I've not had much chance to update this section of the site yet even though I finished the course in October 2005 but there are a few things below that others on the course, or studying economics, may find helpful. If anyone would like to add anything to this then please just send me a note and I'll add it in for you!
I've also started a little glossary which I hope will have some key terms, theories, theorists etc for easy viewing.
capitalism; industrial capitalism; investment; growth, temporal and spatial changes; institutions, NIDL; the rise/role of the state.
Theories:
Protestant work ethic, Japanese capitalism, Regulation theory - differences in background on the reasons for capitalism evolving and the notion of what constitutes capitalism
Key theorists:
Weber, Landes, Marx, Fröbel et al
Logarithms:
Not needed in detail
Changes the way data is displayed on a graph
Larger numbers are reduced so that the rate of change can be concentrated on rather than the absolute figures
Can distort apparent relationships
Capitalism: Britain versus SE Asia
Comparison of how capitalism can be over different periods of time and space - temporal v spatial change (p4 Markets)
"Recipe" for success - is there one or not? Think of social impacts, economic stability, catch-up periods, technological use, religious persuasions (see also growth)
Capitalism does not require individuals to have monetary capital to be players in a capitalist market (human capital)
Growth:
Africa compared to SE Asia as an example for the following points:
lack of investment
protectionist re agricultural economy
social climate - different religious and social backgrounds affecting economic growth possibilities
Environmental issues - impacting on the sustainability of growth - levels versus growth effect (DD202); the nature of political agreement and the role of the government playing an important role on environmental issues.
Is there a recipe for growth? Its based on many factors so cannot really be 'adapted' to other countries with ease (social structure, economic, political, religious factors etc) (see also capitalism)
Growth can feed on previous growth through increasing demand
Investment:
As a key to all growth issues
Determined by many factors including savings, economic climate, political stability, unemployment
Globalisation:
A determining factor in growth opportunities - current economic and political climates of the country affect the potential for growth as does the main industries within that country (agriculture versus manufacturing for example)
Investment is affected by the globalised nature of the country - many MNCs etc preferring to invest in more "forward" countries or those with the necessary capabilities and infrastructures
Technological change:
Is it necessary for increased or sustained growth?
Yes as technology needs to adapt to a constantly changing environment in order to bring new benefits from new technology
No as it is firms and consumers who need to adapt the technology currently available to bring the greatest benefits possible without reducing environmental sustainability
Division of industry:
Tripartite division of industry into primary (agriculture), secondary (industry), and tertiary (services)
Primary and secondary industries in the most developed countries are reducing with an increase in tertiary industry
This is coupled with a shift in the labour market with those in tertiary jobs undertaking education to increase their "level" to the primary job market e.g. white collar workers as opposed to manual skilled labour which is being required less and less in developed countries such as the UK (DD202)
A decreasing primary industry leads to decreasing labour demand within that industry, promoting an increasing demand in secondary and tertiary industries (although in countries such as the UK and USA the demand is mainly in the tertiary industry with the secondary industry being increasingly outsourced).
Chapter 2 Markets
New institutionalist:
Alternative view to Neo-classical
Can be applied more readily to "real life" situations
Concepts of exit and voice
Neo-classical:
A "benchmark" for ideals, not usually workable in real world situations
Formalised view of economics
Exogenous variables mean incomplete evaluations
Only price is considered as relevant to the equilibrium position
More "cold-hearted" than other theorists - no ethical considerations etc
Austrian:
Imperfect information is all that is required for decisions
Pareto:
Historical aspects
key concept of the neo-classical approach to efficiency and equality etc
Only really exists in theory due to externalities
In contrast to utilitarian outcomes - which is more efficient/ethical?
Rationality:
Self-interested agents in the market
Hedonistic views
Are individuals truly only interested in themselves?
Information requirements versus information overload (links to Neoclassical versus Institutionalist views)
