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Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Prefigurative politics are modes of organization and social relationships that strive to reflect the future society being sought by a group. [1] In practice, they involve building a new society "within the shell of the old" by living out the values and social structures the group desires for the future. [2]
There has been discussion of whether predistribution is practical. BBC Political Correspondent Ian Watson argues that a predistributive policy might, for instance, require a business (when bidding for a government contract) to pay the living wage rather than the national minimum wage, something that might be difficult during times of austerity although Watson's argument has been countered by ...
Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets and supply sources were protected, spawning protectionism. French seaport during the heyday of mercantilism. Mercantile theorists held that international trade could not benefit all countries at the same ...
Classical economics and many of its ideas remain fundamental in economics, though the theory itself has yielded, since the 1870s, to neoclassical economics. Other ideas have either disappeared from neoclassical discourse or been replaced by Keynesian economics in the Keynesian Revolution and neoclassical synthesis.
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Thomas Robert Malthus, after whom Malthusianism is named. Malthusianism is a theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline.
The need for long-term economic planning to promote efficiency was a central component of Labour Party thinking until the 1970s. The Conservative Party largely agreed, producing the postwar consensus, namely the broad bipartisan agreement on major policies. [31] A long-term economic plan was a phrase often used in British politics.