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In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.
Solidarity economy or social and solidarity economy (SSE) refers to a wide range of economic activities that aim to prioritize social profitability instead of purely financial profits. A key feature that distinguishes solidarity economy entities from private and public enterprises is the participatory and democratic nature of governance in ...
First edition (publ. University of Chicago Press) Milton Friedman's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics."
The Social Progress Index (SPI) measures the extent to which countries provide for the social and environmental needs of their citizens. Fifty-four indicators in the areas of basic human needs, foundations of well-being, and opportunity to progress show the relative performance of nations.
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
A social indifference curve drawn from an intermediate social welfare function is a curve that slopes downward to the right. The intermediate form of social indifference curve can be interpreted as showing that as inequality increases, a larger improvement in the utility of relatively rich individuals is needed to compensate for the loss in ...
There is a distinction between individualistic (e.g., United States) and collectivistic (e.g., Japan) cultures. [2] [12] While some predict that collectivistic cultures would exhibit stronger conformity under normative social influence, this is not necessarily the case—the identity of the group acts as a potential moderator. Because ...
Social policies that foster social inclusion, reduce poverty and tackle other forms of social exclusion can be important in this respect. [1] Social empowerment refers to the conditions that enable people to participate in their society, such as having good health, education and democratic opportunities for participation, such as voting and ...