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The concept of universalizability was set out by the 18th-century German philosopher Immanuel Kant as part of his work Groundwork of the Metaphysics of Morals.It is part of the first formulation of his categorical imperative, which states that the only morally acceptable maxims of our actions are those that could rationally be willed to be universal law.
Positive economics is commonly deemed necessary for the ranking of economic policies or outcomes as to acceptability. [ 14 ] By contrast, Friedman in an influential 1953 essay emphasized that positive and normative economics could never be entirely separated, because of their relationship with economic policy.
Acceptability is an amorphous concept, being both highly subjective and circumstantial; a thing may be acceptable to one evaluator and unacceptable to another, or unacceptable for one purpose but acceptable for another. Furthermore, acceptability is not necessarily a logical or consistent exercise.
In welfare economics, the compensation principle refers to a decision rule used to select between pairs of alternative feasible social states. One of these states is the hypothetical point of departure ("the original state").
Supply creates its own demand" is a formulation of Say's law. The rejection of this doctrine is a central component of The General Theory of Employment, Interest and Money (1936) and a central tenet of Keynesian economics. See Principle of effective demand, which is an affirmative form of the negation of Say's law.
March and Olsen distinguish the logic of appropriateness from what they term the "logic of consequences," more commonly known as rational choice theory.The logic of consequences is based on the assumption that actors have fixed preferences, will make cost-benefit calculations, and choose among different options by evaluating the likely consequences for their objectives.
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A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...