query: who defines economics as the science of wealth

pos: Welfare definition of economics Welfare definition of economics The "welfare definition" of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, "man earns money to get material welfare." This is why economists since Marshall have described his definition as the "welfare definition" of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth

pos: Economics Say (1803), distinguishing the subject from its public-policy uses, defines it as the science "of" production, distribution, and consumption of wealth. On the satirical side, Thomas Carlyle (1849) coined "the dismal science" as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798). John Stuart Mill (1844) defines the subject in a social context as: Alfred Marshall provides a still widely cited definition in his textbook "Principles of Economics" (1890) that extends analysis beyond wealth and from the societal to the microeconomic level: Lionel Robbins (1932) developed implications of what has been termed

pos: Definitions of economics of Malthus (1798). John Stuart Mill (1844) defines the subject in a social context as: The shift from the social to the individual level appears within the main works of the Marginal Revolution. Carl Menger's definition reflects the focus on the economizing man: William Stanley Jevons, another very influential author of the Marginal Revolution defines economics highlighting the hedonic and quantitative aspects of the science: Alfred Marshall provides a still widely cited definition in his textbook "Principles of Economics" (1890) that extends analysis beyond wealth and from the societal to the microeconomic level, creating a certain synthesis of the views

neg: Definitions of economics The title page gave as its subject matter "population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit and taxes". economics are important for our life The philosopher Adam Smith (1776) defines the subject as "an inquiry into the nature and causes of the wealth of nations," in particular as: J.B. Say (1803), distinguishing the subject from its public-policy uses, defines it as the science "of" production, distribution, and consumption of wealth. On the satirical side, Thomas Carlyle (1849) coined 'the dismal science' as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis

neg: Economics a proportion of the value their work had created. At the dawn as a social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his "Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth" (1803). These three items are considered by the science only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has prevailed up to our time, saved by substituting the word "wealth" for "goods and services" meaning that wealth may

neg: Welfare definition of economics and humanity together, rather than wealth alone. In his widely read textbook, "Principles of Economics", published in 1890, Marshall defines economics as follows: "Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being". The following are the implications of this definition: According to Edwin Cannan, "the aim of political economy or Economics is the explanation of the general causes on which the material welfare of human beings depend". Marshall

neg: Social science a social science, the discipline often overlaps with sociology, psychology, anthropology, biology, political science, economics, and public policy, among others. From a humanities perspective, communication is concerned with rhetoric and persuasion (traditional graduate programs in communication studies trace their history to the rhetoricians of Ancient Greece). The field applies to outside disciplines as well, including engineering, architecture, mathematics, and information science. Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The word "economics" is from the Ancient Greek "oikos", "family, household, estate", and νόμος "nomos", "custom, law", and hence means "household

neg: Economics economy" to "economics" as a shorter term for "economic science". At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: Jean-Baptiste

neg: Peace economics or "appropriative" economic activities their starting point of analysis in peace economics. Economics Nobelist Jan Tinbergen defines peace economics as "economic science used for [a purpose that] prohibits [war] as an instrument of settling conflicts between nations and [to organize] the world in a way that warfare is punished". Violence is addressed only at the level of sovereigns, not dealing with civil war or debilitating organized or individual-level criminal violence. In related work, Tinbergen writes about a world order that would inhibit violence and permit peace between and among states. In his view, this requires a "world government", a sentiment

neg: Reflections on the Formation and Distribution of Wealth Reflections on the Formation and Distribution of Wealth Reflections on the Formation and Distribution of Wealth (also translated as "Reflections on the Formation and Distribution of Riches") was a treatise written by French Enlightenment philosopher and civil servant Anne Robert Jacques Turgot. First published in 1770, this work discusses several topics among them agricultural society, capital, commerce, money, the nature of interest, and both personal and national wealth. Turgot's work was published in 1770 during not only the height of the Enlightenment, but also the emergence of economics as a distinct social science. Adam Smith's "The Wealth of Nations" is

neg: Adam Smith as the author of both "The Wealth of Nations" and "The Theory of Moral Sentiments", and thereby as the founder of a moral philosophy and the science of economics. His "homo economicus" or "economic man" was also more often represented as a moral person. Additionally, economists David Levy and Sandra Peart in "The Secret History of the Dismal Science" point to his opposition to hierarchy and beliefs in inequality, including racial inequality, and provide additional support for those who point to Smith's opposition to slavery, colonialism, and empire. They show the caricatures of Smith drawn by the opponents of views

neg: Economics goal winning it (as a sought after end), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision) but rather explore other alternatives. We cannot define economics as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use

neg: Ecological economics "Wealth, Virtual Wealth and Debt" (1926), Soddy criticized the prevailing belief of the economy as a perpetual motion machine, capable of generating infinite wealth—a criticism expanded upon by later ecological economists such as Nicholas Georgescu-Roegen and Herman Daly. European predecessors of ecological economics include K. William Kapp (1950) Karl Polanyi (1944), and Romanian economist Nicholas Georgescu-Roegen (1971). Georgescu-Roegen, who would later mentor Herman Daly at Vanderbilt University, provided ecological economics with a modern conceptual framework based on the material and energy flows of economic production and consumption. His "magnum opus", "The Entropy Law and the Economic Process" (1971), is credited

neg: Charles E. Lindblom in "Politics And Markets". The most important of these is that while the Market System is the best mechanism yet devised for creating and fostering wealth and innovation, it is not very efficient at assigning non-economic values and distributing social or economic justice. He died on January 30, 2018 at the age of 100. Charles E. Lindblom Charles Edward Lindblom (March 21, 1917 – January 30, 2018) was an American academic who was Sterling Professor Emeritus of Political Science and Economics at Yale University. He served as President of the American Political Science Association and the Association for Comparative Economic

