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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. Plausible reasoning can be tested, and by this means, confirmed or refuted.
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 ...
As the study of argument is of clear importance to the reasons that we hold things to be true, logic is of essential importance to rationality. Arguments may be logical if they are "conducted or assessed according to strict principles of validity", [1] while they are rational according to the broader requirement that they are based on reason and knowledge.
Definitional retreat – changing the meaning of a word when an objection is raised. [23] Often paired with moving the goalposts (see below), as when an argument is challenged using a common definition of a term in the argument, and the arguer presents a different definition of the term and thereby demands different evidence to debunk the argument.
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Polanyi argued that the term economics has two meanings: the formal meaning refers to economics as the logic of rational action and decision-making, as a rational choice between the alternative uses of limited (scarce) means. The second, substantive meaning, however, presupposes neither rational decision-making nor conditions of scarcity.
An example in economic policy, economist Anthony Downs concluded that a high income voter ‘votes for whatever party he believes would provide him with the highest utility income from government action’, [19] using rational choice theory to explain people's income as their justification for their preferred tax rate.