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A theory is a rational type of abstract thinking about a phenomenon, or the results of such thinking. ... One good example is classical electromagnetism, ...
Every "good" scientific theory is a prohibition: it forbids certain things to happen. The more a theory forbids, the better it is. A theory which is not refutable by any conceivable event is non-scientific. Irrefutability is not a virtue of a theory (as people often think) but a vice.
Value theory, also known as axiology and theory of values, is the systematic study of values.As the branch of philosophy examining which things are good and what it means for something to be good, it distinguishes different types of values and explores how they can be measured and compared.
The Form of the Good, or more literally translated "the Idea of the Good" (ἡ τοῦ ἀγαθοῦ ἰδέα [a]), is a concept in the philosophy of Plato.In Plato's Theory of Forms, in which Forms are defined as perfect, eternal, and changeless concepts existing outside space and time, the Form of the Good is the mysterious highest Form and the source of all the other Forms.
The seeds of the theory can be found in the hedonists Aristippus and Epicurus who viewed happiness as the only good, the consequentialism of the ancient Chinese philosopher Mozi who developed a theory to maximize benefit and minimize harm, and in the work of the medieval Indian philosopher Shantideva.
In contemporary economic theory, a common good is any good which is rivalrous yet non-excludable, while the common good, by contrast, arises in the subfield of welfare economics and refers to the outcome of a social welfare function. Such a social welfare function, in turn, would be rooted in a moral theory of the good (such as utilitarianism).
This theory of value, according to Smith, best explained the natural prices in the market. While an underdeveloped theory at the time, it did offer an alternative to another popular value theory of the time. The utility theory of value was the belief that price and value were solely based on how much "use" an individual received from a commodity.
Goodhart's law is an adage often stated as, "When a measure becomes a target, it ceases to be a good measure". [1] It is named after British economist Charles Goodhart, who is credited with expressing the core idea of the adage in a 1975 article on monetary policy in the United Kingdom: [2]