neg: Social technology conscious and purposeful organization of persons in which every actual, natural social organization finds its true place, and all factors in harmony cooperate to realize an increasing aggregate and better proportions of the "health, wealth, beauty, knowledge, sociability, and rightness" desires.' In 1923, the term social technology was given a wider meaning in the works of Ernest Burgess and Thomas D. Eliot, who defined social technology to include the application, particularly in social work, of techniques developed by psychology and other social sciences. In 1928, Luther Lee Bernard defines "applied" science as the "collection of norms or standards, built up

neg: Thomas Nixon Carver For a time, there he taught the only course in sociology. He was the secretary-treasurer of the American Economic Association (1909–1913) and was elected its President in 1916. Carver's principal achievement in economic theory was to extend Clark's theory of marginalism to determination of interest from saving ('abstinence') and productivity of capital. He made pioneering contributions to agricultural and rural economics and in rural sociology. He wrote on such diverse topics as monetary economics, macroeconomics, the distribution of wealth, the problem of evil, uses of religion, political science, political economy, social justice, behavioral economics, social evolution, and the economics of

neg: Pi Gamma Mu As an affiliate organization, Pi Gamma Mu is entitled to representation by two delegates during the meetings of the AAAS. Pi Gamma Mu Pi Gamma Mu or ΠΓΜ (from Πολιτικές Γνώσεως Μάθεται) is the oldest and preeminent honor society in the social sciences. It is also the only interdisciplinary social science honor society. It serves the various social science disciplines which seek to understand and explain human behavior and social relationships as well as their concomitant problems and issues. Pi Gamma Mu's constitution defines the social sciences to include the disciplines of history, political science, sociology, anthropology, economics, psychology, international

neg: Ancient economic thought trade. Chanakya (c. 350 BC-275 BC) considered economic issues. He was a professor of political science at the Takshashila University of ancient India, and later the Prime Minister of the Mauryan emperor Chandragupta Maurya. He wrote the "Arthashastra" (""Science of Material Gain"" or """Science of political economy"" in Sanskrit). Many of the topics discussed in the "Arthashastra" are still prevalent in modern economics, including its discussions on the management of an efficient and solid economy, and the ethics of economics. Chanakya also focuses on issues of welfare (for instance, redistribution of wealth during a famine) and the collective ethics that

neg: Frank Cowell Frank Cowell Frank A. Cowell is Professor of Economics at the London School of Economics and Political Science. His work includes important contributions to the fields of income and wealth distribution, inequality, poverty and taxation. Cowell was educated at Ardingly College before entering Trinity College, Cambridge where he completed his BA (1971), MA (1975) and PhD (1977) in Economics. Cowell was briefly Lecturer in Economics at University of Keele before moving to LSE in 1977. He was also Associate Editor of the Journal of Public Economics from 1988-2001. Cowell is the Editor of Economica and Associate Editor of Hacienda Pública

neg: The Billion Dollar Boy remembers it temporarily while saving shipwreck [sabotage] victims. The book is a relatively light adventure tale, by Sheffield standards, and serves mainly as a platform for the author's views on child rearing, while giving some hard science fiction theories about far future technology and economics. The Billion Dollar Boy The Billion Dollar Boy is a 1997 science fiction novel by Charles Sheffield. The story takes place centuries in the future where asteroid mining is a major industry. Earth's population is 14 billion, most live in poverty. The protagonist is Shelby Cheever, a spoiled, exceedingly rich teenager, who lords his wealth

neg: Economics Does Not Lie book on July 20, 2009. Sorman had previously authored over twenty other books on international social-economic issues such as "The New Wealth of Nations" (1987), "The Genius of India" (2000), and "The Empire of Lies" (2008) as well as written for "City Journal", "Le Figaro", and the "Wall Street Journal". He also taught economics at the Paris Institute of Political Sciences from 1970 to 2000. He based this book on a French language article that "City Journal" published (translated into English by Ralph C. Hancock) in its Summer 2008 issue. Sorman provides an overview of economics as a social science

neg: Pi Gamma Mu Pi Gamma Mu Pi Gamma Mu or ΠΓΜ (from Πολιτικές Γνώσεως Μάθεται) is the oldest and preeminent honor society in the social sciences. It is also the only interdisciplinary social science honor society. It serves the various social science disciplines which seek to understand and explain human behavior and social relationships as well as their concomitant problems and issues. Pi Gamma Mu's constitution defines the social sciences to include the disciplines of history, political science, sociology, anthropology, economics, psychology, international relations, criminal justice, social work, social philosophy, history of education, and human geography. Membership is also extended to interdisciplinary social

neg: High-net-worth individual segment." Their first annual World Wealth Report was published in 1996. The World’s Wealth Report defines HNWIs as those who hold at least US$1 million in assets excluding primary residence and ultra-HNWIs as those who hold at least US$30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$32.8 trillion, a 19.5% decrease from 2007. The ultra-HNWIs experienced the greater loss, losing 24.6% in population size and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI

neg: Arthashastra other sciences are special branch of the Vedas. The Arthashastra then posits its own theory that there are four necessary fields of knowledge, the Vedas, the "Anvikshaki" (philosophy of "Samkhya", "Yoga" and "Lokayata"), the science of government and the science of economics ("Varta" of agriculture, cattle and trade). It is from these four that all other knowledge, wealth and human prosperity is derived. The Kautilya text thereafter asserts that it is the Vedas that discuss what is Dharma (right, moral, ethical) and what is Adharma (wrong, immoral, unethical), it is the "Varta" that explain what creates wealth and what destroys

