PLSC 270 - Lecture 1 - Exploding Worlds and Course Introduction
Lecture 1 - Exploding Worlds and Course Introduction
Professor Rae introduces the concept of capital as accumulated wealth used to produce more wealth. Questions about what constitutes capital are posed and discussed. The biggest story in recent economic history is the substitution of labor intensive production to capital intensive production. This transition, and the various speeds and scales with which it has occurred in different places at different times, has generated large income disparities around the world. Characteristics of capitalism are presented and discussed.
Clark, Farewell to Alms, "The Sixteen Page Economic History of the World," pp. 1-16.