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Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use.
To overcome the durability problem, durable good manufacturers must persuade consumers to replace functioning products with new ones or to pay them money in other ways. Replacement of functioning goods refers to business strategies that persuade or force consumers to purchase new products.
The word theory in "the theory of evolution" does not imply scientific doubt regarding its validity; the concepts of theory and hypothesis have specific meanings in a scientific context. While theory in colloquial usage may denote a hunch or conjecture, a scientific theory is a set of principles that explains an observable phenomenon in natural ...
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
For Dummies is an extensive series of instructional reference books which are intended to present non-intimidating guides for readers new to the various topics covered. The series has been a worldwide success with editions in numerous languages.
The economics of scientific knowledge typically involves thinking of scientists as having economic interests with these being thought of as utility maximisation and science as being a market process. Modelling strategies might use any of a variety of approaches including the neoclassical, game theoretic, behavioural ( bounded rationality ...
Economic methodology has gone from periodic reflections of economists on method to a distinct research field in economics since the 1970s. In one direction, it has expanded to the boundaries of philosophy , including the relation of economics to the philosophy of science and the theory of knowledge . [ 18 ]
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