neg: History of science syntax. Additional specialties such as sociolinguistics, cognitive linguistics, and computational linguistics have emerged from collaboration between linguistics and other disciplines. The basis for classical economics forms Adam Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations", published in 1776. Smith criticized mercantilism, advocating a system of free trade with division of labour. He postulated an "invisible hand" that regulated economic systems made up of actors guided only by self-interest. Karl Marx developed an alternative economic theory, called Marxian economics. Marxian economics is based on the labor theory of value and assumes the value of good to

neg: Wealth wealth creation as the combination of materials, labour, land, and technology in such a way as to capture a profit (excess above the cost of production). The theories of David Ricardo, John Locke, John Stuart Mill, in the 18th century and 19th century built on these views of wealth that we now call classical economics. Marxian economics ("see labor theory of value") distinguishes in the "Grundrisse" between material wealth and human wealth, defining human wealth as "wealth in human relations"; land and labour were the source of all material wealth. The German cultural historian Silvio Vietta links wealth/poverty to rationality.

neg: Wealth Wealth Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word "weal", which is from an Indo-European word stem. An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts). The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics

neg: Paper wealth traditional distinction, dating from Aristotle in antiquity to David Ricardo in the classical economics of the 19th century, but the distinction is no longer drawn in mainstream economics, particularly neoclassical economics, and the debate resolved in favor of exchange value – market price is seen as a sufficient notion of value; see Exchange value: Other theories of exchange value for discussion. In economics, the notion of paper wealth is most associated with the heterodox school of Marxian economics, in the notion of fictitious capital by Karl Marx, in his critique of capitalism. Paper wealth is also important in certain theories

neg: Singapore Management University Management (MiM), Master of Science in Wealth Management (MWM), Master of Science in Applied Finance (MAF) Master of Science in Quantitative Finance (MQF) and Master of Science in Innovation (MI). The school offers the Master of Science in Applied Finance (China) programme, a collaborative effort between SMU and Wangyanan Institute for the Study of Economics (WISE) at Xiamen University, China and the Master of Science in Communication Management (MCM), in partnership with Università della Svizzera italiana (USI) and with 10 days spent at the UCLA Anderson School of Management. The newest programme offering Master of Human Capital Leadership (MHCL) has

neg: Philosophy and economics called dialectical materialism. The philosophy of economics defines itself as including the questioning of foundations or assumptions of economics. The foundations and assumption of economics have been questioned from the perspective of noteworthy but typically under-represented groups. These areas are therefore to be included within the philosophy of economics. The "ethics of economic systems" is an area of overlap between business ethics and the philosophy of economics. People who write on the ethics of economic systems are more likely to call themselves "political philosophers" than "business ethicists" or "economic philosophers". There is significant overlap between theoretical issues in economics and

neg: David Easley David Easley David Alan Easley (born 1950s) is an American economist. Easley is the Henry Scarborough Professor of Social Science and the Donald C. Opatrny '74 Chair of the Department of Economics at Cornell University. He was previously an Overseas Fellow of Churchill College at Cambridge University. His research is in the field of Economics, Finance and Decision Theory. In Economics, he focuses on learning, wealth dynamics and natural selection in markets. In Finance, his work focuses on Market microstructure and asset pricing. In Decision Theory, he works on modeling decision making in complex environments. He is a Fellow of

neg: Jacob A. Frenkel Jacob A. Frenkel Jacob Aharon Frenkel (; born 8 February 1943) is an Israeli economist and the Chairman of JPMorgan Chase International. He served as Governor of the Bank of Israel between 1991 and 2000. Frenkel was born in Mandatory Palestine. He earned a B.A. in economics and political science at the Hebrew University of Jerusalem, and an M.A. and Ph.D. in economics at the University of Chicago. He earned his Ph.D. in 1970 with thesis titled "Money, Wealth and the Balance of Payments in a Model of Accumulation". Frenkel is currently the Chairman of JPMorgan Chase International, which executes

neg: Country attractiveness Country attractiveness Country attractiveness is a multidisciplinary concept at the crossroads of development economics, financial economics, comparative law and political science: it aims at tracking and contrasting the relative appeal of different territories and jurisdictions competing for “scarce” investment inflows, by scoring them quantitatively and qualitatively across "ad hoc" series of variables such as GDP growth, tax rates, capital repatriation … etc. There are multiple factors determining host country attractiveness in the eyes of large foreign direct institutional investors, notably pension funds and sovereign wealth funds. Research conducted by the World Pensions Council (WPC) suggests that perceived legal/political stability over

neg: Country attractiveness by investing massively in infrastructure projects […] this pragmatic approach proved to be very successful.” Country attractiveness Country attractiveness is a multidisciplinary concept at the crossroads of development economics, financial economics, comparative law and political science: it aims at tracking and contrasting the relative appeal of different territories and jurisdictions competing for “scarce” investment inflows, by scoring them quantitatively and qualitatively across "ad hoc" series of variables such as GDP growth, tax rates, capital repatriation … etc. There are multiple factors determining host country attractiveness in the eyes of large foreign direct institutional investors, notably pension funds and sovereign wealth

neg: Abul A'la Maududi "generally considered to be "one of the founding document of modern Islamic economics. Maududi has been called the leader of the "vanguard of contemporary Islamic orthodoxy" in ""riba" and finance." and credited with laying "down the foundations for development" of Islamic economics. However, Maududi believed Islam "does not concern itself with the modes of production and circulation of wealth", and was primarily interested in cultural issues rather than socioeconomic ones. Maududi dismissed the need for a "new science of economics, embodied in voluminous books, with high-sounding terminology and large organisation", or other "experts and specialists" which he believed to be

