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Chapter 15, "How the Price System Works", argues that economic proposals must be analyzed for their long-term and widespread effects, not just their immediate and limited consequences. [3] What Hazlitt considers the fallacy of isolation, or looking at an industry or process in isolation, is the starting point of many economic fallacies.
Exploiting economic resources of the victim. [1] [2] [3] In its extreme (and usual) form, this involves putting the victim on a strict "allowance", withholding money at will and forcing the victim to beg for the money until the abuser gives the victim some money. It is common for the victim to receive less and less money as the abuse continues.
A more informal definition of the term would describe it as "a quasi-illness caused by guilt for one's own socio-economic superiority". [6] The term "affluenza" has also been used to refer to an inability to understand the consequences of one's actions because of financial privilege.
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 ...
The identifiable victim effect disappears when a group of victims, rather than a single victim, is identified. [15] In a group of two or more victims, identifying every victim makes no difference. For example, a 2005 study by Kogut and Ritov [ 23 ] asked participants how much they would be willing to donate to either a critically ill child or a ...
A victim impact panel, which usually follows the victim impact statement, is a form of community-based or restorative justice in which the crime victims (or relatives and friends of deceased crime victims) meet with the defendant after conviction to tell the convict about how the criminal activity affected them, in the hope of rehabilitation or ...
Victims also have the right to oppose a judge in their decision on a request for dismissal and may engage their own counsel if necessary. [87] Victims who have died as a result of a crime may have their rights exercised by close relatives of the victim. [88] Victims are entitled to compensation depending on the nature and severity of the crime.
Causation in economics has a long history with Adam Smith explicitly acknowledging its importance via his (1776) An Inquiry into the Nature and Causes of the Wealth of Nations and David Hume (1739, 1742, 1777) and John Stuart Mill (1848) both offering important contributions with more philosophical discussions.