Sociology 323 Economy Society Class 3 Economics For

Sociology 323 Economy & Society Class 3 – Economics For Everyone Part 1

Summary of Jim Stanford Economics for Everyone – Part 1 General impressions? Who is Jim Stanford? http: //www. economicsforeveryone. ca/authors • Canadian Auto Workers Union • Columnist for the Globe and Mail • Master’s degree in Economics from Cambridge University, and his Ph. D. from the New School for Social Research • Founding chairperson of the Progressive Economics Forum http: //www. progressive-economics. ca/

Chapter 1 - What is the Economy? Factors that make up economic theories include: - Work - Consumption - Investment - Finance - Environment Work is highly stressed as an important factor. The purpose of work is to produce things for people to consume. An economy is fundamentally social activity

Chapter 1 - What is Economics? A social science not a physical science Economics is he study of human economic behaviour: the production and distribution of goods and services we need and want. Micro-economics & Marco-economics (see previous lecture) Dominant Model Neoclassical Model Rooted in Political Economy Measurements (like GDP) What makes up a good economy?

A Good Economy. . . According to Jim Stanford Prosperity Security Innovation Choice Equality Sustainability Democracy and Accountability

Chapter 2 - Capitalism What is capitalism? Two key features that make up capitalism 1 - Most production of goods and services is undertaken by privately owned companies, which produce and sell their output in hopes of making profit. (production for profit) 2 – Most work in the economy is performed by people who do not own their company or output, but are hired by someone else to work in return for a money wage or salary. (wage labour) Trends and patterns of a capitalist system - Competition - Innovation - Growth - Conflict - Cycles The presence of markets does not make an economy capitalist. Capitalism is a system which most production occurs for private profit,

Chapter 2 – Fads in Capitalism The Post-Industrial Society The Information Economy Shareholder Economy According to Jim Stanford “there's nothing much new about capitalism”

Discussion Tax Money To Banks http: //www. youtube. com/watch? v=R 3 c-a. N 6 Y 7 OU http: //www. youtube. com/watch? v=ixpr 8 gu. O 0 JA http: //www. youtube. com/watch? v=9 K_N 0 u. OXk. QA http: //www. policyalternatives. ca/sites/default/files/uploads/publications/National%20 Office/2012/04/Big%20 Banks%20 Big%20 Secret. pdf

Discussion The Canadian Housing Economy http: //www. youtube. com/watch? v=o. Ki 37 gy 0 X 00 http: //www. ctvnews. ca/business/household-debt-in-canada-hits-all-time-high-but-may-be-nearing-limit-1. 1590905/ http: //business. financialpost. com/2013/11/27/according-to-the-imf-canada-has-the-most-overvalued-housing-market-in-the-world/ http: //www. rbc. com/economics/economic-reports/pdf/canadian-housing/house-november 2013. pdf