(2011) fundamentally evaluates a behavioural question – the question can be looked as open-ended and philosophical and thus evaluating such questions through research methods is not a trivial task. Ontologically, the question itself is based on assumptions – the economists or people who study economics view self-interest as a necessary assumption behind any behaviour. Distinguishing self-interest from greed is notoriously difficult and Wang et al. (2011) have had to rely on assumptions of a cut-off threshold after which the self-interest becomes greed. Epistemologically the authors have devised an experiment using Dictator Game which theoretically has been able to distinguish between self-interest and greed.
Inductive reasoning in economics does the reverse of deductive reasoning namely, it begins with an individual problem or question and proceeds to form a general principle based on evidence observed in the real world of economic activity. Induction in economics requires rigorous use of the methodology of economic research (www.yourarticlelibrary.com). This includes use of the mathematical modeling and statistical processes or economic measurement. The process involves the problem, collection, classification and analysis of data, observation and generalization. Merits of such a method of reasoning are that it is realistic and forms a solid foundation for future enquiries (www.yourarticlelibrary.com).
ROLE OF MONEY IN MACROECONOMICS 1. Introduction Money can be seen as the medium of exchange which is acceptable while transaction is being undertaken between two parties. Some of the common forms of money are: - Commodity money: This is when the value of the good represents its value in terms of money like gold or silver. - Fiat money: This is when the value of the good is less than the value it represents - Bank money: It is the accounting credits that can be used by the depositor Money serves a variety of crucial functions in the economy and this is why it has gained an unparalleled influence in the matters of economy at micro as well as macro levels. Some of the features of money that make it so important for any economy are as follows:
Class ideology has existed throughout the ages thus before exploring the concept of class through the writing of Marx and Bourdieu it is vital to firstly establish exactly what class is and what it means to individuals in societies. Firstly class can be described as a form of social ranking; in other words, where one places on the ladder of inequality. This form of class judgement is based
Due to ongoing increases in growing deficits that contribute to the growing National Debt, there has been continued discussion to implement a balanced budget. There are both positives and negatives for enacting such an amendment that has been laid out by many scholars. Additionally, there has been an alternative to a balanced budget amendment and that is to enact procedural rules. There are two metaphysical arguments against a balanced-budget amendment and that such an amendment would harm the economy. First the Keynesian stabilization policies for economics that centers around changing economic direction in respect to the status of the economy.
In this presentation, the focus will be in the field of economics. The central problem of economics involves the study of scarcity (limited choices and unlimited wants). It shows how individuals, societies, governments, businesses, households allocate their scarce resources when faced with the problem of scarcity. It is about the choices that we make and the effects of our choices on each other. Economics is highly applicable to every aspect of our lives, from the decisions we make as individuals to the structures created by governments and firms.
Relations between, say, bankers and their employees, employees hired by merchants, landlords, money-lenders and state functionaries fall under this category of individuals selling unproductive labour power to subsumed class. Since, these set of individuals do not come under any class process, we call such flows of value, non-class incomes and designate them as nc. Combining fundamental, subsumed and non-class incomes, Resnick and Wolff propose a general formulation of the class analysis of income distribution: Y=v+s+ssc+nc Any industrialist capitalist enterprise may be engaged in a number of class and non-class processes that can generate three forms of revenues. The enterprise receives surplus value if its board members participate in the fundamental class process and occupy fundamental class positions. If they provide conditions of existence to other industrial capitalists, they then occupy subsumed class positions and receive subsumed class revenues.
ECONOMICS ASSIGNMENT CLASSIFICATION OF MARKETS AND ITS PRACTICAL IMPORTANCE SUBMITTED BY, REVIN FRANCIS NO-b1488 MBA-A MARKET STRUCTURE Market structure is defined by economists as the characteristics of the market. It can be organizational characteristics or competitive characteristics or any other features that can best describe a goods and services market. The major characteristics that economist have focused on in describing the market structures are the nature of competition and the mode of pricing in that market. Market structures can also be described as the number of firms in the market that produce identical goods and services. The market structure has great influence on the behaviour of individuals firms in the market.
In general, economist prefer to use objective measures in their research, but there is growing interest in the use of subjective measure for studying different types of economic or financial behaviours such as perceptions of life satisfaction, happiness and well-being (Kahneman & Krueger, 2006; Stanca, 2012; Corazzini, Esposito, & Majorano, 2012), risk (Hallahan, Faff, & McKenzie, 2004; Botzen & van den Bergh, 2012; Kelly, Letson, Nelson, Nolan, & Solis, 2012) and credit scores (Courchance, Gailey, & Zorn, 2008). Also political scientist have relied on subjective measurements methods, like public opion polls, of political or voting behavior (Jacoby, 2010; McDonald & Tolbert, 2012). The medical field has been using self-assessments in order for getting feedback from patients on subjective concepts such as pain (Turk & Melzack,
Main arguments involve the theory fails in providing sufficient account of its dynamic properties such as ‘internal relations’ between policy makers and the agents (entrepreneur). Their main concern is, Keynes could elaborate in his theory which ways the group of agents that participate in trade will be able to integrate with the policy makers of host country so as to ensure maintenances of his ideas of effective demand in the economy (Jespersen and Madsen 2012: 50). After criticism of Keynes’s theory there exists another group successors of Keynes identified as Keynesians and post-Keynesians. Each group has its own way of analysing trade and its impact on current account of the country. Keynesians who are also known as neoclassical synthesis develop their theory which considers some of ideas from the general theory.