Division of Labor - Intro to Political Economy, Lecture4

COURSE OVERVIEW:
Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve.

LECTURE OVERVIEW:
1. Division of Labor: In a production process, the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency. In a society, the acceptance of a complex interdependence based on specialization, requiring that people meet each other’s needs
2. Cooperation Horizon: The set of transactions, exchanges, or mutually beneficial actions that are organized in a jurisdiction. The “extent” of the cooperation horizon encompasses both space and time. So we would want to know how far cooperation extends, and for how long.
3. Markets: Markets are the set of institutions for reducing the transactions costs of impersonal exchange. Need not be a physical space. Involves trading infrastructure of transportation, trust, and transaction. The “extent” of a market comprises both the physical distance over which goods are exchanged and the variety of goods exchanged.
4. Theories of origin(s) of the state: Old Testament (1st Samuel, Chapter 8), Plato, Ibn Khaldun, Hobbes, Rousseau, Weber
5. Adam Smith's dynamic theory of "division of labor" and the role of markets in fostering division of labor.

READINGS:

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Produced by Shaun King, Duke University Department of Political Science Multimedia Specialist

[SusanSt.James-]

Absolutely profound statements and learnings in these lectures. Each time I listen to one, I realize what I missed out during my previous listening of same lecture.

"Markets want to be global"...this truth is now a source of grief internationally. The global nature of markets has wreaked a havoc of job losses, deindustrialization and now a pandemic, with many other future pandemics likely to ensue. It is advisable to battle the nature of markets, by making them what they never intend to be....i.e regional and local.

[trentrodriguez]

42:00 Doctrine of Comparative Advantage
48:30 The Philosopher and the Porter
52:00 The Division of labor is limited by the extent of the market

[MultiVigarista]

Thank you so much for these videos. I just love PoliSci so much and all of these videos are convincing me even more that this is the field i want to follow. I'll get my BA here in my country but I hope to get a fulbright scholarship after that so I can get my M.A in the US !

[maxheadrom]

He's an awesome teacher! These are BA classes, right?

[odisiusX]

Great lectures as the usual, by a great professor.

Obs : Ibn Khaldoun was not egyptian. He was a North African Amazigh. He died in Egypt, but he was born in Tunisia. Some say the origins of his family are in Yemen, but that's highly unlikely..

[tedcrilly]

markets: transportation, trust, transaction.

[petesinnott]

As a German I did not find his joke about Germans being humorless very funny. Is this because I'm German or because the joke was not funny? The world will never know.

[vinkfabian]

His main point about specialisation due to agriculture is correct, only every example was wrong. Hunter gatherers had flutes and shoes. Everybody did every kind of job but some were vetter than others

[Rosalynna]

There is a mistake, Ibn khaldun is Tunisian not Egyptian.

[surrealboy]

Does anyone know where can i find the slides so that i can be able to print them?

[verothacamaro]

“Being English, he doesn’t know how to spell labor” 😂😂

[yusuftaha]

A very good lesson thanks a lot. btw ibn khladun is from Tunis, not Egypt. Just a correction.

[halallionaire]

these duke students are weak this guy’s jokes are mint & they never laugh

[jackymarcel]

Perez Patricia Lopez Angela Lopez Jessica

[sillysailor]

You had me until you called Smith English🏴󠁧󠁢󠁳󠁣󠁴󠁿

[ashpoojary]

after an hour of crapping on bout the division of labor, you did forget to mention the discrepencies of wages, not that I care boss ?!