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2.SisällysluetteloContentsСодержание
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3.MuistiinpanotHighlightsПримечания
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4.KielikuvatIdiomsИдиоми
i
5.MääritelmätDefinitionsОпределения
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6.HenkilötPersonsЛичности
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7.KirjanmerkitBookmarksЗакладки
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Huomautukset Remarks Замечания

Pagetop
Parametre lines at the beginning of the reader notes
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Sisällysluettelo Contents Содержание (Code: (1,2,3,4,5))

3370001 CONTENTS
10002 INTRODUCTION
201 LET THE TRADING BEGIN 400 BCE–1770 CE
20101 Property should be private •
30102 The function of money
40103 Make money from money •
120104 The role of technology
902 THE AGE OF REASON 1770–1820 Man is a cold, rational calculator •
903 Economic man The invisible hand of the market brings order •
904 Free-market economics The last worker adds less to output than the first • Diminishing returns Why do diamonds cost more than water? •
905 The paradox of value Make taxes fair and efficient •
906 and you get more pins •
907 The division of labour Population growth keeps us poor •
908 Demographics and economics Meetings of merchants end in conspiracies to raise prices •
909 Cartels and collusion Supply creates its own demand •
910 tax later •
911 Borrowing and debt The economy is a yo-yo •
912 Boom and bust Trade is beneficial for all •
913 Comparative advantage
1714 INDUSTRIAL AND ECONOMIC REVOLUTIONS 1820–1929 How much should I produce, given the competition? •
1715 Effects of limited competition Phone calls are dearer without competition • Monopolies Crowds breed collective insanity •
1716 Economic bubbles Let the ruling classes tremble at a communist revolution • Marxist economics The value of a product comes from the effort needed to make it •
1717 The labour theory of value Prices come from supply and demand •
1718 Supply and demand You enjoy the last chocolate less than the first •
1719 some people buy more •
1720 Spending paradoxes A system of free markets is stable •
1721 buy caviar not bread •
1722 Elasticity of demand Firms are price takers not price makers •
1723 the lower the cost •
1724 Economies of scale The cost of going to the movies is the fun you’d have had at the ice rink •
1725 Opportunity cost Workers must improve their lot together •
1726 Collective bargaining People consume to be noticed •
1727 Conspicuous consumption Make the polluter pay •
1728 External costs Protestantism has made us rich •
1729 not bad •
1730 The poverty problem Socialism is the abolition of rational economy •
1731 Central planning Capitalism destroys the old and creates the new •
1732 Creative destruction
3133 WAR AND DEPRESSIONS 1929–1945
313301 INTRODUCTION
313302 Unemployment is not a choice •
313303 Depressions and unemployment
333304 Some people love risk, others avoid it • Risk and uncertainty
343305 Government spending boosts the economy by more than what is spent • The Keynesian multiplier
343306 Economies are embedded in culture • Economics and tradition
353307 Managers go for perks, not their firm’s profits • Corporate governance
353308 The economy is a predictable machine • Testing economic theories
353309 Economics is the science of scarce resources • Definitions of economics
363310 We wish to preserve a free society • Economic liberalism
36331001 Birth of neoliberalism
37331002 New relevance
373311 Industrialization creates sustained growth • The emergence of modern economies
37331101 Industrial Revolution
373312 Different prices to different people • Price discrimination
37331201 Discriminatory effects
3834 POST-WAR ECONOMICS 1945–1970
383401 INTRODUCTION
38340101 Post-war Keynesianism
38340102 Free-market revival
383402 In the wake of war and depression, nations must cooperate • International trade and Bretton Woods
38340201 Abandoning gold
383403 All poor countries need is a big push • Development economics
39340301 Building simultaneously
39340302 Essential linkages
39340303 Market-friendly policies
39340304 POST-WAR DEVELOPMENT IN LATIN AMERICA
403404 People are influenced by irrelevant alternatives • Irrational decision-making
40340401 Irrational choice
403405 Governments should do nothing but control the money supply • Monetarist policy
40340501 Theory of consumption
41340502 Natural unemployment
413406 The more people in work, the higher their bills • Inflation and unemployment
42340601 Inflation or employment?
423407 People smooth consumption over their life spans • Saving to spend
42340701 Lifetime savings
433408 Institutions matter • Institutions in economics
433409 People will shirk if they can • Market information and incentives
443410 Theories about market efficiency require many assumptions • Markets and social outcomes
453411 There is no perfect voting system • Social choice theory
453412 The aim is to maximize happiness, not income •
463413 The economics of happiness Policies to correct markets can make things worse • The theory of the second best
473414 Make markets fair • The social market economy
473415 Over time, all countries will be rich • Economic growth theories
483416 Globalization is not inevitable • Market integration
493417 Socialism leads to empty shops • Shortages in planned economies
493418 What does the other man think I am going to do? • Game theory
513419 Rich countries impoverish the poor • Dependency theory
513420 You can’t fool the people • Rational expectations
523421 People don’t care about probability when they choose • Paradoxes in decision-making
533422 Similar economies can benefit from a single currency • Exchange rates and currencies
543423 Famine can happen in good harvests • Entitlement theory
543424 CONTEMPORARY ECONOMICS 1970–PRESENT
543425 It is possible to invest without risk • Financial engineering
563426 People are not 100 per cent rational • Behavioural economics
573427 Tax cuts can increase the tax take • Taxation and economic incentives
573428 Prices tell you everything • Efficient markets
573429 Over time, even the selfish cooperate with others • Competition and cooperation
583430 Most cars traded will be lemons • Market uncertainty
583431 The government’s promises are incredible • Independent central banks
593432 The economy is chaotic even when individuals are not • Complexity and chaos
593433 Social networks are a kind of capital • Social capital
603434 Education is only a signal of ability • Signalling and screening
603435 The East Asian state governs the market • Asian Tiger economies
613436 Beliefs can trigger currency crises • Speculation and currency devaluation
623437 Auction winners pay over the odds • The winner’s curse
633438 Stable economies contain the seeds of instability • Financial crises
643439 Businesses pay more than the market wage • Incentives and wages
643440 Real wages rise during a recession • Sticky wages
643441 Finding a job is like finding a partner or a house • Searching and matching
653442 The biggest challenge for collective action is climate change • Economics and the environment
663443 GDP ignores women • Gender and economics
663444 Comparative advantage is an accident • Trade and geography
673445 Like steam, computers have revolutionized economies • Technological leaps
673446 We can kick-start poor economies by writing off debt • International debt relief
673447 Pessimism can destroy healthy banks • Bank runs
683448 Savings gluts abroad fuel speculation at home • Global savings imbalances
693449 More equal societies grow faster • Inequality and growth
703450 Even beneficial economic reforms can fail • Resisting economic change
703451 The housing market mirrors boom and bust • Housing and the economic cycle
7135 DIRECTORY
7136 GLOSSARY
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Muistiinpanot Highlights Примечания (Code: h)