neg: Frank Cowell Española/Revista de Economia Publica and Journal of Income Inequality. He is also the Director of Distributional Analysis Research Programme at the Suntory-Toyota International Centre for Economics and Related Disciplines. Cowell is fluent in French, Italian, German and Spanish and has a good knowledge of Finnish and Hindi. Frank Cowell Frank A. Cowell is Professor of Economics at the London School of Economics and Political Science. His work includes important contributions to the fields of income and wealth distribution, inequality, poverty and taxation. Cowell was educated at Ardingly College before entering Trinity College, Cambridge where he completed his BA (1971), MA

neg: Theory of value (economics) Smith’s work "The Wealth of Nations". The famous “water-diamond” paradox questions this by examining the use in comparison to price of these goods. Water, while necessary for life, is far less expensive than diamonds, which have basically no use. Which value theory holds true divides economic thinkers, and is the base for many socioeconomic and political beliefs. Silvio Gesell denied value theory in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and inactivity. According to the intrinsic theory of value (also

neg: Wealth items, usually in the form of money, real estate and personal property. An individual who is considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. In economics, net worth refers to the value of assets owned minus the value of liabilities owed at a point in time. Wealth can be categorized into three principal categories: personal property, including homes or automobiles; monetary savings, such as the accumulation of past income; and the capital wealth of income producing assets, including real estate, stocks, bonds, and businesses. All these delineations

neg: History of science inefficiencies in the market create a need for control by a central bank or government. The above "history of economics" reflects modern economic textbooks and this means that the last stage of a science is represented as the culmination of its history (Kuhn, 1962). The "invisible hand" mentioned in a lost page in the middle of a chapter in the middle of the "Wealth of Nations", 1776, advances as Smith's central message. It is played down that this "invisible hand" acts only "frequently" and that it is "no part of his [the individual's] intentions" because competition leads to lower prices

neg: The Wealth of Nations The Wealth of Nations An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the "magnum opus" of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets. "The Wealth of Nations"

neg: Relative deprivation people who had it once than by the people who never had the opportunity to vote. Some sociologists, for instance Karl Polanyi, have argued that relative differences in economic wealth are more important than absolute deprivation, and that it is more significant in determining human quality of life. This debate has important consequences for social policy, particularly on whether poverty can be eliminated simply by raising total wealth or whether egalitarian measures are also needed. A specific form of relative deprivation is relative poverty. A measure of relative poverty defines poverty as being below some relative poverty line, such as

neg: Buddhist economics of inner (spiritual) wealth even more than outer (material) wealth. Buddhist economics holds that truly rational decisions can only be made when we understand what creates irrationality. When people understand what constitutes desire, they realize that all the wealth in the world cannot satisfy it. When people understand the universality of fear, they become more compassionate to all beings. Thus, this spiritual approach to economics doesn't rely on theories and models, but on the essential forces of acumen, empathy, and restraint. From the perspective of a Buddhist, economics and other streams of knowledge cannot be separated. Economics is a single

neg: Econodynamics Econodynamics Econodynamics is an empirical science that studies emergences, motion and disappearance of value—a specific concept that is used for description of the processes of production and distribution of wealth. Econodynamics is based on the achievements of classical political economy and neo-classical economics and has been using the methods of phenomenological science to investigate evolution of economic system. Econodynamics has been proposing methods of analysis and forecasting of economic processes. The comprehensive review of the problems of econodynamics is given recently by Vladimir Pokrovskii. Economic events are considered as processes of creation, motion and distribution of value that is understood

neg: Mainstream economics the English-speaking world, and to a lesser extent globally. Prior to the of development and prevalence of classical economics, the dominant school in Europe was mercantilism, which was rather a loose set of related ideas than an institutionalized school. With the development of modern economics, conventionally given as the late 18th-century "The Wealth of Nations" by Adam Smith, British economics developed and became dominated by what is now called the classical school. From "The Wealth of Nations" until the Great Depression, the dominant school within the English-speaking world was classical economics, and its successor, neoclassical economics. In continental Europe, the

neg: Rinat Akhmetov due to work-related health complications. Akhmetov obtained a Bachelor of Arts / Science in Economics from the Donetsk National University. He graduated in 2001. Details regarding Akhmetov's past, how he obtained his wealth after the fall of communism in Ukraine, and the decade between 1985 and 1995 remain controversial. Akhmetov has stated in interviews that he obtained his wealth by making risky business investments in the first years after the collapse of the Soviet Union, and responded to allegations in 2010, denying he has ever inherited any money from Akhat Bragin or anyone else: "I have earned my first million

neg: Oikonomos "oikonomos" would be expected to provide material aid to these same neighbors in their own time of need. This effectively established a credit system for a pre-bank economy. Xenophon's Oeconomicus is one of the earliest sources to extensively discuss the management of a wealthy agrarian estate. Here, the role of the "oikonomos" largely concerned management of his household with the aim of accumulating and preserving wealth, rather than a relation to any modern sense of "economics". Socrates and Critobulus consider household management to be an art or science, and the former argues that the best "oikonomos" is the one who

neg: Thomas Piketty approach is inter-disciplinary and he has been involved in the teaching of the new MSc degree in Inequalities and Social Science at the London School of Economics. Piketty specializes in economic inequality, taking a historic and statistical approach. His work looks at the rate of capital accumulation in relation to economic growth over a two hundred year spread from the nineteenth century to the present. His novel use of tax records enabled him to gather data on the very top economic elite, who had previously been understudied, and to ascertain their rate of accumulation of wealth and how this compared

