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Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.
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 ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Philosopher William Pepperell Montague coined the term Kratocracy, from the Greek: κρατερός (krateros), meaning "strong", for government by those who are strong enough to seize power through force or cunning. [4] In a letter to Albert Einstein from 1932, Sigmund Freud also explores the history and validity of "might versus right". [15]
Economic determinism attributes primacy to economic structure over politics in the development of human history. It is associated with the dialectical materialism of Karl Marx . Technological determinism is the theory that a society's technology drives the development of its social structure and cultural values.
The theory of the productive forces, sometimes referred to as productive force determinism, is a variation of historical materialism and Marxism that places primary emphasis on technical advances as the basis for advances and changes in the social structure and culture of a given civilization. The relative strength assigned to the role of ...
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
Economic statism promotes the view that the state has a major, necessary and legitimate role in directing the major aspects of the economy, either directly through state-owned enterprises and economic planning of production, or indirectly through economic interventionism and macro-economic regulation.