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Historically, material property has been organized three different ways. First, everything can be held in common and used by everyone as they wish, on the basis of mutual trust and custom. This was the case in tribal economies, and it is still practised by the Huaorani people of the Amazon. Second, property can be held and used collectively; this is the essence of the communist system. Third, property can be held in private, with each person free to do with it as they choose. This is the concept at the heart of capitalism.
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Barter depends on the double coincidence of wants, where not only does the other person happen to have what I want, but I also have what he wants.
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"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." Mark Twain US author (1835–1910)
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The idea of measuring the economy dates back to the 1670s and the pioneering work of English scientist William Petty. His insight was to apply the new empirical methods of science to financial and political affairs – to use real world data, rather than relying on logical reasoning. He decided to express himself only “in terms of number, weight, or measure”. This approach helped form the basis of the discipline that would become known as economics. In his 1671–2 book Political Arithmetick, Petty used real data to show that, contrary to popular belief, England was wealthier than ever. One of his ground-breaking decisions was to include the value of labour, as well as land and capital. Although Petty’s figures are open to dispute, there is no doubting the effectiveness of his basic idea. His calculations included population size, personal spending, wages per person, the value of rents, and others. He then multiplied these In his 1671–2 book Political Arithmetick, Petty used real data to show that, contrary to popular belief, England was wealthier than ever. One of his ground-breaking decisions was to include the value of labour, as well as land and capital. Although Petty’s figures are open to dispute, there is no doubting the effectiveness of his basic idea. His calculations included population size, personal spending, wages per person, the value of rents, and others. He then multiplied these figures to give a total figure for the nation’s total wealth, creating accounts for an entire nation.
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Economists have now begun to broaden the measurement of prosperity. They have formulated new measures such as the genuine progress indicator (GPI), which includes adjustments for income distribution, crime, pollution, and the happy planet index (HPI), a measure of human well-being and environmental impact.
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In the 20th century, much of the analysis of macroeconomies has revolved around the Keynesian multiplier. Keynes showed how government spending could stimulate further spending in a “multiplier effect”.
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While workers produced goods and services in return for a wage, the owners of capital – the industrialists and factory owners – sold those goods and services for profit. If, as Marx believed, a commodity’s value is based on the labour needed to produce it, capitalists must price the finished goods by first adding the price of labour to the initial commodity cost, then adding profit. In a capitalist system, the worker must produce more value than he receives in wages. In this way, capitalists extract a surplus value from the workers – this is profit.
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To maximize profit, it is clearly in the interests of the capitalist to keep wages at a minimum, but also to introduce technology to improve efficiency, often condemning the workforce to degrading or monotonous work, or even unemployment. This exploitation of the workforce, seen by Marx as a necessary feature of capitalism, denies workers both an adequate financial reward and job satisfaction, alienating them from the process of production. Marx argued that this alienation would inevitably lead to social unrest.
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Georg Hegel, which showed how contradictory notions are resolved in a process of dialectic: every idea or state of affairs (the original “thesis”), contains within it a contradiction (the “antithesis”), and from this conflict, a new, richer notion (the “synthesis”) arises.
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Marx did not deny that supply and demand in the marketplace would influence the value or price of goods in the short run, but said that in the long run, the basic structure and dynamics of the value system must come from labour.
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How can an artistic masterpiece be valued from the amount of labour hours used to make it? The defence to this critique is that a great work of art is an exception to the rule because it is a one-off. Therefore, there is no average quantity of labour from which to derive a price.
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John Maynard Keynes was particularly damning of Walras’s approach, arguing that general equilibrium theory is not a good picture of reality because economies are never in equilibrium.
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Property rights What is a just price? •
14 (24)
Markets and morality You don’t need to barter when you have coins •
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Financial services Money causes inflation •
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The quantity theory of money Protect us from foreign goods •
17 (24)
Protectionism and trade The economy can be counted •
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Measuring wealth Let firms be traded •
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Public companies Wealth comes from the land •
20 (24)
Agriculture in the economy Money and goods flow between producers and consumers •
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The circular flow of the economy Private individuals never pay for street lights •
