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  2. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    In general usage, one is said to be rational if one is sane or lucid. [15] In economics, rationality means that an economic agent specifies, or acts as if he implicitly specifies, a way to characterize his or someone's well-being, and then takes into account all relevant information in making choices so as to optimize that well-being.

  3. Rationalization (economics) - Wikipedia

    en.wikipedia.org/wiki/Rationalization_(economics)

    In economics, rationalization is an attempt to change a pre-existing ad hoc workflow into one that is based on a set of published rules. There is a tendency in modern times to quantify experience, knowledge, and work. Means–end (goal-oriented) rationality is used to precisely calculate that which is necessary to attain a goal.

  4. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    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 ...

  5. Economic rationalism - Wikipedia

    en.wikipedia.org/wiki/Economic_rationalism

    The term "economic rationalism" is commonly used in criticism of free-market economic policies as amoral or asocial. In this context, it may be summarised as "the view that commercial activity... represents a sphere of activity in which moral considerations, beyond the rule of business probity dictated by enlightened self-interest , have no ...

  6. The Ancient Reason Why Economics Can't Be Rational - AOL

    www.aol.com/2012/06/12/the-ancient-reason-why...

    Imagine there's a game where one person is placed in a room and assigned the role of the "sender." A second person in a different room is assigned the role of "receiver." The sender is given $20 ...

  7. Rationality - Wikipedia

    en.wikipedia.org/wiki/Rationality

    From these basic ingredients, it is possible to define the rationality of decisions: a decision is rational if it selects the act with the highest expected utility. [12] [6] While decision theory gives a very precise formal treatment of this issue, it leaves open the empirical problem of how to assign utilities and probabilities. So decision ...

  8. Rational agent - Wikipedia

    en.wikipedia.org/wiki/Rational_agent

    The concept of economic rationality arises from a tradition of marginal analysis used in neoclassical economics. The idea of a rational agent is important to the philosophy of utilitarianism , as detailed by philosopher Jeremy Bentham 's theory of the felicific calculus , also known as the hedonistic calculus.

  9. Substantivism - Wikipedia

    en.wikipedia.org/wiki/Substantivism

    First proposed by Karl Polanyi [1] he argues that the term "economics" has two meanings. The formal meaning, used by today's neoclassical economists, refers to economics as the logic of rational action and decision-making, as rational choice between the alternative uses of limited (scarce) means, as "economizing", "maximizing", or "optimizing". [2]