Course 1: Pre-industrial Society








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Immanuel Maurice Wallerstein (né en 1930) est un sociologue américain.

Théories

Wallerstein débuta sa carrière en tant qu’expert des affaires postcoloniales africaines.

Sa contribution la plus importante, The Modern World-System, en 80. Wallerstein s’inspire de trois principaux courants intellectuels :

  • Karl Marx, dont il reprend la prise en compte de l'importance première des facteurs économiques et de leur dominance sur les facteurs idéologiques dans la détermination des politiques mondiales.

  • Fernand Braudel, l’historien français qui avait décrit le développement des grands réseaux d’échanges économiques dans les grands empires de l'époque moderne, ainsi que leurs implications politiques.

  • La Théorie de la dépendance avec ses concepts de "centre" et de "périphérie".

Son expérience et les impressions tirées de ses propres travaux sur l’Afrique post-coloniale ainsi que les différentes théories traitant du problème des « pays en voie de développement » ont également nourri sa réflexion.

Wallerstein est reconnu est d’avoir anticipé l’aggravation du conflit Nord-Sud en pleine période de Guerre froide. Wallerstein rejetait complètement la notion de « Tiers-Monde » et affirmait qu’il n’existait qu’un seul monde connecté par un réseau complexe de relations d’échanges économiques.

À la différence des théories en faveur de la mondialisation et du capitalisme, Wallerstein ne conçoit pas ces différences comme de simples résidus ou irrégularités qui peuvent et seront effacées à mesure que le système évoluera de façon globale. Bien plus encore, selon lui, la division actuelle du monde en centre, semi-périphérie et périphérie est une caractéristique propre du système-mondial. Les régions qui sont demeurées à l’écart du « système-monde » y demeurent en tant que périphérie. Il y a une division du travail fondamentale et institutionnelle entre le cœur et la périphérie : tandis que le cœur a un niveau de développement technique de haut niveau et des produits manufacturés de haute complexité, le rôle de la périphérie se limite à celui d’apporter les matières premières, des produits agricoles et de la main-d’œuvre bon marché aux acteurs en croissance du centre. L’échange économique entre le cœur et la périphérie est inégal : la périphérie est obligée de vendre ses produits à bas prix mais doit acheter les produits du centre au prix fort. La théorie de Wallerstein a subi de sévères critiques, non seulement de la part des néolibéraux ou des milieux conservateurs,

Microeconomics.
« A cynic is a person who knows the price of everything and the value of nothing. » Oscar Wilde


Microeconomics is the study of the behaviour of individual agents.



Its general concern is the efficient allocation of ressources, between different uses.
This involves prices determining the maximisation of profit or utility.
Partial equilibrium : prix d'équilibre.

Supply


Equilibrium price, quantity

Prix, quantité d'équilibre

demand/supply

Function/curve

La fonction de la demande, de loffre


A shift in the demand curve

Un déplacement de la fonction de la demande

Elasticity

Price elasticity of demand
unitary elasticity

Élasticité

élasticité de la demande par rapport au prix
élasticité constante

Demand is infinitely elastic/ inelastic

Demande infiniment élastique/ parfaitement rigide


In a perfectly competitive market, each firms faces a flat demand curve (i.e demand is infinitely elastic)


Slope, gradient

Pente

Perfect competition

Concurrence parfaite

Monopolistic competition

Concurrence monopolistique

Oligopoly

Oligopole

Monopoly (one pruducer)

Monopole

Monopsony (one consumer)

monopsone

Price-maker

price-taker

Fixeur de prix

preneur de prix


Complete the sentences using :inelastic shift in gradient equilibrium

1. At the intersection of the demand and supply curve, the market is in equilibrium

  1. A technological breakthrough leads to shift in the supply curve.

  2. When demand is completely inelastic suppliers can raise prises without sales falling.

  3. The lower the gradient the more elastic the demand curve is said to be.


Perfect competition assumes :


  1. There are a large number of buyers and sellers.

  2. Products are the same, in other words they are homogeneous

  3. There is free entry and exit of firms into the market.

  4. Factors of production are perfectly mobile

  5. Agents have perfect knowledge of market condition.

Theory of consumer behaviour

Le calcul économique du consommateur

Utility, utility function

marginal utility

utility maximisation

Utilité, fonction d'utilité

utilité marginal

maximisation de l'utilité

Indifference curve
indifference map

Courbe d'indifférence

surface d'utilité

Basket of goods

Panier de biens

Slope of the indifference curve =

marginal rate of substitution

La pente de la courbe d'indifférence

taux marginal de substitution

Perfect substitutes

complementary goods

Biens de substitution

biens complémentaires

Budget constraint

Contrainte budgétaire

Price effect

substiution effect

Effet de prix

effet de substitution

Inferior good ( Giffen good)

Bien inférieur

Edgeworth Box

Rectangle ( ou boîte) d'Edgeworth

Pareto Optimality

Rechangle (ou boite d'Edgeworth

Contrat cruve

Courbe de contrat


Define a “normal (superior) good”
1. Each indifference curve in convex to the origin

  1. Rational economic agents are said to maximise utility given a fixed budget constraint

  2. An equilibrium is said to be Pareto optimum if it is impossible to improve the utility of the one agent (group of agents ) without reducing the utility of others.