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Provision of public goods and services
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Keynes himself saw it as part of a British Liberal tradition, in which the hard facts of economics are tempered by social considerations.
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He famously said that “the treasury could fill old bottles with banknotes and bury them… and leave it to private enterprise on well tried principles of laissez-faire to dig the notes up again”. As long as the government injected demand into the economy, the whole system would start to recover.
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Keynes concluded that the fastest way to help an economy recover was to boost demand through an increase in short-term government spending.
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Home-based economic activities such as cooking, cleaning, and childcare – in both traditional and modern economies – are done for their usefulness rather than for profit. Offer estimates that in late-20th-century Britain, this type of non-market production amounts to 30 per cent of national income.
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In the 1930s, Norwegian economist Ragnar Frisch developed a new discipline that he called “econometrics”. His aim was to develop methods to explain and predict the movements of the economy.
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"The more the state ‘plans’, the more difficult planning becomes for the individual." Friedrich Hayek
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In 1947, a General Agreement on Tariffs and Trade (GATT) aimed to rebuild international trade.
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The conclusion was clear: it is futile for governments to try to stabilize employment through fiscal policy. Increasing the money supply likewise only leads to higher prices. In the long run, the Phillips Curve is a straight vertical line at the natural rate of unemployment.
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“Pareto efficiency”. In a Pareto-efficient situation, it is impossible to make one person better off without making another person worse off.
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what Müller-Armack called a social market economy: not just a “mixed economy”, with government providing a bare minimum of necessary public goods, but a middle way between free-market capitalism and socialism that aimed for the best of both worlds. Industry remained in private ownership, and was free to compete, but government provided a range of public goods and services, including a social security system with universal health care, pensions, unemployment benefit, and measures to outlaw monopolies and cartels (agreements between firms). The theory was that this would allow the economic growth of free markets, but at the same time produce low inflation, low unemployment, and a more equitable distribution of wealth.
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The so-called Nordic model is characterized by generous welfare systems and a commitment to fair distribution of wealth, achieved through high taxes and public spending. These countries have enjoyed high living standards and strong economic growth, helped by having small populations with strong manufacturing industries and, in the case of Norway, oil.
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Christopher Columbus stumbled across the Americas on an expedition intended to find a new trade route to China. Such efforts to globalize trade have taken place for centuries.
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different currency for every postcode in a city would be very inefficient. On the other hand, one currency for the entire world would be an undesirable straitjacket on so many diverse economies.
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The social policies of so-called Reaganomics and Thatcherism were influenced by the Austrian-born economist Friedrich Hayek, who put the individual, not the state, at the heart of economic thinking, and by economists who saw tax cuts as a means of increasing tax revenue.
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US economist Edmund Phelps argues that globalization is a big factor in this, as jobs created in richer countries tend to be in “non-tradable” sectors such as government and healthcare, while tradable jobs (such as phone-making) have moved to countries such as China and the Philippines, where wages are generally low. Resolving problems like these is one of the chief concerns for economists today.
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There are strong arguments for government intervention: the atmosphere can be considered in economic terms as a public good, which tends to be under-supplied by markets; pollution can be seen as an externality where the social costs of an action are not reflected in prices and so are not fully borne by the person taking it. For these reasons Stern described climate change as the greatest market failure ever experienced.
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For example, an environmentalist would say that GDP does not allow for the depletion of natural resources. Deforestation generally adds to GDP, assuming the timber is sold. But a potentially irreplaceable natural resource is being consumed, and GDP gives no indication of this. Similarly, if an economic activity produces pollution, GDP would count only the products sold, and ignore the undesirable undesirable side effects, such as loss of biodiversity or worsened public health.
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Saving seems, at first sight, a prudent thing to do, a safeguarding of the future. However, savings in the global capitalist world are a mixed blessing. Any money that goes into savings is money lost to direct investment or consumer spending, but it doesn’t just vanish.
41 (71)
Economists have analysed the relationship between the housing market and the overall economy, and believe that by studying the levels of investment in housing, it is possible to accurately forecast recessions and recoveries. In their 2006 book Housing Prices and the Macroeconomy,
42 (71)
Niall. The Economics Book (Big Ideas) (p. 687). Dorling Kindersley Ltd. Kindle Edition.
Pagetop

