This is easily explained: the economist is interested in the production and distribution of the resources available to society. Hence multiple quantitative operations, with quantities of goods, prices and values. The economist's activity ranges from relatively simple calculations, such as those made in accounting and actuarial calculus, to the more complicated ones relating to the search for an efficient allocation of resources. Mathematics then provides tools that can help to achieve a defined goal - the profit of some or the well-being of the community, for example - or to extract information from available data, mobilizing techniques such as Factor analysis or discriminant
1. How does Smith use the above assertion to explain a market economy? Outline his argument. Smith uses the above argument to explain a market economy by demonstrating how self-interest creates an underlying force in the economy that encourages trade and so regulates and creates a market. The basis of Smith’s clam begins with his earlier work, Theory of the Moral Sentiment, which explores the theory of mind and how human beings have a genetic knack for understanding how other humans think and behave.
The persona portrayed by Dubner and Levitt in their novel Freakonomics is that of an unconventional Economist. Levitt’s introduction includes the quote "Morality, it could be argued, represents the way that people would like the world to work, whereas economics represents how it actually does work." (Levitt 13). This quote details an important distinction that characterizes the rest of Levitt's analysis. As an economist, he studies how the world actually functions, which tends to include deviations from what may be considered the moral.
However the motivation to study the topic of greed in economists and economics education is evident and this topic has been widely written upon. The topic can have widespread impact on curriculum of economics education and possible debate on what to include in the current economics curriculum such that it does not promote greed but propagates equality and
Theoretical correctness is a meta-evaluation of the schema of the study. It ensures clear connections between the data and the framework of the style of research, and that the language is clear, logical, and reflects the data. Heuristic relevance is primarily for the reader. It aims to rid the report of any verbosity or unfamiliar langue. The goal
That is (at the risk of oversimplifying), norms governing human interaction are in fact *real* and we have direct knowledge of their reality--it is something we can feel viscerally when we observe violations--but our attempts to express and define those norms symbolically are at best approximations about which we should remain somewhat skeptical. Moreover, the reality of norms governing human interaction is intersubjective; they are communicative constituents of the lifeworld. They are dynamic and improve over time when certain knowable communicative procedural norms are followed. These communicative procedural norms are universal to all language users, and the study of them is known as formal pragmatics. Here we have a system that accounts for both moral relativism and moral universalism and is grounded in an inherently human practice.
‘’In contrast with an understanding of neoliberalism as a set of state policies, a phase of capitalism, or an ideology that set loose the market to restore profitability for a capitalist class, I join Michel Foucault and others in conceiving neoliberalism an order of normative reason that, when it becomes ascendant, takes a shape as a governing rationality extending a specific formulation of economic values, practices and metrics to every dimension of human life.’’(Brown, 2011, s.30) Neoliberalism as a technical rationality creates a word that processes through economization and transmogrifies all aspects of human spheres and politics in accordance with harsh capitalism. Not states but capitalism had the control of the every aspect of the human domains by creating individuals(homoeconomicus) that seeking only their self-interest in every
The primary function of AIS is assigned the qualitative value of economic events. It is a computerized accounting of produce the financial statement named as Income Statement. Cash Flow Statement and Balance sheet. Accounting Information System can ensure the reliability of financial information processing and control and measures the economic information reliability. Managers Need AIS means to decide internal controls.
The existing literatures referred in this chapter are focusing on result from the lab experiment. While attempting to be as inclusive as possible, the main focus of this chapter will be on dishonesty and (un)ethical behavior. Several concepts in economics and psychology that serve as explanations for behavioral con-tagion include social decisions and social distance (Akerlof, 1997), (Glaeser & Scheinkman, 2004); social status and conformity (Bernheim, 1994); imitation of behavior (Alós-Ferrer & Schlag, 2009); social learning (Bandura, 1971); norms (Cialdini et al., 1990); vicarious self-perception (Goldstein & Cialdini,2007). (Kandel & Lazear, 1992) even provided an argument that peer pressure may contain shame and guilt which in turn affect behavioral contagion. These concepts despite differences in verbal expressions, are not so strictly exclusive from each other, in both their conclusions and assumptions.