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45 Cards in this Set

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Ancient Economics
-palace or temple economy; independent merchants
-royalty/religion play huge role
Aseria
-first time word for merchant seen
-introduce first type of currancy
-traders independent of royalty/religion
King Sargon
-late 3rd centruy
merchants appeled to king to open trade routes
-merchants pay if king asks
Sumer
-oldest record of beer
-record of indepedent financing
-alot of evidence of commercial activity
Old babaloninan period
-non-royal trading
-code of hammurabi gives set prices
-little evidence of commercial trading after
Hittite Anatolia
-new laws to protect merchant
-alot of migratory commerce
-heavy trade by sea ( crete anatolia)
Royal Edict
sent ot nearby knigdoms stating thatforiegn debters failing to pay hihhite merchants are slaves to those merchants
-ensures compensation
Isreal
nation(migratory tribe)
isreal proper (formal kingdom)
Isreal Proper now
2 merchant classes
1. serve palace, operate for kingdom dont pay tax
2.pay taxes
Ancient Egypt (early period)
all trade comes from palace, most is royal, rare trade by sea
Aniceitn Egypt (middle period)
sea trade grows, not through palace but indepently, see developement of independent merchant class
Ancient Egypt (late period)
long distance sea trade, tech allows to sail farther w/ more good
Mycenan Crete and Mainland Greece
-last holdout for redistributional economy
-epitomy of palace economy
-"commison economy" emerged
Commision Economy
activities undertaken for a prize
Lydia
-first record of coinage
-value garanteened through quality not quanity
-use of presious metals to gaurantee value
standardized with spread of roman empire
latifundia
-large estates
-begins in Italy and Sicly
-not good becuase land held by upper class
-created big export ag. economy
Pliny the elder
-wrote on latifundia
-latifundia funded Italy, will ruin all provinces, at one time 6 owners possessed 1/2 roman province of africa
Pliny the younger
slaves dont have interest in the land; just observed
Latin AMerican latifundia
few land holdres, lots of migratory workers, introduciton fo day worker
-still strong in Mexico, Chile, Venezula, and Argentina
Neoclassical economics
-commodities get to consumer and state have better relationship
-trade was for enriching the state not the individual
adam smith
wrote "Wealth of Nations"
gave us idea of free trade
David Ricardo
-made observation about trade between Protugal and Britian
-created "Comparative Advantage"
-tied commodity to labor required for production
-Portugal has advantage becuase they produce in less time
-says labor's contribution ends at consumption
Problems w/ Rociardos thoery
-quality isnt accounted for
-resource availablity
-trade isnt typically bilateral
-value is bassed on labor that goes into product
Comparative Advantage
-use advantage of one state for another
-holds as the basis for Neoclassical economics
Keynesian theory of employment
-calculation of state wealth
y=c+I+G+x
-y is constant, g is variable, gov spend according to flucuation and consumer index and investments
consumption index
-at a certain point labor is no longer translated into consumable currancy
socialism
greatest good for greatest number of people, let few suffer so that many dont have to
socialism economy
taxation of large enough scale so that redistribution of assets means greatest # benifiting
communism
-tax action is total and complete 100%
-fully redistributive (no individual accumlation of wealth)
-not based on labor or capability
MARX
-argued that human behavior is product of economic system
-we become competitive when economic situation demands it of us
Engels
-supports Marx
-cooperation is more important than competition
-betterment of society comes from cooperative economic system
"Third Way" idea
blends socialist goals w/ free market economy, is redistributive
-limit acculation of wealth at highest level
-creates: free market, strong, large middle class, lower class exists
(1.capitalism 2.socialism,3.third
US
predominate neoclassicla economic
-has freest market in world
China
fully socialist or "third way"
3 functions/problem of economy
unemployment, inflation, stagnation
labor
resource that has varying amounts of value, exists in varying quantitties and is highly fluid
use of resources
used efficiently when they are devoted to thier most important/ productive uses
-efficiency is more difficult to pinpoint than inefficinecy
-labor is resource most likely to go unused
concept of unemployment
-an instance of failure to use labor, labor is being under used
Neo-classist view of unemployment
*there is NO under use of a resource
this idea confues its role in the market
Keynesian view of unemployment
-excess supply of labor resulting from failureof coodination in the market economy
Market=(W+L)+Wu
Classical view of unemployment
-it is a job search, people engaged in looking for a better match between skills and job
Thomas malthus
-related pop growth to resources
-created first theroy of unemployment
-"when he is looking for work, willing to work at prevailing wage butg is unable to find a job"
Registration
-register to be unemployed, our best overall guess
Bias 1 created by registration
people willing to work at wage but have given up looking for becuase they cant find and dont expect to find a job (seen in US)
Bias 2 created by regisrtation
person not really willing to work (seen in Europe)