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  2. 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. [citation needed] Means–end (goal-oriented) rationality is used to precisely calculate that which is necessary to attain a ...

  3. 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.

  4. Rationality - Wikipedia

    en.wikipedia.org/wiki/Rationality

    Rationality plays a key role in economics and there are several strands to this. [110] Firstly, there is the concept of instrumentality—basically the idea that people and organisations are instrumentally rational—that is, adopt the best actions to achieve their goals.

  5. 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 ...

  6. 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 ...

  7. Behavioral economics - Wikipedia

    en.wikipedia.org/wiki/Behavioral_economics

    Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...

  8. Demonic dad allegedly beheads 1-year-old son with knife after ...

    www.aol.com/demonic-dad-allegedly-beheads-1...

    A demonic California dad has been arrested for allegedly beheading his 1-year-old son Friday in an early-morning frenzy of violence that also injured his wife and her mother, according to police.

  9. Positive and normative economics - Wikipedia

    en.wikipedia.org/wiki/Positive_and_normative...

    Keynes was not the first person to make the distinction between positive and normative economics but his definitions have become the standard in economics teaching. [10] The scientific or positive aspects of economics were emphasized by many early-to-mid 20th century economists in an attempt to prove economic theories could answer questions ...