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Water is a commodity that is essential to life. In the paradox of value, it is a contradiction that it is cheaper than diamonds, despite diamonds not having such an importance to life. The paradox of value , also known as the diamond–water paradox , is the paradox that, although water is on the whole more useful in terms of survival than ...
In general, economic growth and happiness growth tend to go together. Some countries, in some periods, experience economic growth without increasing happiness. The Easterlin paradox is a finding in happiness economics formulated in 1974 by Richard Easterlin , then professor of economics at the University of Pennsylvania , and the first ...
The Philosophy of Money (1900; German: Philosophie des Geldes) [1] is a book on economic sociology by German sociologist and social philosopher Georg Simmel. [2] Considered to be the theorist's greatest work, Simmel's book views money as a structuring agent that helps people understand the totality of life. [2]
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse environmental, legal, social, economic, and political causes and effects. [1]
The scale of modern life's overconsumption can lead to a decline in economy and an increase in financial instability. [31] Some argue that overconsumption enables the existence of an "overclass", while others disagree with the role of overconsumption in class inequality. [ 32 ]
Standard of living is the level of income, comforts and services available to an individual, community or society.A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. [1]
The value of life is an economic value used to quantify the benefit of avoiding a fatality. [1] It is also referred to as the cost of life , value of preventing a fatality ( VPF ), implied cost of averting a fatality ( ICAF ), and value of a statistical life ( VSL ).