Week 3 Summary
Week 3: Work in the Modern Service Economy:
Fast Food and Fast Talk:
Frederick Taylor's system of scientific management pushed the division of labor further
by its goal of removing decision making from employees and instead given to manager
1. Property and the meaning of ownership (week 1): What is property? What are the different forms it can
take? How do new forms of property emerge?
Raymond T. Nimmer and Patricia Ann Krauthaus. 1992. "Information as a Commodity," Law
Lecture 5 Notes [1/21/13]
Small triangle is potential DWL
However, you have to incur some cost to reduce MC
Therefore, very oversimplified representation.
Now, monopoly is spending some of the profit on things that lead to innovation.
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How do we define property? [Formal Definition]
Rights of exclusivity (consent)
How do we know that property is not absolute?
Different places and countries have different property r
Notes: 1945: They agreed on establishing IMF International Monetary Fund
Brettenwoods Agreement: An international trade agreement named after the location of the 1944
conference, established a system of fixed exchange rates under which each IMF member cou