neg: Capital (economics) Capital (economics) In economics, capital consists of an asset that can enhance one's power to perform economically useful work. For example, in a fundamental sense a stone or an arrow is capital for a caveman who can use it as a hunting instrument, while roads are capital for inhabitants of a city. Adam Smith defines capital as "That part of men's stock which he expects to afford him revenue". The term "stock" is derived from the Old English word for stump or tree trunk. It has been used to refer to all the moveable property of a farm since at

neg: Ricardian economics Ricardian economics Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. At the age of 27, he read "An Inquiry into the Nature and Causes of Wealth of Nations" by Adam Smith and was energized by the theories of economics. His main economic ideas are contained in "On the Principles of Political Economy and Taxation" (1817). This set out a series of theories which would later become theoretical underpinnings of both Marx's "Das Kapital" and Marshallian economics, including the theory of economic rent,

neg: Theological hermeneutics Hermeneutics (Hebrew: approximately, מידות שהתורה נדרשת בהן) is the science which defines the rules and methods for the investigation and exact determination of the meaning of the Scriptures, both legal and historical. Since the Halakah, however, is regarded simply as an exposition and explanation of the Torah, Talmud hermeneutics includes also the rules by which the requirements of the oral law are derived from and established by the written law. Qur'anic hermeneutics is the study of theories of the interpretation and understanding of the Qur'an, the Muslim holy book. Throughout religious history, Qur'anic scholars have sought to mine the wealth

neg: Wealth, Virtual Wealth and Debt theory. Wealth, Virtual Wealth and Debt Wealth, Virtual Wealth and Debt is a 1926 book by the Nobel prize-winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems. Soddy criticized the focus on monetary flows in economics, arguing that real wealth was derived from the use of energy to transform materials into physical goods and services. Soddy’s economic writings were largely ignored in his time, but would later be applied to the development of ecological economics in the late 20th century. In this book Soddy points out the fundamental difference between real wealth

neg: Wealth, Virtual Wealth and Debt Wealth, Virtual Wealth and Debt Wealth, Virtual Wealth and Debt is a 1926 book by the Nobel prize-winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems. Soddy criticized the focus on monetary flows in economics, arguing that real wealth was derived from the use of energy to transform materials into physical goods and services. Soddy’s economic writings were largely ignored in his time, but would later be applied to the development of ecological economics in the late 20th century. In this book Soddy points out the fundamental difference between real wealth (consumables

neg: AFI's 10 Top 10 as a genre that centers on organized crime or maverick criminals in a modern setting. AFI defines "mystery" as a genre that revolves around the solution of a crime. AFI defines "romantic comedy" as a genre in which the development of a romance leads to comic situations. AFI defines "science fiction" as a genre that marries a scientific or technological premise with imaginative speculation. AFI defines "sports" as a genre of films with protagonists who play athletics or other games of competition. AFI defines "western" as a genre of films set in the American West that embodies the spirit, the

neg: Economics institutional economics, evolutionary economics, dependency theory, structuralist economics, world systems theory, econophysics, feminist economics and biophysical economics. According to various random and anonymous surveys of members of the American Economic Association, economists have agreement about the following propositions by percentage:> "The dismal science" is a derogatory alternative name for economics devised by the Victorian historian Thomas Carlyle in the 19th century. It is often stated that Carlyle gave economics the nickname "the dismal science" as a response to the late 18th century writings of The Reverend Thomas Robert Malthus, who grimly predicted that starvation would result, as projected population growth

neg: Ecological economics by Daly as a fundamental text of the field, alongside Soddy's "Wealth, Virtual Wealth and Debt". Some key concepts of what is now ecological economics are evident in the writings of Kenneth Boulding and E.F. Schumacher, whose book "Small Is Beautiful – A Study of Economics as if People Mattered" (1973) was published just a few years before the first edition of Herman Daly's comprehensive and persuasive "Steady-State Economics" (1977). The first organized meetings of ecological economists occurred in the 1980s. These began in 1982, at the instigation of Lois Banner, with a meeting held in Sweden (including Robert Costanza,

neg: Martin R. Gainsbrugh He became Chief Economist and its Vice-President, and retired in 1972. From 1944 to 1972 he was also Adjunct Professor of Economics at the New York University, and worked as consultant for government and industry for decades. In 1952 he was elected as a Fellow of the American Statistical Association. Gainsbrugh is described by Birnbaum (1977) as "a generalist who worked in depth in many areas of economics and statistics including unemployment statistics, price indexes, consumer economics, wealth estimates, wages behavior, profits, inflation, national income... no one who was more thoroughly familiar with the uses and limitations of the major

neg: Social policy Social policy Social policy is policy usually within a governmental or political setting, such as the welfare state and study of social services. Social policy consists of guidelines, principles, legislation and activities that affect the living conditions conducive to human welfare, such as a person's quality of life. The Department of Social Policy at the London School of Economics defines social policy as "an interdisciplinary and applied subject concerned with the analysis of societies' responses to social need", which seeks to foster in its students a capacity to understand theory and evidence drawn from a wide range of social science

neg: Schools of economic thought not a heavy burden on its citizens. The Physiocrats were 18th century French economists who emphasized the importance of productive work, and particularly agriculture, to an economy's wealth. Their early support of free trade and deregulation influenced Adam Smith and the classical economists. Classical economics, also called classical political economy, was the original form of mainstream economics of the 18th and 19th centuries. Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as

