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New Pragmatism
New pragmatism ( pl, nowy pragmatyzm) – original paradigmatic and heterodox theory of economics created by Grzegorz W. Kolodko to address the contemporary civilizational challenges and economic system transformations. It is based on the imperative for a harmonious triply sustainable social and economic growth. New pragmatism, by creating a new, multidisciplinary epistemological perspective for analyzing economic phenomena and by providing new, enriched cognitive and analytic methods and tools stands for abandoning the economic orthodoxy in favor of what works, and what may be a useful basis for solving actual social and economic problems. Cognitive and methodological eclecticism is inherent in this approach. Characteristics New pragmatism as a theoretical concept fits squarely in the sequence of views of philosophers and economists who believed the meaning and purpose of economics as a science is to find the rules governing the functioning of a good economy in specific tem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paradigmatic
In science and philosophy, a paradigm () is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitute legitimate contributions to a field. Etymology ''Paradigm'' comes from Greek παράδειγμα (''paradeigma''), "pattern, example, sample" from the verb παραδείκνυμι (''paradeiknumi''), "exhibit, represent, expose" and that from παρά (''para''), "beside, beyond" and δείκνυμι (''deiknumi''), "to show, to point out". In classical (Greek-based) rhetoric, a paradeigma aims to provide an audience with an illustration of a similar occurrence. This illustration is not meant to take the audience to a conclusion, however it is used to help guide them get there. One way of how a ''paradeigma'' is meant to guide an audience would be exemplified by the role of a personal accountant. It is not the job of a personal accountant to tell a client exactly what (and what not) to spend money on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nation State
A nation state is a political unit where the state and nation are congruent. It is a more precise concept than "country", since a country does not need to have a predominant ethnic group. A nation, in the sense of a common ethnicity, may include a diaspora or refugees who live outside the nation state; some nations of this sense do not have a state where that ethnicity predominates. In a more general sense, a nation state is simply a large, politically sovereign country or administrative territory. A nation state may be contrasted with: * A multinational state, where no one ethnic group dominates (such a state may also be considered a multicultural state depending on the degree of cultural assimilation of various groups). * A city-state, which is both smaller than a "nation" in the sense of "large sovereign country" and which may or may not be dominated by all or part of a single "nation" in the sense of a common ethnicity. * An empire, which is composed of many countries (po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economics
Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth; "political" signifying the Greek word ''polity'' and "economy" signifying the Greek word '; household management. The earliest works of political economy are usually attributed to the Britis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schools Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economics, economic thinkers who share or shared a common perspective on the way economy, economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, History of India, Indian, Persian Empire, Persian, Caliphate, Islamic, and Imperial era of Chinese history, Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century, and Karl Marx and Friedrich Engels, Friedrich Engels' Marxian economics in the mid 19th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Science
Science is a systematic endeavor that builds and organizes knowledge in the form of testable explanations and predictions about the universe. Science may be as old as the human species, and some of the earliest archeological evidence for scientific reasoning is tens of thousands of years old. The earliest written records in the history of science come from Ancient Egypt and Mesopotamia in around 3000 to 1200 BCE. Their contributions to mathematics, astronomy, and medicine entered and shaped Greek natural philosophy of classical antiquity, whereby formal attempts were made to provide explanations of events in the physical world based on natural causes. After the fall of the Western Roman Empire, knowledge of Greek conceptions of the world deteriorated in Western Europe during the early centuries (400 to 1000 CE) of the Middle Ages, but was preserved in the Muslim world during the Islamic Golden Age and later by the efforts of Byzantine Greek scholars who brought Greek ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Good (economics)
In economics, a public good (also referred to as a social good or collective good)Oakland, W. H. (1987). Theory of public goods. In Handbook of public economics (Vol. 2, pp. 485-535). Elsevier. is a good that is both non-excludable and non-rivalrous. For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others. Therefore, the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, the fact that it can be used simultaneously by more than one person would be economically irrelevant. Capital goods may be used to produce public goods or services th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Service
A public service is any service intended to address specific needs pertaining to the aggregate members of a community. Public services are available to people within a government jurisdiction as provided directly through public sector agencies or via public financing to private businesses or voluntary organizations (or even as provided by family households, though terminology may differ depending on context). Other public services are undertaken on behalf of a government's residents or in the interest of its citizens. The term is associated with a social consensus (usually expressed through democratic elections) that certain services should be available to all, regardless of income, physical ability or mental acuity. Examples of such services include the fire brigade, police, air force, and paramedics (see also public service broadcasting). Even where public services are neither publicly provided nor publicly financed, they are usually subject to regulation going beyond that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Accumulation
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.''Capital'', Encyclopedia on Marxists.org: http://marxists.org/glossary/terms/c/a.htm#capital Definition The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: *a ''net addition'' to existing wealth *a ''redistribution'' of wealth. Most often, capi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Market
A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments. Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties. Transactions on capital markets are generally managed by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. As an example, in the United States, any American citizen with an internet connection can create an account with TreasuryDirect and use it to buy bonds in the primary market, though sales to individu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable. A good is an "economic good" if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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