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

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

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

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

  2. 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/

  3. 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

  4. 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?

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

  6. 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, and most work is performed by wage labour.

  7. 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”

  8. Discussion Tax Money To Banks http://www.youtube.com/watch?v=R3c-aN6Y7OU http://www.youtube.com/watch?v=ixpr8guO0JA http://www.youtube.com/watch?v=9K_N0uOXkQA http://www.policyalternatives.ca/sites/default/files/uploads/publications/National%20Office/2012/04/Big%20Banks%20Big%20Secret.pdf

  9. Discussion The Canadian Housing Economy http://www.youtube.com/watch?v=oKi37gy0X00 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-november2013.pdf

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