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Folk economics is the intuitive economics of untrained people. [1] It is derived from the evolutionary basis for human cognition. According to proponents of the field such as Paul Rubin, in the evolutionary environment of our forebears life was mostly static; there was almost no economic growth or innovation. Moreover, there was relatively ...
In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost. While in common usage, profit refers to earnings minus accounting cost, economists mean earnings minus economic cost or ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
A second edited collection "Virtualism: A New Political Economy," examined the cultural and social effects on western nations forced to adhere to abstract models of the free market: "Economic models are no longer measured against the world they seek to describe, but instead the world is measured against them, found wanting and made to conform."
Historians have long debated the social, economic, and political roles of Southern classes. Terms used by scholars for the self-sufficient farmers at the middle economic level include "common people" and "yeomen." At the lowest level were the struggling poor whites, known disparagingly in some areas of the South as "Crackers." [2]
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Moral economy is a way of viewing economic activity in terms of its moral, rather than material, aspects. The concept was developed in 1971 by British Marxist social historian and political activist E. P. Thompson in his essay, "The Moral Economy of the English Crowd in the Eighteenth Century".
Time on the Cross: The Economics of American Negro Slavery (1974) is a book by the economists Robert Fogel and Stanley L. Engerman.Fogel and Engerman argued that slavery was an economically rational institution and that the economic exploitation of slaves was not as catastrophic as presumed, because there were financial incentives for slaveholders to maintain a basic level of material support ...