9/26/11

• Direct Causes of IR
• Emergence of a Business Class
• Entrepreneur
• Increase in Technology Improves Worker Productivity
• Wages Rising improves technology or is derived from improved technology 
• IR was one of the first times we started to value peer collaboration
• Institutions
• Adam Smith argued they are the most important factor for growth
• Duty has transformed to people high up on the hierarchical ladder to ourselves
• Mercantilism
• 'progressive corporatism'
• heavy restraints on indivduals imposed by states
• craft guilds
• licensing, government granted monopoly
• restriction on the free movement of people
• Two major groups
• French Physiocrats
• Scottish Moral Philosophers
• Quesnay
• Circular Flow
• stuff going between individuals and firma