GEOG 2230 Lecture Notes - Lecture 1: Gross Domestic Product, Perfect Competition, Industrial Revolution
21 Oct 2017
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Document Summary
Height representing time (the significant events which took place over time) An external sphere --> separate from the rest of our lives. A machine --> the responsibility of national governments to manage. System used by humans to meet diverse wants and needs and attempt to avoid scarcity or overproduction. Its structure is governed by institutions, laws, rules, and norms that oversees production, labour, capital, pricing, exchange, distribution and consumption. It is a system that guides what to produce, how to produce it and how products are allocated. Adam smith"s (1776) metaphor (when the industrial revolution was at its peak) By seeking their own enrichment and advancement, individuals unconsciously benefit society as a whole. Diversion of labour: how different people carried out different tasks and were thereby dependent on each other for their needs. During industrial revolution, division of labour in manufacturing changed dramatically (eg. more specialization) Political economy of early 1800s --> analyzing national consumption and production.
