Search results
Results from the WOW.Com Content Network
A last definition of positional good derives from the so-called "Veblen effect", which is witnessed whenever individuals are willing to pay higher prices for functionally equivalent goods (a significant example is the luxury goods market).
The two kinds of righteousness is a Lutheran paradigm (like the two kingdoms doctrine).It attempts to define man's identity in relation to God and to the rest of creation. The two kinds of righteousness is explicitly mentioned in Luther's 1518 sermon entitled "Two Kinds of Righteousness", in Luther's Commentary on the Epistle to the Galatians (1535), in his On the Bondage of the Will ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems.
A society's livelihood strategy is seen as an adaptation to its environment and material conditions, a process which may or may not involve utility maximization. The substantive meaning of 'economics' is seen in the broader sense of 'provisioning.' Economics is the way society meets material needs. [2]
Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect relationships. It emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.
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".
Constitutional economics has been characterized as a practical approach to apply the tools of economics to constitutional matters. For example, a major concern of every nation is the proper allocation of available national economic and financial resources. The legal solution to this problem falls within the scope of constitutional economics. [3]