Lecture 6 Econ Instutions and Inequality.docx - Lecture 6 Economic Institutions and Inequality What are Econ Institutions Social organization of

Lecture 6 Econ Instutions and Inequality.docx - Lecture 6...

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Lecture 6 Economic Institutions and Inequality What are Econ Institutions? Social organization of production, distributions, and consumption of goods and services in a society Distribution o Link b/w place of production and place of consumption Who is the consumer? Background Culture Education Living in Christian community Xmas Many products come out Same thing in Saadia Arabia? Nope not Christin Large number of citizens Motor homes None in Pakistan Pop in US Production How country produces things Based on population US w/ Xmas Relies of the consumer Can change in how/where/when based on people Consumption People take the products you’re making Distributions Link between production and consumption Economic Systems of the World Capitalism Not responsible of needs of the people Means of production owned by individual o Trump Everything has one objective = Profit o US o Many businesses o Start losing money? Close down Extreme inequality o Millionaire to homeless o Those who have means of production = power/high Job is not guaranty You can go hungry
Welfarism First three are based on capitalism o There are people who own means of production o Profit o Inequality Guaranty 4 things o Food o House o Education o Health Norway/Denmark/Sweden/Finland Where do they get the money? o Taxes Finland – Good model o Long time = every fam every 3 years were sent out for payed vacation to another country o There is only one childhood o Baby born o Box is arrived to house of baby filled w/ gifts o “welcome to Finland” Socialism Means of production are owned by the state o Capital/money o Gov owns property everything Production for use, not profit o All businesses/jobs one objective = produce thing for the consumption of people w/o profit o 10 million people Grow X-amount of shoes/corn Gov has to make that w/o a profit in mind No social stratification o No inequality o Takes place when there are unequal means of production = Gov owns all o

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