SOSC 1000 Lecture Notes - Lecture 6: Invisible Hand, Labour Power, Aggregate Demand

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Terry Conlin

Document Summary

Capitalism is created new needs when the market becomes saturated, it is needed, it is dynamic. Capitalism is disembedded, heilbroner makes the argument that there is no economic, it only appears when there is development of capitalism. The economy becomes a separate sphere of human activity, takes on a life of its own. Capitalism is a two-edged sword, produces great wealth and simultaneously produces great misery. Marx calls this ^ immiseration, which is a characteristic of capitalism. Economics is the dismay scienece, no one saw the calapse of the soviet union coming, global financial meltdown, no economist seen it coming. Economic orthodoxy was contained in the works of early christian thinkers, as well as aristotle. Economic life is devoid of mobility and is hostile to the protection of character . There should be real limits to how much wealth someone could acquire socratics.