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Erin Hamson

Modern History Sourcebook: Adam Smith: The Wealth of Nations, 1776 (Epitome) - 0 views

www.fordham.edu/...adamsmith-summary.html

shared by Erin Hamson on 28 Sep 10 - Cached
Andrew DeWitt liked it
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      The process of specialization was later perfected by Henry Ford, in making cheap, durable cars.
  • This great increase of the quantity of work which, in consequence of the division of labor, the same number of people are capable of performing, is owing to three different circumstances; first, to the increase of dexterity in every particular workman; secondly, to the saving of the time which is commonly lost in passing from one species of work to another; and lastly, to the invention of a great number of machines which facilitate and abridge labor, and enable one man to do the work of many....
  • Man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favor, and show them that it is for their own advantage to do for him what he requires of them. Whoever offers to another a bargain of any kind, proposes to do this. Give me that which I want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that we obtain from one another the far greater art of those good offices which we stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      This is the basis of the Market Economy or Capitalism, exchange based in self-interest that benefits all.
  • ...38 more annotations...
  • In order to avoid the inconvenience of such situations, every prudent man in every period of society, after the first establishment of the division of labor, must naturally have endeavored to manage his affairs in such a manner as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for their produce....It is in this manner that money has become in all civilized nations the universal instrument of commerce, by the intervention of which goods of all kinds are bought and sold, or exchanged for one another....
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      The role/development of money. The problem with money is that it has to be regulated and who regulates it? If we let the governement regulate it, it might become manipulated...
  • The value of any commodity,
  • is equal to the quantity of labor which it enables him to purchase or command
  • Labor, therefore, is the real measure of the exchangeable value of all commodities....
  • The real price of everything
  • is the toil and trouble of acquiring it.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      Note the difference between the value and the price. The price changes most significantly in relation to how much the consumer wants the product, as opposed to how much time it took the maker to make it.
  • which resolves itself into labor
  • resolves itself into rent
  • resolves itself into profit
  • ordinary or average rate both of wages and profit
  • partly by the general circumstances of the society,
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      A man cannot charge above that which can be paid him or he will lose business.
  • partly by the particular nature of each employment
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      Some labor is simply worth more
  • ordinary or average rate of rent
  • partly by the general circumstances of the society or neighborhood in which the land is situated,
  • partly by the natural or improved fertility of the land
  • When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labor, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.
  • The actual price at which any commodity is commonly sold is called its market price
  • he market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity, or the whole value of the rent, labor, and profit, which must be paid in order to bring it thither.
  • A competition will immediately begin among them, and the market price will rise more or less above the natural price, according as either the greatness of the deficiency, or the wealth and wanton luxury of the competitors, happen to animate more or less the eagerness of the competition.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      The results of scarcity *footballs*
  • quantity brought to market exceeds the effectual demand
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      Surplus
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      ,effect of
  • A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      See above
  • When by an increase in the effectual demand, the market price of some particular commodity happens to rise a good deal above the natural price, those who employ their stocks in supplying that market are generally careful to conceal this change
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      A monopoly
  • The exclusive privileges of corporations, statutes of apprenticeship, and all those laws which restrain, in particular employments, the competition to a smaller number than might otherwise go into them, have the same tendency, though in a less degree. They are a sort of enlarged monopolies,
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      See above
  • THE produce of labor constitutes the natural recompense or wages of labor.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      You get what you make
  • Such combinations, however, are frequently resisted by a contrary defensive combination of the workmen; who sometimes too, without any provocation of this kind, combine of their own accord to raise the price of their labor.....
  • Masters, too, sometimes enter into particular combinations to sink the wages of labor even below this rate
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      Two combinations to react to one another. Like the checks and balances found in gov.
  • The demand for those who live by wages, therefore, necessarily increases with the increase of the revenue and stock of every country, and cannot possibly increase without it. The increase of revenue and stock is the increase of national wealth....
  • It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      equality in the pursuit of happiness
  • First, by restraining the competition in some employments to a smaller number than would otherwise be disposed to enter into them; Second, by increasing it in others beyond what it naturally would be; and, Third, by obstructing the free circulation of labor and stock, both from employment to employment and from place to place.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      Problems of Mercantilism
  • First,
  • by restraining the competition in some employments to a smaller number than might otherwise be disposed to enter into them
  • and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbor is a plain violation of this most sacred property.
  • An exclusive corporation necessarily weakens the force of this discipline.
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      the gov is not needed for regulation
  • Second,
  • by increasing the competition in some employments beyond what it naturally would be
    • Erin Hamson
      Erin Hamson on 28 Sep 10
       
      pursuit of happiness
  • by obstructing the free circulation of labor and stock both from employment to employment, and from place to place,
  • Third,
  • Andrew DeWitt on 28 Sep 10
     
