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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 ...
Market fundamentalism, also known as free-market fundamentalism, is a term applied to a strong belief in the ability of unregulated laissez-faire or free-market capitalist policies to solve most economic and social problems. [1] It is often used as pejorative by critics of said beliefs. [2]
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]
Strong theological determinism is based on the concept of a creator deity dictating all events in history: "everything that happens has been predestined to happen by an omniscient, omnipotent divinity." [22] Weak theological determinism is based on the concept of divine foreknowledge—"because God's omniscience is perfect, what God knows about ...
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.
The withering away of the state is based on the Marxist definition of the state: a special coercive force by which one class holds another in subjection, a "product and a manifestation of the irreconcilability of class antagonisms." [3] The ruling class, the one which owns means of production, is the one which commands the state.