When buyers wanted a particular commodity its price

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Unformatted text preview: endent buyers and sellers providing the feedback. When buyers wanted a particular commodity, its price would be high — motivating sellers to produce more of it. When price was low — less would be produced. Similarly, an increase in production would cause price of commodity to fall, so more of it would be purchased, whereas a drop in production would cause price to rise, leading to reduction of purchases. Consequently, the actions of buyers and sellers in the market provide a feedback mechanism through which supply and demand are supposedly brought into equilibrium (11). However, laws and regulations and other extraneous elements may strongly affect individual feedback loops — preventing complex economy from operating solely on basis of supply-anddemand signal (12). Technological development — more than random accumulation of tools, techniques, organizational forms. Underlying the process is a set of attitudes and orientations collectively described as “rational” (13). A technologically progressive society — different from others due to its methods of problemsolving — oriented toward an objective scrutiny of problem at hand, coupled with systematic, empirically based examination of possible solutions and logical selection of the most appropriate ones. Belief that solutions are possible, and that constant changes are necessary to realize them (13). Rational ways of thinking do not confer moral superiority. Rational approach is often accompanied by a reluctance to admit there...
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  • Fall '08
  • Swift,D
  • Sociology, Recent technological developments, innate physical weakness, light bulb…serviceable filament…vacuum, bulb…electric generator…electrical lines…metering, technologically progressive society

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