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The term itself was coined in response to this tendency. This theological view suggests that God fills in the gaps left by scientific knowledge, and that these gaps represent moments of divine intervention or influence. This concept has been met with criticism and debate from various quarters.
As an economic doctrine, dirigisme is the opposite of laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. Dirigiste policies often include indicative planning , state-directed investment, and the use of market instruments (taxes and subsidies) to incentivize market entities ...
Divine intervention is an event that occurs when a deity (i.e. God or gods) becomes actively involved in changing some situation in human affairs. In contrast to other kinds of divine action, the expression "divine intervention" implies that there is some kind of identifiable situation or state of affairs that a god chooses to get involved with, to intervene in, in order to change, end, or ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Miracle: According to many religions, a miracle, derived from the Latin word miraculum meaning 'something wonderful', is a striking interposition of divine intervention by God in the universe by which the operations of the ordinary course of Nature are overruled, suspended, or modified.
Conceptualized thus, all "laws" are viewed as originating from subjective attitudes actuated by cultural conceptions and individual preferences, and so the notion of "divine revelation" is justified as some kind of "divine intervention" that replaces human positive laws, which are criticized as being relative, with a single divine positive law ...
Recently, it was shown that the divine coincidence does not necessarily hold in the non-linear form of the standard New-Keynesian model. [3] This property would only hold if the monetary authority is set to keep the inflation rate at exactly 0%, which is the rate about which the linear form above is obtained as a first-order approximation of ...
Even Adam Smith, the canny Scot whose monumental book, "The Wealth of Nations" (1776), represents the beginning of modern economics or political economy-even he was so thrilled by the recognition of an order in the economic system that he proclaimed the mystical principle of the "invisible hand": that each individual in pursuing his own selfish ...