MGT 2600 Lecture Notes - Lecture 4: Ben Jonson, Mercantilism, Barter
16 Jan 2020
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Consumption view (smith"s view: not a zero-sum positive sum, leads to cooperation. Wealth of nations: division of labor creates a dramatic increase in the possible output, three circumstances. Increase dexterity: experience leads to increase in quantity and quality, reduces task to simple operation, saving time in transition ( passing time , workers are incapable of any vigorous application when they have to switch tasks. Invention of machines: universal opulence, secure food, clothing, and lodging (basic needs, can spend time doing other things besides securing basic needs, general plenty diffuses itself , everyone has enough that universal opulence spreads. Propensity to truck, barter, and exchange : humans like to trade division of labor, animals work to gain favor; people have too many needs and not enough time, people act in self-interest. Implications of local arguments: others typically don"t have this knowledge and can"t get it, local, changing.