Kielikuvat Idioms Идиоми (Code: i)

1 Mesopotamia (present-day Iraq) (4)
Virtojen välin! Kaksoisvirranmaa! Deaan kotimaa!
2 The word “bank” comes from the Italian word for “bench”, on which the bankers sat to conduct business. (4)
3 stymie trade (48)
4 Bailouts (49)
5 United Nations System of National Accounts (UNSNA), (66)
Pagetop

Määritelmät Definitions Определения (Code: d)

1 (3)
"No man should sell a thing to another man for more than its worth." Thomas Aquinas
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
2 (3)
There are two kinds of money: commodity and fiat. Commodity money has intrinsic value besides its specified worth, for example when gold coins are used as currency. Fiat money, first used in China in the 10th century, is money that is simply a token of exchange with no value other than that assigned to it by the government. A paper bank note is fiat money.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
3 (10)
philosopher David Hume. An earlier French writer, Pierre de Boisguilbert, used the phrase laisse faire la nature (“leave nature alone”), by which he meant “leave business alone”.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
4 (11)
"Consumption is the sole end and purpose of all production." Adam Smith
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
5 (11)
Demand in a market can change for many reasons. As it does so, the market responds by altering supply. This happens spontaneously – there is no need for a guiding hand or plan in a market that encourages competition among self-interested people.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
6 (19)
Many public utilities are natural monopolies, including telephone networks, gas, and water. The fixed cost of setting up a network
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
7 (20)
"The bourgeoisie… compels all nations, on pain of extinction, to adopt the bourgeois mode of production." Karl Marx, Friedrich Engels
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
8 (21)
Mixed economies In the decades following World War II, Western Europe developed a “third way” between communism and capitalism. Many European Union states still operate mixed economies with varying degrees of state intervention and ownership, although some, most notably Great Britain, have moved away from mixed economies towards a more laissez-faire
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
9 (21)
IN CONTEXT FOCUS Theories of value KEY THINKER Karl Marx (1818–83) BEFORE 1662 English economist William Petty argues that land is a free gift of nature and so all capital is “past labour”.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
10 (21)
"All commodities, as values, are realized human labour." Karl Marx
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
11 (22)
Adam Smith and David Ricardo linked the price of a product to the labour required in its production. This is called the classical labour theory of value.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
12 (22)
"When the demand price is equal to the supply price, the amount produced has no tendency either to be increased or to be diminished; it is in equilibrium." Alfred Marshall
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
13 (35)
"Intermediate between mathematics, statistics, and economics we find a new discipline which… may be called econometrics." Ragnar Frisch
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
14 (45)
"In a capitalist democracy there are essentially two methods by which social choices can be made: voting…and the market mechanism." Kenneth Arrow
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
15 (50)
"Game theory is rational behaviour in social situations." John Harsanyi US economist (1920–2000)
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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BRIC nations (Brazil, Russia, India, and China).
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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Capitalism An economic system in which the means of production are privately owned, firms compete to sell goods for a profit, and workers exchange their labour for a wage.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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Factors of production The inputs used to make products or services: land, labour, capital, and enterprise.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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ONTRIBUTORS
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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CKNOWLEDGMENTS
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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OPYRIGHT
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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as) (pp. 1-7). Dorling Kindersley Ltd. Kindle Edition.
Jean-Jacques Rousseau was born in Geneva, Switzerland. The son of a freeman entitled to vote in city elections, he never wavered in his appreciation of Geneva’s liberal institutions. Inheriting a large library and a voracious appetite for reading, Rousseau received no formal education. At the age of 15, an introduction to the noblewoman Françoise-Louise de Warens led to his conversion to Catholicism, exile from Geneva, and disownment by his father. Rousseau began studying in earnest in his 20s and was appointed secretary to the ambassador to Venice in 1743. He left soon after for Paris, where he built a reputation as a controversial essayist. When his books were banned in France and Geneva, he fled briefly to London, but soon returned to France where he spent the rest of his life. Key works
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