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Understanding Capitalism: Production and the Division of Labor

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Manage episode 482648546 series 3484000
Content provided by Hillsdale College. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Hillsdale College or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the division of labor before introducing Dr. Charles N. Steele.

Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.

Economic production refers to the production of value. As human innovation creates new forms of value, a division of labor emerges to meet the demand for these new goods and services.

See omnystudio.com/listener for privacy information.

  continue reading

1504 episodes

Artwork
iconShare
 
Manage episode 482648546 series 3484000
Content provided by Hillsdale College. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Hillsdale College or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the division of labor before introducing Dr. Charles N. Steele.

Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.

Economic production refers to the production of value. As human innovation creates new forms of value, a division of labor emerges to meet the demand for these new goods and services.

See omnystudio.com/listener for privacy information.

  continue reading

1504 episodes

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