Bus 1050 1st Edition Lecture 25 Outline of Last Lecture I. Taylor, The principles of Scientific Management (in Production section) II. Tawney, The Condition of Efficiency from The Acquisitive Society III.McGregor, The Human Side of EnterpriseOutline of Current Lecture II. Polo, from The Travels of Marco PoloIII.Hamilton, Manufactures from The Works of Alexander Hamilton IV. Wharton, from The House of MirthCurrent LectureMarco Polo – from The Travels of Marco Polo (The benefits of mass production) Comparative economics The majority of people in 13th century Europe were peasants (serfs and peasants) and most goods were produced at home and specialization was limited. In China people lived comfortable lives and had a lot of leisure time. Chintigui (pg. 460) This is a large and handsome city. He talks about the manufacturing process and there is an extensive manufacture of sales exported in large quantities to other parts because of the river and the people traded a lot. If you were a peasant in Europe there was verylittle trade and it was very limited and complicated. Changlue – there was an abundance of salt and great profits made by those who manufacture it. Kin-sai – pg 461 there is a description of the marketplace and it talks about how organized it is. There is an abundant variety of game of all sorts and in all seasons there is a variety of spices and fruits. From the sea which is 15 miles distant and there is an abundance of fish, also in the lake, and people specialized in fishing (this was their job) This is evidence of specialization and division of labor. These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.But if you were in 13th century Europe and all you did was fish, you wouldn’t be able to sell thembecause there was no one to sell to and there are no networks because you’re a peasant… There was no system of specialization. In China: 12 crafts and 100 workshops for each. This results in thousands of skilled craftsmen. Pg. 183 Has a description of the number skilled craftsman in Paris (12,000 skilled craftsman in the city of Paris and in Kin-sai there are roughly 60-100 thousand) Pg. 464 description of floating on a boat on a lake. 13th century China was a lot better than 13th century Europe. Greater prosperity results in greater pollution. We need 4 things to make a mass production economy work 1) Specialization 2) Division of Labor 3) Un-guen: They learned how to make sugar better, more effectively and more efficiently. By using opportunity to get more educated, they were able to improve this city in society. # 3 is education. By taking advantage of other cultures were able to improve the way one’s city ran. 4) Tin-gui: The average lifespan of people in the 13th century was about 40. They would work in the mines and hand it over to their children. This requires vision. #4 Long term planning These provide modern society with our needs and wants. Hamilton – Manufactures from The Works of Alexander Hamilton1790 Alexander Hamilton, writes this essay. He was the first secretary of the treasury and he gotinto a duel and he lost and died. The house of representatives call on him to address the issue of whether the U.S. should encourage manufacturing. If we weren’t manufacturing we’d get our goods from a different country and this would be an issue if the U.S. went to war with that country (England, Europe). Pg. 469 – The U.S. had a comparative advantage when it came down to agriculture. They also had a somewhat laissez – faire gov. These were the two arguments for manufacturers. Proponents of agriculture argue that it’s the only productive species of industry. Productiveness means value of what you produce is greater than the cost of producing it. This argue that manufacturing may not be productive. But if this was true no one would manufacture goods.From Notes on Virginia, Query XIX (19) Hamilton was asked to defend manufacturing and he needed to present rational economic arguments and he was up against a fringe lunacy and the head was Thomas Jefferson. Hamilton starts off with simply economic arguments and then goes off on a rant. He argues that all farmers are virtuous and all manufactures are virtuous. (This is insane, yet this was the mentality that Hamilton was up against). Common sense tells us that agriculture is not the only productive means. There may be arguments that view agriculture as superior to manufacturing. To manufacture you build a factory, closed off. But with agriculture “always” cooperates what your doing, but in reality it does not so Hamilton throws out this argument. In order to be a farmer you need land (1790 people like Thomas Jefferson had all the land, English people declare land in name of Queen/King, and land is handed to aristocrats like Jefferson, he had about 1 million acres of land and one would rent it. So if you’re a farmer and want to farm you must borrow land).How do we measure prosperity, GDP, Which is the value of all goods and services produced by society. But with manufacturing one only needs a bit of land and this may be viewed as negligible. But with Manufacturing one needs to build the building and although one doesn’t need to rent the land, one needs to get a loan and pay interest. Rent = Interest. Aquinas argues interest and rent are not the same, but as modern thinkers we know this is absurd. 472 conclusion. (Elizabeth Butler Economic foothold reading is dropped.) Edith Warden was a American Novelist 20th century (ethan frome) and she published under her own name. An example of a women writing was Mary Ann Evans but she didn’t publish under her name, so they gave her the name George Eliot. Edith Wharton Lily Bart Grew up in an aristocratic class, upper class when it comes down for money. But when her father passed away they came to realize that he had no money. She becomes a working girl and works in a factory and she specializes, in a hat making company. Her job is to put spangleson the hat. She was brought up with wealth and with a good education and works with working girls who have little education and they are perfect at performing their task but she couldn’t get her task done. She looks around at her peers and speaks to Miss Kilroy but Miss Kilroy is quite understanding ofher situation. Lily has to deal with her situation. This is in the book because (512) she has