Search results
Results from the WOW.Com Content Network
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 ...
Human life has several aspects: social, religious, economic and political—but economics is concerned only with the economic aspect of life. Promotion of welfare is the ultimate goal, but the term welfare is used in a narrow sense to meet material welfare only. [2]
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]
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]
The real man and his actions are the focus of economics, not economic man or a statistically average man. [148] The market adjusts to changes in data, but entrepreneurs must anticipate the rate of adjustment. [149] Cases of external costs reflect loopholes in the legal system rather than flaws in private property. [150]
Many of the quantities of interest, such as income and consumption, are monetary. Keynes often expresses such quantities in wage units (Chapter 4): to be precise, a value in wage units is equal to its price in money terms divided by W, the wage (in money units) per man-hour of labour. Therefore it is a unit expressed in hours of labour.
Commodity money exists today. Mises looks at the origin, nature and value of money, and its effect on determining monetary policy. It does not concern all adaptations of money. He uses the so-called regression theorem, a statement backed by a step by step, logical reasoning. Mises explains why money is demanded in its own right.
The term "economic man" was used for the first time in the late nineteenth century by critics of John Stuart Mill's work on political economy. [3] Below is a passage from Mill's work that critics referred to: [Political economy] does not treat the whole of man's nature as modified by the social state, nor of the whole conduct of man in society.