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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 ...
The classical position had generally been to view the distortions as the culprit [4] and to argue that their removal was the main tool for eliminating unemployment. Keynes on the other hand viewed the market distortions as part of the economic fabric and advocated different policy measures which (as a separate consideration) had social ...
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.
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.
Imputed righteousness is a concept in Christian theology proposing that the "righteousness of Christ ... is imputed to [believers]—that is, treated as if it were theirs—through faith." [ 1 ] : 106 It is on the basis of Jesus' righteousness that God accepts humans.
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 ...
Since then, the model has gone through very significant developments: coercion and reward can have personal as well as impersonal forms. Expert and referent power can be negative or positive. Legitimate power, in addition to position power, may be based on other normative obligations: reciprocity, equity, and responsibility.