    Thanks for the annotations and the comments.
David Potter

Podcast on Capitalism and Growth - 1 views

webcast.berkeley.edu/course_details.php

capitalism

shared by David Potter on 29 Sep 10 - No Cached
  • David Potter on 29 Sep 10
     
    This is a collection of podcasts. Abstract:Economic Geography of the Industrial Word - Fall 2007. This course covers topics such as Industrialization, urbanization, and economic growth in the global North. Locational patterns in manufacturing, retailing trade, and finance. Geographic dynamics of technical change, employment, business organization, resource use, and divisions of labor. Property, labor, and social conflict as geographic forces. Local, national, and continental rivalries in a global economy, and challenges to U.S. dominance.
Gideon Burton

Coase's Penguin: Or, Linux and The Nature of the Firm - 0 views

www.benkler.org/CoasesPenguin.html

economics Yochai Benkler Ronald Coase peer-production commons labor open seminal

shared by Gideon Burton on 23 Oct 10 - Cached
  • I suggest that we are seeing is the broad and deep emergence of a new, third mode of production in the digitally networked environment. I call this mode "commons-based peer-production," to distinguish it from the property- and contract-based models of firms and markets. Its central characteristic is that groups of individuals successfully collaborate on large-scale projects following a diverse cluster of motivational drives and social signals, rather than either market prices or managerial commands.
  • Gideon Burton on 23 Oct 10
     
    A seminal article from Yochai Benkler about changes to economic theory in the digital age.
Kristi Koerner

The Social Contract - The Open-Borders Network - Philanthropic foundations fund immigra... - 0 views

www.thesocialcontract.com/...tsc_18_4_lamb_obn.shtml

network social contract digiciv

shared by Kristi Koerner on 30 Sep 10 - No Cached
  • When it comes to advancing goals, objectives, and agendas, groups that are well organized, and consequently well funded, will eventually triumph over the unorganized, underrepresented, and underfunded.
  • these groups network across the social, cultural, and political divide in shoring up mutual interests (business, corporate, and labor) to advance their agenda of a world without borders.
  • Kristi Koerner on 30 Sep 10
     
    Good connections between networking ideas and the social contract.
Katherine Chipman

Overview - The Babbage Engine | Computer History Museum - 0 views

www.computerhistory.org/...overview

babbage

shared by Katherine Chipman on 14 Oct 10 - No Cached
  • Babbage embarked on an ambitious venture to design and build mechanical calculating engines to eliminate the risk of human error in the production of printed tables. The 'unerring certainty of machinery' would solve the problem of human fallibility. His work on the engines led him from mechanized arithmetic to the entirely new realm of automatic computation. Tabular errors provided a practical stimulus. But this was not his only motive. He also saw his engines as a new technology of mathematics.
  • It was not only the grindingly tedious labor of verifying a sea of figures that exasperated Babbage, but their daunting unreliability. Engineering, astronomy, construction, finance, banking and insurance depended on printed tables for calculation. Ships navigating by the stars relied on printed tables to find their position at sea. The stakes were high. Capital and life were thought to be at risk.
Katherine Chipman

The Story of the Triangle Fire: Part 2 - 0 views

www.ilr.cornell.edu/...narrative2.html

industrial revolution

shared by Katherine Chipman on 05 Oct 10 - No Cached
  • Even today, sweatshops have not disappeared in the United States. They keep attracting workers in desperate need of employment and illegal immigrants, who may be anxious to avoid involvement with governmental agencies. Recent studies conducted by the U.S. Department of Labor found that 67% of Los Angeles garment factories and 63% of New York garment factories violate minimum wage and overtime laws. Ninety-eight percent of Los Angeles garment factories have workplace health and safety problems serious enough to lead to severe injuries or death.
  • Katherine Chipman on 05 Oct 10
     
    Yikes! Horrible working conditions are not completely gone from even our society today.
Gideon Burton

Why Google can't build Instagram - Scobleizer - 1 views

scobleizer.com/...hy-google-cant-build-instagram

labor economics google scoble instagram

shared by Gideon Burton on 14 Nov 10 - No Cached
  • Gideon Burton on 14 Nov 10
     
    Some important principles here regarding what kills innovation within big companies. You have stay lean to stay agile.
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