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All we then need to add, to get to the fundamental principle of developed communism, is to assume that non-satisfaction of a need is a disadvantage. The corresponding principle of solidarity in respect of need says: if any member of society has an unsatisfied need, each member has a duty to produce its object (if they can).
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 ...
Gandhian economics is a school of economic thought based on the spiritual and socio-economic principles expounded by Indian leader Mahatma Gandhi. It is largely characterised by rejection of the concept of the human being as a rational actor always seeking to maximize material self-interest that underlies classical economic thinking.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
A common shortcoming in existing literature and discussions about human needs is that the fundamental difference between needs and their satisfiers either is not made explicit or is completely overlooked. It may have to do with the difference between human needs and the conventional notion of economic "wants" which are infinite and insatiable ...
In economics, a want is something that is desired. It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us). Thus, people cannot have everything they want and must look for the most affordable alternatives. Wants are often distinguished from needs.
Use value (German: Gebrauchswert) or value in use is a concept in classical political economy and Marxist economics.It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose.
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 ...