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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 ...
Economist Dean Baker disagrees and says that “housing wealth effect” is well-known and is a standard part of economic theory and modeling, and that economists expect households to consume based on their wealth. He cites approvingly research done by Carroll and Zhou that estimates that households increase their annual consumption by 6 cents ...
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]
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]
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
Global physical and economic water scarcity. Water scarcity has been defined as the "volumetric abundance, or lack thereof, of freshwater resources" and it is thought to be "human-driven". [15]: 4 This can also be called "physical water scarcity". [4] There are two types of water scarcity.
Life expectancy has been increasing and converging for most of the world. Sub-Saharan Africa has recently seen a decline, partly related to the AIDS epidemic. Graph shows the years 1950–2005. The effects of poverty may also be causes of poverty thus creating a cycle of poverty operating across multiple levels, individual, local, national and ...
Economic evaluation of time activates the human motivation system that is associated with self-focused values. People with an economic mindset therefore tend to prioritize personal achievement more than the wellbeing of others and spend time in ways that maximize personal gains. This tendency negatively contributes to well-being. [4]