Search results
Results from the WOW.Com Content Network
The Social Credit System (Chinese: 社会信用体系; pinyin: shèhuì xìnyòng tǐxì) is a national credit rating and blacklist implemented by the government of the People's Republic of China.
Social credit is designed to give the individual the maximum freedom allowable given the need for association in economic, political and social matters. [58] Social Credit elevates the importance of the individual and holds that all institutions exist to serve the individual – that the State exists to serve its citizens, not that individuals ...
A social scoring function maps each candidate to a number representing their quality. For example, the standard social scoring function for first-preference plurality is the total number of voters who rank a candidate first. Every social ordering can be made into a choice function by considering only the highest-ranked outcome.
The scoring system has also been studied as a form of classification to shape an individual's life-chances—a form of economic inequality. [62] The classification scheme is necessitated by the loss of collective social services and risk. [63] The credit scoring system in the United States is similar to the Social Credit System in China. [64]
Alternative credit scoring systems can use data such as rental payments, utility payments, subprime credit, and cell phone bills. [25] Other sources are social media activities, internet browsing history, employment history, student history, past loan application dates and locations, or the method one uses when purchasing gasoline. [26]
An economic system is a type of social system. The mode of production is a related concept. [2] All economic systems must confront and solve the four fundamental economic problems: What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
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".