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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 ...
Consequently, divine coincidence disappears, the output gap does not equal the welfare-relevant output gap any longer, and central banks are left with their trade-off between inflation and output stabilization. Recently, it was shown that the divine coincidence does not necessarily hold in the non-linear form of the standard New-Keynesian model ...
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.
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Simply put, it refers to government intervention. [ 3 ] In economics the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith 's " invisible hand " and advocated government intervention in the economy. [ 4 ]