Theory of Production

Théorie de la production- calcul économique du producteur

Production function

Fonction de production

Constant returns to scale

Rendement d'échelle constants

Diminishing returns to scale

Rendements d'échelle décroissants

Production possibility cruve

Frontière des possibilités de production.

Average cost ( curve)

Courbe de coût moyen

Marginal cost

Coût marginal.

Fixed costs

Coûts fixe

Variable costs

Coûts variables

Variable costs




Q


Total costs

Coût total


1. If output increases in a fixed proportion to the inputs used in production, it is said to have

constant returns to scale


  1. Plant and equipment are usually considered as fixed costs.




  1. In a perfectly market, marginal cost is equal to average cost, is equal to the market of the good.

  2. competition occurs when there are many firms producing goods ( or ) that are close substitutes. Firms make products that can differentiate. for each firm's product(s) os not infinitely elastic, and consumers will have some preferences for particular suppliers. As a result, each firm has a slight power.


Cours dictée :

Price mechanism and the way the price of a good, summarises the information need by consumers and producers to make choices.

This in an important concept in neoclassical and neo liberal economics. It was formulated by Freidrich V.Mayek and is seen as a modern expression of the invisible hand.

Hayek was writing at a time when central planning existed as an alternative mechanism for allocating ressources.

He states that production and consumption involve huge quantities of information. Each job or tasks entails specific knowledge. Is is impossible for a central plannig organisationto collect all this information to organise production.

Similarly, no central organisation can collect all the necessaries information about consumer preference order to make choices.

Hayek the states the price of goods in fact summarises enough information for producers and consumers to make choices and to adjust their behaviour when prices change.

The price mechanism is therefore an efficient and wheap way of managing information in a market economy.

In conclusion, the state should promote free markets.
However, the information is not always perfect.
Also, asset markets often behave in a way which contradicts normal market behaviour and especially real estate price increase may actually raise demand.

This occurs because agents on the on hand expect to earn capital gains on investment and on the other hand they can borrow easily and chaeaply to finance investments. The result is that the normal fuctioning of the price mechanism fails and speculative bublles in assets occur.
**MATCH**

Perfect competition

This occurs in an industry in which there are many firms producting goods (or service) that are close substitutes. Firms make products that consumers car differentiate a little. Demand for each firm's product(s) is not infinitely elastic and consumers will have some preferences for particular suppliers. As a result, each firm has q slight monopoly power.

monopolistic(imperfect) competition

There is a single buyer operating in the market, who is able to influence product price. Extra demand will be visible to the producers and will lead to a price rise.

Oligopoly

The market is dominated by a single buyer and a single seller. The quantity and price of the product(s) sold will depend on the interaction between the two.

Monopsony

There is only one supplier operating on the market and the firm is not a price taker. Output will be set so that marginal cost = marginal revenue

Bilateral monopsony

Many small firms compete to supply a single product. Each firms faces a perfectly elastic demand curve and cannot influence the price of the product.


The strong assumptions underlying microeconomic analysis
Use the following words to complete the text below :

highest marginal assumed baskets available convex
In traditional microeconomic demand theory, consumers are assumed to be rational. Given a certain level of income, the consumer seeks to spend money in order to reach the highest possible level of satisfaction or utility. This is the axiom of utility maximisation.
The consumer is assumed to have full knowledge of all the information needed to make his/her decisions, in other words the consumer is assumed to have complete knowledge of the products available and their prices.
It is also assumed that consumers can compare the utility to be obtained from different products or different “baskets of products” when making choices. So- called cardinal utility assumed that the consumer can actually measure the utility of a product ( or basket of products) and some economists suggest that such utility can even be expressed in monetary terms. In ths case, it is assumed the utility derived from successive units of a good will decline. This is the axiom of diminishing______ utility. Money, which is used to express utility, is however assumed to have a constant marginal utility.
In contrast, to cardinal utility, ordinal utility merely assumes that the consumer can rank various baskets of goods. In this case, the marginal rate of substitution between baskets of goods is assumed to be diminishing which means that indifference curves of utility are
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