neg: Wolfgang Sartorius von Waltershausen Wolfgang Sartorius von Waltershausen Wolfgang Sartorius Freiherr von Waltershausen (December 17, 1809March 16, 1876) was a German geologist. Waltershausen was born at Göttingen and educated at the university in that city. There he devoted his attention to physical and natural science, and in particular to mineralogy. Waltershausen was named after Johann Wolfgang von Goethe, who was close friends with his parents. Waltershausen's father, Georg, was a writer, lecturer and professor of economics and history at Göttingen. Georg Sartorius (later Sartorius von Waltershausen) is best known in his role of translator and popularizer of Adam Smith's "Wealth of Nations". Waltershausen's son,

neg: Welfare definition of economics clearly explains that economic activity is different from other activity. For example, Marshall defines economic activity as separate from the above activities. A farmer who toils in the field, or a worker on an assembly, are performing an economic activity: they work to increase their material welfare (primarily by earning money). Money buys goods or services that satisfy wants. In other words, economics deals with effort, wants, and the satisfaction of those wants. Followers in the neoclassical tradition, such as William Beveridge and Arthur Pigou have continued to define economics in terms of material economic welfare. According to Pigou, "the

neg: Animal welfare involves the subjective feelings of animals." Welfare biology - Yew-Kwang Ng defines animal welfare in terms of welfare economics: "Welfare biology is the study of living things and their environment with respect to their welfare (defined as net happiness, or enjoyment minus suffering). Despite difficulties of ascertaining and measuring welfare and relevancy to normative issues, welfare biology is a positive science." Dictionary definition - In the "Saunders Comprehensive Veterinary Dictionary", animal welfare is defined as "the avoidance of abuse and exploitation of animals by humans by maintaining appropriate standards of accommodation, feeding and general care, the prevention and treatment of

neg: Chartist (magazine) offered support to Jeremy Corbyn as leader of the Labour party. "Chartist" defines its policy as being "to promote debate amongst people active in radical politics about the contemporary relevance of democratic socialism across the spectrum of politics, economics, science, philosophy, art, interpersonal relations – in short, the whole realm of social life". The current editor is Mike Davis. The magazine's production editor and treasurer is Peter Kenyon, and its web editor is Andy Morton. Other members of the Editorial Board include Duncan Bowie, Peter Chalk, David Floyd, Don Flynn, Roger Gillham, Frank Lee, Dave Lister, Mary Southcott, James Grayson,

neg: The World Wealth and Income Database The World Wealth and Income Database The World Wealth and Income Database (WID), also known as WID.world, is an extensive, open and accessible database "on the historical evolution of the world distribution of income and wealth, both within countries and between countries". WID findings are used by the World Inequality Lab at the Paris School of Economics to compile the World Inequality Report. The first report was released December 14, 2017 during the first WID.world Conference. Authors who compiled the report included Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. WID is part of an international collaborative

neg: National Council for the Social Studies and specialists, social studies supervisors, and leaders in the various disciplines that constitute the social studies. NCSS defines social studies as "the integrated study of the social sciences and humanities to promote civic competence." Within the school program, social studies provides coordinated, systematic study drawing upon such disciplines as anthropology, archaeology, economics, geography, history, law, philosophy, political science, psychology, religion, and sociology, as well as appropriate content from the humanities, mathematics, and natural sciences. In essence, social studies promotes knowledge of and involvement in civic affairs. And because civic issues—such as health care, crime, and foreign policy—are multidisciplinary in nature,

neg: Islamic economics Muhammad bin al-Hasan (d.805) wrote "al Iktisab fi al Rizq al Mustatab" [Earned Desired income], intended as advice to businessmen "in their endeavors to create income opportunities". Abu 'Ubaid al Qasim bin Sallam (d.839) was the author of "al-Amwal" (plural of "wealth"). Perhaps the most well-known Islamic scholar who wrote about economics issues was Ibn Khaldun, who has been call "the father of modern economics" by I.M. Oweiss. Ibn Khaldun wrote on what is now called economic and political theory in the introduction, or "Muqaddimah" ("Prolegomena"), of his "History of the World" ("Kitab al-Ibar"). He discussed what he called "asabiyya"

neg: Institutional economics who hold such wealth. Justification for the stockholder's existence thus depends on increasing distribution within the American population. Ideally the stockholder's position will be impregnable only when every American family has its fragment of that position and of the wealth by which the opportunity to develop individuality becomes fully actualized.” John Kenneth Galbraith (1908–2006) worked in the New Deal administration of Franklin Delano Roosevelt. Although he wrote later, and was more developed than the earlier institutional economists, Galbraith was critical of orthodox economics throughout the late twentieth century. In "The Affluent Society" (1958), Galbraith argues voters reaching a certain material

neg: Sam Harris the purpose of spirituality (as he defines it – he concedes that the term's uses are diverse and sometimes indefensible) is to become aware that our sense of self is illusory, and says this realization brings both happiness and insight into the nature of consciousness. This process of realization, he argues, is based on experience and is not contingent on faith. In his third book, "The Moral Landscape: How Science Can Determine Human Values", Harris says that "Human well-being is not a random phenomenon. It depends on many factors—ranging from genetics and neurobiology to sociology and economics." Harris says that

neg: Julian Monson Sturtevant He resigned the latter office in May 1876, but continued to teach for nine years longer in the department of Mental and Political Science. Until after his retirement from the Presidency, his engagements were too burdensome to allow of extended authorship, but in 1877 he published "Economics, or the Science of Wealth", and in 1880 "The Keys of Sect; or the Church of the New Testament." The degree of Doctor of Divinity was conferred on him by the University of Missouri in 1848, and that of Doctor of Laws by Iowa College in 1871. His wife died in 1840, and

