lect may 6th

lect may 6th - lectmay6th 16:29 Todaysids DavidRicardo...

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lect may 6th 16:29 Today’s ids David Ricardo Karl marx It’s a tough old world Iron horse Music today – pink floyd’s animals, dogs today, pigs the other day David Ricardo Adam smith was predicting an infinite growth while Malthus was concerned  with how much is there/ scale, can the population get to big o Adam smith, there is always more with a market economy David Ricardo was concerned with who gets what Born 1772, was part dutch and jewish He questioned the world of Adam smith and capitalism o Very wealthy investor, worth about a 130 million dollars today o A result he turned to economics, and science o Was friends with Malthus, didn’t agree with his vicious cycle o Agreed that all was not good, he looked at Adam smith’s model, and  questioned its ability to distribute resources in a fair way Workers, capitalists, and landlords o Reduced capitalist system to these three groups
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o A jungle of avarice, a place where corruption would be prevalent o For Adam smith, he viewed the system as an escalator, and everybody  would improve with free market capitalism o Sheep’s, dogs, and pigs, for orwell and pink floyd o For Ricardo, workers powered the escalator, the capitalists were fighting  each other, struggling to get to the top o Special lanes for the landlords who just ride it up The escalator o His negative views about capitalism were written into his book  On The  Principles of Political economy and Taxation 1817 Called spared, and tragic Felt bad for the workers They are a source of labor units without freewill or choice They will revel in the delights of their wages Eg, alcohol, will have many children, material goods Will remain poor because of them having too many children They have no self-restraint The capitalists The plant managers, per se Using wealthy peoples money to make profit Have to accumulate profit, and then reinvest it The capitalist in a good economy does well, they compete with  other capitalists and thus get less profit They are also faced with paying wages, function of the labor supply,  their profits are in flux The landlords
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They are the people who skim off the top no matter how the  economy is doing
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This note was uploaded on 11/22/2010 for the course ENV S 3 taught by Professor Graves during the Spring '05 term at UCSB.

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lect may 6th - lectmay6th 16:29 Todaysids DavidRicardo...

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