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Plausible reasoning is defeasible. Plausible reasoning is based on the way things generally go in familiar situations. Plausible reasoning can be used to fill in implicit premises in incomplete arguments. Plausible reasoning is commonly based on appearances from perception. Stability is an important characteristic of plausible reasoning.
For example, a tsunami could also explain why the streets are wet but this is usually not the best explanation. As a form of non-deductive reasoning, abduction does not guarantee the truth of the conclusion even if the premises are true. [80] [82] The more plausible the explanation is, the stronger it is supported by the premises.
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 ...
For example, riding the bus is a sufficient mode of transportation to get to work. But there are other modes of transportation – car, taxi, bicycle, walking – that can be used. Modal scope fallacy – a degree of unwarranted necessity is placed in the conclusion.
Status quo bias, the tendency to prefer things to stay relatively the same. [76] [77] System justification, the tendency to defend and bolster the status quo. Existing social, economic, and political arrangements tend to be preferred, and alternatives disparaged, sometimes even at the expense of individual and collective self-interest.
Most economic models rest on a number of assumptions that are not entirely realistic. For example, agents are often assumed to have perfect information, and markets are often assumed to clear without friction. Or, the model may omit issues that are important to the question being considered, such as externalities. Any analysis of the results of ...
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In philosophy, Occam's razor (also spelled Ockham's razor or Ocham's razor; Latin: novacula Occami) is the problem-solving principle that recommends searching for explanations constructed with the smallest possible set of elements.