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Erin Hamson

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

    • Erin Hamson
       
      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
       
      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
       
      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
       
      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
       
      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
       
      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
       
      The results of scarcity *footballs*
  • quantity brought to market exceeds the effectual demand
    • Erin Hamson
       
      Surplus
    • Erin Hamson
       
      ,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
       
      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
       
      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
       
      See above
  • THE produce of labor constitutes the natural recompense or wages of labor.
    • Erin Hamson
       
      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
       
      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
       
      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
       
      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
       
      the gov is not needed for regulation
  • Second,
  • by increasing the competition in some employments beyond what it naturally would be
    • Erin Hamson
       
      pursuit of happiness
  • by obstructing the free circulation of labor and stock both from employment to employment, and from place to place,
  • Third,
  •  
    Thanks for the annotations and the comments.
Katherine Chipman

Capital Markets | OER Commons - 0 views

  • This course examines several aspects of the global capital markets, including private and public financial intermediaries, domestic and global security markets, organized exchanges for stock and bond securities trading, and capitalization structure.
Katherine Chipman

Capital Markets - 0 views

  • An overview of the investment markets, this course examines the menu of securities available in today's market and the attributes of the various types of securities.
Bri Zabriskie

6 Tips For Making Content Pop on the Social Web - Online Marketing Blog - 0 views

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    This is so interesting! How marketing works through social media.
Erin Hamson

Free! Why $0.00 Is the Future of Business - 4 views

shared by Erin Hamson on 25 Sep 10 - Cached
Andrew DeWitt liked it
  • zero-cost distribution has turned sharing into an industry
    • Bri Zabriskie
       
      This article is long but well worth skimming. I used a quote from it in one of my latest blogposts, "Free Entertainment?" at bricolorful.wordpress.com
  • Invent something people use and throw away.
    • Erin Hamson
       
      Eliminates scarcity
  • By giving away the razors, which were useless by themselves, he was creating demand for disposable blades.
    • Erin Hamson
       
      Supply and demand
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  • The fastest-growing parts of the gaming industry are ad-supported casual games online and free-to-try massively multiplayer online games
    • Erin Hamson
       
      Still need a way to make money
  • The first is the extension of King Gillette's cross-subsidy to more and more industries.
    • Erin Hamson
       
      That is, giving somethings to make you buy others
  • The second trend is simply that anything that touches digital networks quickly feels the effect of falling costs.
  • And that meant software of broader appeal, which brought in more users, who in turn found even more uses for computers.
    • Erin Hamson
       
      Cheaper goods brings in more people allowing the standard of living to rise for all.
  • FREE CHANGES EVERYTHING
    • Andrew DeWitt
       
      Wow, this is awesome.  Imagine the world of free electricity.  It makes me wonder what our age of free digital will bring.
    • Kristi Koerner
       
      I actually agree that some things, maybe even more things, should be free. But not as a marketing ploy. And this system seems to go against our capitalist ideals of competition.
  • The most common of the economies built around free is the three-party system. Here a third party pays to participate in a market created by a free exchange between the first two parties.
    • Erin Hamson
       
      Where the money comes in.
  • There are dozens of ways that media companies make money around free content, from selling information about consumers to brand licensing, "value-added" subscriptions, and direct ecommerce
  • subscription model of media and is one of the most common Web business models.
  • Isn't it just the free sample model found everywhere from perfume counters to street corners?
  • the manufacturer gives away only a tiny quantity
  • A typical online site follows the 1 Percent Rule — 1 percent of users support all the rest.
  • Yahoo's pay-per-pageview banners, Google's pay-per-click text ads, Amazon's pay-per-transaction "affiliate ads," and site sponsorships were just the start.
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    A seminal post that became the basis of Anderson's 2009 book, FREE (Hyperion) 
Andrew DeWitt

Social Media for Branding - 0 views

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    Great presentation on how to make your mark in the digital world
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    Here is the comment I left on the SlideShare website: This is super important stuff, thank you for sharing. In our digital age, a person's ability to market themselves on the web is a form of social capital. The more people follow us on Twitter, Facebook, and the blogosphere, the greater influence we can have. It makes me think about what happens in the book, 'Ender's Game' by Orson Scott Card. In the story, Peter and Valentine publish a lot of political commentary under aliases which eventually have a huge impact on world politics. Our future world may be run by those who can best market themselves and let their voice be heard.
Gideon Burton

What If We Ran Universities Like Wikipedia? - 2 views

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    a new form of academic organization is emerging...
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    I think Wikipedia-esque universities would be much more efficient. Kind of in the way free market economies tend to maximize economic output, "free market" universities would tend to maximize educational output. Are there any universities which currently implement this?
Gideon Burton

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

  • 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.
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    A seminal article from Yochai Benkler about changes to economic theory in the digital age.
Ariel Szuch

Differences Between Classical & Keynesian Economics | Small Business - Chron.com - 0 views

