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Conversely, any economic quantity that is negatively correlated with the overall state of the economy is said to be countercyclical. [3] That is, quantities that tend to increase when the overall economy is slowing down are classified as 'countercyclical'. Unemployment is an example of a countercyclical variable. [4]
Marx and Keynesians approach and apply the concept of economic crisis in distinct and opposite ways. [68] The Keynesian approach attempts to stay strictly within the economic sphere and describes 'boom' and 'bust' cycles that balance out.
Cyclical fluctuations also have a profound effect on cross-national comparisons of economic growth and societal development in the medium and long run. What seemed like spectacular long-run growth may in the end turn out to be just a short run cyclical spurt after a long recession. Cycle time plays an important role.
In the preface to his Economic Theory and Underdeveloped Regions Myrdal wrote that ‘the argument moves on a general and methodological plane in the sense that the theory is discussed as a complex of broad structures of thought’ (Myrdal, G. (1957), Economic Theory and Underdeveloped Regions, London: University Paperbacks, Methuen, vii).)
Social cycle theories are among the earliest social theories in sociology.Unlike the theory of social evolutionism, which views the evolution of society and human history as progressing in some new, unique direction(s), sociological cycle theory argues that events and stages of society and history generally repeat themselves in cycles.
Path dependence is a concept in the social sciences, referring to processes where past events or decisions constrain later events or decisions. [1] [2] It can be used to refer to outcomes at a single point in time or to long-run equilibria of a process. [3]
Other examples include the poverty cycle, sharecropping, and the intensification of drought. In 2021, Austrian Chancellor Alexander Schallenberg described the recurring need for lockdowns in the COVID-19 pandemic as a vicious circle that could only be broken by a legally-required vaccination program.
In social choice theory, Condorcet's voting paradox is a fundamental discovery by the Marquis de Condorcet that majority rule is inherently self-contradictory.The result implies that it is logically impossible for any voting system to guarantee that a winner will have support from a majority of voters: for example there can be rock-paper-scissors scenario where a majority of voters will prefer ...