RSM100Y1 Lecture Notes - Lecture 11: Money Multiplier, John Studebaker, Capitalism
31 Mar 2016
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Agenda: intro to business and society, back to the diamond, a short history of money. Business and society: business and society are interdependent, society contributes to business. Wealth (n) the annual produce of the land and labour of society adam smith, 1776. Wealth creation: combining materials, ideas, labour, technology so that the output can be sold for more than costs. This profit brings wealth to the people and society involved in production. Benefits of wealth creation: personal income for labour, social good (education, health care, etc. , asset utilization, business income, environmental good, transactional and income taxes, beneficial technologies, etc. Canada"s mixed market economy: free enterprise reigns in canada, yet , government continues to own businesses, many of these are legacies of scale, privatization continues (eg. hydroone) Back to the diamond: public policy systems, an effective financial system, vibrant entrepreneurship, sophisticated managerial capabilities.