  • Two economic schools of thought are classical and Keynesian. Each school takes a different approach to the economic study of monetary policy, consumer behavior and government spending. A few basic distinctions separate these two schools.
  • Classical economic theory is rooted in the concept of a laissez-faire economic market. A laissez-faire--also known as free--market requires little to no government intervention. It also allows individuals to act according to their own self interest regarding economic decisions.
  • Keynesian economic theory relies on spending and aggregate demand to define the economic marketplace. Keynesian economists believe the aggregate demand is often influenced by public and private decisions. Public decisions represent government agencies and municipalities. Private decisions include individuals and businesses in the economic marketplace. Keynesian economic theory relies heavily on the fact that a nation’s monetary policy can affect a company’s economy.
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  • Government spending is not a major force in a classical economic theory.
  • Too much government spending takes away valuable economic resources needed by individuals and businesses. To classical economists, government spending and involvement can retard a nation’s economic growth by increasing the public sector and decreasing the private sector. Keynesian economics relies on government spending to jumpstart a nation’s economic growth during sluggish economic downturns.
  • Classical economics focuses on creating long-term solutions for economic problems.
  • Keynesian economics often focuses on immediate results in economic theories. Policies focus on the short-term needs and how economic policies can make instant corrections to a nation’s economy. This is why government spending is such a key cog of Keynesian economics.
Andrew DeWitt

The Nature of the Firm - Wikipedia, the free encyclopedia - 0 views

  • Coase's analysis proceeds by considering the conditions under which it makes sense for an entrepreneur to seek hired help instead of contracting out for some particular task
  • because the market is "efficient" (that is, those who are best at providing each good or service most cheaply are already doing so), it should always be cheaper to contract out than to hire
  • Coase noted, however, that there are a number of transaction costs to using the market
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  • This suggests that firms will arise when they can arrange to produce what they need internally and somehow avoid these costs.
  • There is a natural limit to what can be produced internally, however.
Erin Hamson

Free Exchange « Krishna's Mercy - 0 views

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    Blog about the benefits of a Free Market system over one that forces benefits to be spread to more people. 
anonymous

The Herald - 0 views

    • anonymous
       
      View on capitalism as the cause of economic down turn. Brief talk on history of communism and socialism and why it failed. Seems to support socialism
  • Third, it wasn’t because communist countries rejected markets that they failed. It was because they backed off of Marxist-Leninist principles, and conciliated with capitalism, that they collapsed.
  • Second, communism had not a moment’s rest from attempts by the capitalist countries to destroy it.
  • ...7 more annotations...
  • communism arose under inauspicious circumstances.
  • apitalism being too weak to block the rise of revolution meant that the revolution would have to take hold in a country where the working class was small and the industrial base — necessary to progress toward a communist society of plenty — was rudimentary at best
  • gainst the far right’s explanation that immigration is the cause of joblessness, the left could point out that insecurity is caused by the failure — indeed refusal — of capitalism to offer secure employment to all; that the solution is to transcend the capitalist system; and that where it has been transcended in the past, secure employment has been made available to all, along with guaranteed healthcare, security in old age, subsidised housing, free education, and a raft of other mass-oriented reforms
  • There is no freeloading in a socialist society. Work is an obligation
  • capitalism is the cause of your problems
  • Sweden, often celebrated as a social democratic paragon and held out as an attractive alternative to Marxist-Leninist-style socialism, has proved no less vulnerable to outbreaks of recession-induced xenophobia than bastions of neo-liberalism have
  • Attributing the demise of really-existing socialism to internal failings, and ignoring seven decades of efforts to exterminate the communist challenge — a practice of both the right and left — is a peculiar form of blindness.
Shuan Pai

Curious Capitalist Blog - 1 views

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    Time magazine blog on the nations economy state.
Kevin Watson

A VC: Freemium and Freeconomics - 1 views

  • the Internet allows an entrrepreneur to enter a market with a free offering because the costs of doing so are not astronomical. And most entrpreneurs who take this approach will maintain an attractive free offering of their basic service forever. But that doesn't mean that everything they offer will be free. That's the whole point of freemium. Free gets you to a place where you can ask to get paid. But if you don't start with free on the Internet, most companies will never get paid.
    • Kevin Watson
       
      Not everything in the world will be free in a "free economy". "Free" is just a ploy to get you into a position where you will want to buy better things to work with.
  •  
    Blog Article about Chris Anderson's book "Free" with some great insights on freemiums and what they will do to the economy.
Kevin Watson

$2 billion buys a lot of nothing | Dayton Daily News Newspaper | Find Articles at BNET - 0 views

    • Kevin Watson
       
      This is the scary view of the "virtual" world. It is the point when you know you are spending too much time online. Go outside! Go Hiking! Take someone to a restaurant! Spend your money on something TANGIBLE!
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    Addresses the current market within virtual economies and how people are spending REAL money for non-existing goods/services.
Andrew DeWitt

Talk It Up! - 1 views

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    Heidi Miller's blog about social media. Great content
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    Somebody you might want to follow...
Erin Hamson

