Search results
Results from the WOW.Com Content Network
The concept of positional good explains why, as economic growth improves overall quality of life at any particular level, doing "better" than how an individual's grandparents lived does not translate automatically into doing "well", if there are as many or more people ahead of them in the economic hierarchy. For example, if someone is the first ...
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 ...
Ancient Indian economic thought centred on the relationship between the concepts of happiness, ethics, and economic values, as connections between them led to the constituting description of human existence. [5] The Upanishads' fundamental ideas of transcendental unity, oneness, and stability is an example derivative of this relationship. [6]
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 ...
The substantive meaning of economics is seen in the broader sense of provisioning. Economics is simply the way society meets its material needs. Anthropologists embraced the substantive position as empirically oriented as they believed it did not impose western cultural assumptions on other societies where they might not be warranted. [citation ...
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".
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.