neg: Ronald G. Ehrenberg of Labor Economists, of the Labor and Employment Relations Association, and a National Associate of the National Academies of Science and Engineering. He coauthored with Robert S. Smith a leading textbook, "Modern Labor Economics: Theory and Public Policy" (2017, 13th edition). Ehrenberg's more recent research has focused on higher education issues. In 1998, Ehrenberg founded Cornell Higher Education Research Institute (CHERI) to provide a vehicle for interdisciplinary research on higher education. CHERI's current research interests include "the implications of the growing dispersion of wealth across academic institutions, the growing costs and importance of science to universities, the financial challenges facing

neg: Social science central social institution. Legal policy incorporates the practical manifestation of thinking from almost every social science and the humanities. Laws are politics, because politicians create them. Law is philosophy, because moral and ethical persuasions shape their ideas. Law tells many of history's stories, because statutes, case law and codifications build up over time. And law is economics, because any rule about contract, tort, property law, labour law, company law and many more can have long-lasting effects on the distribution of wealth. The noun "law" derives from the late Old English "lagu", meaning something laid down or fixed and the adjective

neg: Peace–industrial complex Peace–industrial complex In political science, political economics, and peace and conflict studies, referring to the military–industrial complex, the peace–industrial complex defines the industry and economy derived from development, peacemaking, peacebuilding, and conflict resolution at both the domestic and foreign levels. While some scholars (Seiberling 1972) argue that the peace–industrial complex must oppose the military-industrial complex, others (Aberkane 2012) argue it is destined to become its natural, peaceful evolution, and further call it the "military-industrial complex 2.0". The latter argue the peace-industrial complex more precisely consists of turning military research and development into civilian technology as systematically as possible. Although it

neg: Economics "[p]erhaps the most commonly accepted current definition of the subject": Robbins describes the definition as not "classificatory" in "pick[ing] out certain "kinds" of behaviour" but rather "analytical" in "focus[ing] attention on a particular "aspect" of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have usually centred their studies on the analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the

neg: George Gilder Friedrich Hayek and novelist Ayn Rand, Gilder wrote a book extending the ideas of his "Visible Man" (1978) into the realm of economics, to balance his theory of poverty with a theory of wealth. The book, published as the best-selling "Wealth and Poverty" in 1981, communicated the ideas of supply-side economics to a wide audience in the United States and the world. Gilder also contributed to the development of supply-side economics when he served as Chairman of the Lehrman Institute's Economic Roundtable, as Program Director for the Manhattan Institute, and as a frequent contributor to Laffer's economic reports and the

neg: Gabriel Zucman at Berkeley (UC Berkeley) before accepting a position as assistant professor of economics at the London School of Economics (LSE) and the same position at UC Berkeley, being currently on leave from LSE. Moreover, Zucman has worked as Co-Director of the World Wealth and Income Database (WID), a database aiming at the provision of access to extensive data series on the world distribution of income and wealth, since 2015. Besides his research and teaching activities, Zucman has refereed for several economic journals, including the "Quarterly Journal of Economics", the "Review of Economic Studies", "Econometrica", and the "Journal of Political Economy".

neg: Paper wealth of economic crises, notably those that believe these to be caused by price bubbles, as described below. Paper wealth is attributed as being a factor in economic cycles; in mainstream economics this is interpreted as the wealth effect, while in some heterodox schools it is interpreted as price bubbles. The most commonly discussed effect of paper wealth is the wealth effect: as people (households) increase in wealth, they are likely to spend more, while if their wealth decreases, they are likely to spend less. This is termed "the wealth effect" (compare income effect), and is generally attributed to psychological feelings

neg: Sabbath economics Sabbath economy in practical ways. Sabbath economics and related concepts of jubilee economics have also received attention from the liberation theology community, and other Christian thinkers who focus on social justice, gender equality and other humanitarian issues. Sabbath economics Sabbath economics is an economic system championed by Christian theologian Ched Myers. The model is an application of the economic aspects of Biblical Sabbath to modern socioeconomics. In the introduction of his book introducing this model, Myers states that "God's people are instructed to dismantle, on a regular basis, the fundamental patterns and structures of stratified wealth and power, so that

neg: Physiocracy began with the publication of Adam Smith's "The Wealth of Nations" in 1776. The most significant contribution of the physiocrats was their emphasis on productive work as the source of national wealth. This is in contrast to earlier schools, in particular mercantilism, which often focused on the ruler's wealth, accumulation of gold, or the balance of trade. Whereas the mercantilist school of economics said that value in the products of society was created at the point of sale, by the seller exchanging his products for more money than the products had "previously" been worth, the physiocratic school of economics was

neg: Life and Labour of the People in London appeared 1902-3. A noteworthy feature of the study was the production of maps describing poverty ("see illustration on the right"). Levels of wealth and poverty found by the research's investigators being mapped out on a street by street basis. The notebooks used to carry out this investigation are held at the Archives Division of the British Library of Political and Economic Science (London School of Economics and Political Science). Life and Labour of the People in London Life and Labour of the People in London was a multi-volume book by Charles Booth which provided a survey of the lives and

neg: David C. Stark what they are searching for is unclear (how Stark defines innovation). David C. Stark David Charles Stark is Arthur Lehman Professor of Sociology at Columbia University, where he served as chair of the sociology department and directs the Center on Organizational Innovation. He was formerly an External Faculty Member of the Santa Fe Institute and is currently Centennial Professor at the London School of Economics. He is well-cited in the fields of economic sociology, social networks, science and technology studies, and social change and development. He received a B.A. from Princeton in 1972 and a Ph.D. in sociology from Harvard