Communist Manifesto (Chapter 2) - 0 views

  • The Communists do not form a separate party opposed to the other working-class parties. They have no interests separate and apart from those of the proletariat as a whole. They do not set up any sectarian principles of their own, by which to shape and mould the proletarian movement.
    • Erin Hamson
       
      We are for you. You should join us. We will help you become equals, but not into a better position.
  • 1. In the national struggles of the proletarians of the different countries, they point out and bring to the front the common interests of the entire proletariat, independently of all nationality. 2. In the various stages of development which the struggle of the working class against the bourgeoisie has to pass through, they always and everywhere represent the interests of the movement as a whole.
    • Erin Hamson
       
      working to unite the proletariat, which according to chapter one should equalise them with the others.
  • formation of the proletariat into a class, overthrow of the bourgeois supremacy, conquest of political power by the proletariat.
  • ...26 more annotations...
  • The theoretical conclusions of the Communists are in no way based on ideas or principles that have been invented, or discovered, by this or that would-be universal reformer.
    • Erin Hamson
       
      We don't recognise one world leader, or founder. Unlike capitalism (Smith) or democracy (Locke).
  • but the abolition of bourgeois property.
    • Erin Hamson
       
      mean to abolish their symbol of status, but not divide it to the masses. Say that it is commonly held together.
  • Abolition of private property
  • We Communists have been reproached with the desire of abolishing the right of personally acquiring property as the fruit of a man’s own labour, which property is alleged to be the groundwork of all personal freedom, activity and independence.
  • , that quantum of the means of subsistence which is absolutely requisite to keep the labourer in bare existence as a labourer.
    • Erin Hamson
       
      tells the labourer they ought to be getting more for their hard work in support of the system.
  • allowed to live only in so far as the interest of the ruling class requires it.
    • Erin Hamson
       
      allowed to live only in so far as the interest of the state requires it. A state in which you have no say, but they really do care about you.
  • By freedom is meant, under the present bourgeois conditions of production, free trade, free selling and buying.
    • Erin Hamson
       
      What other sort of freedom is there?
  • It has been objected that upon the abolition of private property, all work will cease, and universal laziness will overtake us.
    • Erin Hamson
       
      Isn't this what happened? Isn't this why they failed? They couldn't get man to work and produce enough products to support the country on virtue?
  • bourgeois society ought long ago to have gone to the dogs through sheer idleness;
    • Erin Hamson
       
      They have to work to keep all the property they supposedly have.
  • Do you charge us with wanting to stop the exploitation of children by their parents? To this crime we plead guilty
    • Erin Hamson
       
      How are the children currently exploited?
  • But, you say, we destroy the most hallowed of relations, when we replace home education by social. And your education! Is not that also social, and determined by the social conditions under which you educate, by the intervention direct or indirect, of society, by means of schools, &c.?
    • Erin Hamson
       
      Secular learning might be taught in schools, but values, beliefs, toleration are all taught in the home. The only way to have successful society without these being taught in the home is to teach them in the schools. Which they currently are not.
  • Our bourgeois, not content with having wives and daughters of their proletarians at their disposal, not to speak of common prostitutes, take the greatest pleasure in seducing each other’s wives.
    • Erin Hamson
       
      They claim that this is universally true, but they forget the virtue of some people.
  • to freedom of commerce, to the world market,
    • Erin Hamson
       
      capitalism has begun a reduction of national barriers.
  • The Communists are further reproached with desiring to abolish countries and nationality.
  • In proportion as the exploitation of one individual by another will also be put an end to, the exploitation of one nation by another will also be put an end to. In proportion as the antagonism between classes within the nation vanishes, the hostility of one nation to another will come to an end.
    • Erin Hamson
       
      Appealing to the 3rd world countries of the globe. trying to make communism a good thing.
  • The charges against Communism made from a religious, a philosophical and, generally, from an ideological standpoint, are not deserving of serious examination.
    • Erin Hamson
       
      We don't have anything to refute these claims, so we'll say they aren't important. Further we don't believe in religion because it causes differences, we can't refute something we believe in or think should exist.
  • The ruling ideas of each age have ever been the ideas of its ruling class.
    • Erin Hamson
       
      censoship
  • traditional property relations
    • Erin Hamson
       
      People as defined by their property, in a physical sense. Defied by the reputation economy.
  • traditional ideas
  • to centralise all instruments of production in the hands of the State
    • Erin Hamson
       
      manipulate the people to steal from other people, and then all will be stolen from all people.
  • Nevertheless, in most advanced countries, the following will be pretty generally applicable.
    • Erin Hamson
       
      Capitalism with the State having a monopoly in every area within the country.
  • State
  • exclusive monopol
  • State.
  • State;
  • public
Rhett Ferrin

PBS: New Heroes: Dr.V and David Green - Eye Surgery India 02/02 - Desi Video Network - 0 views

    • Rhett Ferrin
       
      I really like this story and the concept of sustainable business. Check out my blog for more imrhettferrin.blogspot.com
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