Notes 10-19-11

Notes 10-19-11 - Notes 10/19/11 Perspectives on Economy...

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Notes 10/19/11 Perspectives on Economy Markets: define modern, capitalist society o Buying and selling Redistribution: by a central governor, takes in resources then redistributes resources o Complex, hierarchical societies o Tribute, taxes Reciprocity: sharing o People bring resources to group and give them away or trade them Theoretical Perspectives o Neoclassical Adam Smith Basic assumptions Self-interested rational individual Maximization Competition Microeconomics: search for laws governing behavior Social dynamics the sum of individual choices Assumptions: freedom of choice, perfect markets Good of individuals is good of society Elasticity of Demand o Demand – price relation is not simple o Inelastic demand: food, water, basics o Elastic demand: luxuries o Veblen effect (conspicuous consumption) o Values are cultural Formalism – looking for the laws that govern individual behavior within
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This note was uploaded on 11/13/2011 for the course ANTH 2 taught by Professor Hindes during the Fall '08 term at UCSB.

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Notes 10-19-11 - Notes 10/19/11 Perspectives on Economy...

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