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Notes on the first paper

Notes on the first paper - produce Results in a...

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Notes on the first paper: -Milton Friedman: OPEC embargo, bunch of middle eastern countries decided to keep oil prices high. Causes prices in gas to spike in US. Same thing happened in Iran. US kept gas prices artificially low. Friedman argues that this screws up gas prices. If things are cheap, people want to get it. The government shouldn’t mess with prices, either domestically or abroad. Eventually the OPEC companies would have lowered prices to compete. By helping American consumers continue buying at low prices, the US government was helping OPEC keep prices high. Friedman is an economist, not a politician, cares about price of oil, not what’s happening in Iran -Harvey: Collective action between the leaders of big business and the leaders of government. The world is composed of classes. Don’t forget to use a third reading from the course. (Maybe a NYT article) Notes on Freidman’s article: Government officials can’t predict how much product to
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Unformatted text preview: produce. Results in a black-market. Command economies are dependent on black markets. Adam Smith: Beginning of Industrialization of England, Aristocrats should have less control over market, while merchants should have more. Individualism Exceptions for Adam Smith: There must be a government/ military; there must be enforceable contracts, and such things public maintenance. Necessary evils. For Freidman: Why the top 1% in the US has increasing percentage of wealth: They made the right choices. Freidman wouldn’t be opposed to a figure like Ford, but what he wouldn’t like is that government usually has a big role in the sustaining of Fordism (Keynesian policies) Big business, big government. -Post Fordism, rather than having big assembly line in Detroit, you spread it out across the globe. (Spatial fix) Easier to manipulate wages....
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