09 Economic Institutions and Inequality

09 Economic Institutions and Inequality - Economic...

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Economic Institutions and Inequality Economic Institutions They are socials organizations of production, distribution, and consumption of good and services in a society. - Production of goods As an economist, you analyze what is produced and how it is produced Types of consumers influence the production of goods (Christmas in America where the majority of people are catholic or Christian, the economy booms during this time) Country produces and supplies good that contribute to the attributes of the societies needs Why would a country sell things for an ocean if they don’t have one? - Distribution The place where goods are made and sold are different Roads, waterways, etc. are ways of transferring good and people. - Consumption Economic Systems of the World Capitalism (see notes from previous lectures) Welfarism - It is based on capitalism - You can own the means of production, state does not. - There are rich people; you can own personal property. - The difference is in the minimum standard of living; people are provided with little money, shelter, healthcare, etc. all from the government. - Money is gathered through taxes and this is the only way it can work - Scandinavian countries have this type of system Socialism - Means of production are owned by the state - Production for use, not profit The right amount is produced for necessity, not profit (not less, not more). This is determined by the needs of the citizens - No social stratification (equality for everyone; woman, man, child, black, white, old, young, etc.) - State is responsible for basic needs (shelter, food, job, etc.) People produce at a slower rate and no over time (this is because it is “beneficial” to the well being of the employees and society).
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