumpeter distinguished between growth and economic development: development occurred only with technical innovations and new production techniques. Ada(cid:373) (cid:373)ith"s ti(cid:373)e: mercantilism also gave the firms of a given country a monopoly on the sale of goods to the colonies of that country. B(cid:455) pu(cid:396)sui(cid:374)g his o(cid:449)(cid:374) i(cid:374)te(cid:396)est he f(cid:396)e(cid:395)ue(cid:374)tl(cid:455) p(cid:396)o(cid:373)otes that of the so(cid:272)iet(cid:455) more effectivel(cid:455) tha(cid:374) (cid:449)he(cid:374) he i(cid:374)te(cid:374)ds to p(cid:396)o(cid:373)ote it(cid:863) (cid:894) (cid:373)ith [(cid:1005)(cid:1011)(cid:1011)(cid:1010)] (cid:1005)(cid:1013)(cid:1004)(cid:1004):(cid:1007)(cid:1008)(cid:1009)(cid:895): smith opposed mercantilist government intervention in the economy. Example: the artificial fixing of food prices to help protect consumers often had the unintended effect of creating food shortages (and black markets), because farmers refused to sell their goods at the low official prices.