neg: Robert D. Arnott Arnott graduated summa cum laude from UCSB in 1977 in economics, applied mathematics and computer science. While a high school student in 1970, he attended the Summer Science Program. 1. "The Myth of Dynastic Wealth: The Rich Get Poorer" with Lillian Wu and William J. Bernstein, "Cato Journal", October 2015. "Rip Van Winkle Indexing" with Vitali Kalesnik and Noah Beck, "Journal of Portfolio Management", August 2015. "Whither Bonds After the Demographic Dividend?" "CFA Institute Conference Proceedings Quarterly", March 2015. "Getting Smarter About Commodities" with Denis Chaves, Jodie Gunzberg, Jason Hsu, and Peter Tsui, "Journal of Indexes", November/December 2014. "The Glidepath

neg: Hydraulic macroeconomics Hydraulic macroeconomics Hydraulic macroeconomics is an informal characterization of certain types of macroeconomic study assuming aggregate social wealth (demand or supply) as somewhat smooth, constant and homogeneous. The term was first introduced as hydraulic Keynesianism by Alan Coddington in classification of theoretical research methodologies in Keynesian economics. Hydraulics is the science and engineering of the mechanical properties of liquids. Macroeconomics is the study of the performance and structure of an entire economy. Hydraulic macroeconomics is, essentially, a study of the economy that treats money as a form of liquid that circulates through the economic plumbing. William Phillips, a famous economist

neg: Rahul Arora Rahul Arora Rahul Arora is the CEO of the Institutional Equities Business in Nirmal Bang Securities Pvt. Ltd. His previous stint was as an anchor for the Indian business news channel UTVi. He completed his B.A in economics with a Minor in Computer Science from Denison University, Granville, Ohio in 2002. He then worked with Primerica Financial Services - an independent private wealth management arm of Citigroup in Chicago as a financial consultant in training before coming back to India. He then worked for 2 years with PricewaterhouseCoopers as an Analyst with the Corporate Finance Division before moving to UBS

neg: M. Ishaq Nadiri Development, Editorial Board Member of the Annals of Economics & Social Measurement. He is listed in Who's Who in Economics, Who's Who in America, Who's Who in the East, Who's Who in Finance & Industry, Who's Who in Science & Engineering, Who's Who in American Education, the Dictionary of Distinguished Leadership, Men of Achievement, 5,000 Personalities of the World, and Personalities of the Americas. Nadiri's fields of specialization are the economics of technical change and productivity growth, investment theory and modeling, monetary economics, and quantitative analysis and applied economics. He has served as a consultant to a number of corporations

neg: Enrique Leff etc. Enrique Leff Enrique Leff (born Mexico, 1946) is a Mexican economist, who defines himself today as an environmental sociologist and environmentalist. He has written 25 books and 180 articles on political ecology, environmental sociology, environmental economics, environmental epistemology and environmental education. He is regarded as one of the key environmental thinkers in Latin America. After a degree in chemical engineering from UNAM (Universidad Nacional Autónoma de México) in 1968. Leff graduated with a Doctorat de Troisième Cycle in development economics from the École Pratique des Hautes Études, Paris, in 1975. Leff lectured at UNAM (Universidad Nacional Autónoma de México)

neg: Enrique Leff Enrique Leff Enrique Leff (born Mexico, 1946) is a Mexican economist, who defines himself today as an environmental sociologist and environmentalist. He has written 25 books and 180 articles on political ecology, environmental sociology, environmental economics, environmental epistemology and environmental education. He is regarded as one of the key environmental thinkers in Latin America. After a degree in chemical engineering from UNAM (Universidad Nacional Autónoma de México) in 1968. Leff graduated with a Doctorat de Troisième Cycle in development economics from the École Pratique des Hautes Études, Paris, in 1975. Leff lectured at UNAM (Universidad Nacional Autónoma de México) full-time

neg: Applied economics to practice" (1917, 12). This School thought that a general body of theory could be established through abstract reasoning – not relying on a wide knowledge of economic facts. From this point of view applying this theory involved making allowances for some of the factors ignored in building the abstract theories. Keynes wrote about applying the political economies hypothetical laws to interpreting and explaining of “concrete industrial facts." The issue of conceptual distinction between political economy as a science (involving formulating laws which govern the production and distribution of wealth) and political economy as an art (using the laws to

neg: Green libertarianism which support them should follow general guidelines, such as "7th Generation Principle" rather than specific economic laws and regulations. A fundamental concern among green libertarians is the health of global ecology and carrying capacity in view of climate adaptation. The green libertarian philosophy recognizes that ecology and economics are inseparable. It seeks a system of effective environmental law that is compatible with civil liberties and market economy. Green libertarians believe there should be a clear distinction between science and political ideology. For example, a green libertarian might be concerned by the phrases such as "wealth redistribution" and "reducing poverty" in

neg: David Soskice David Soskice David William Soskice, FBA (born 6 July 1942) is a British political economist and academic. Currently, he is LSE School Professor of Political Science and Economics at the London School of Economics. Soskice was born as son of the British Home Secretary Frank Soskice in London. He shares his first name with his grandfather, the Russian revolutionary journalist , who had fled to England. Soskice was educated at Winchester College and studied Political science, Philosophy and Economics at Nuffield and at Trinity College, Oxford. Between 1967 and 1990, he worked as Lecturer in Economics at University College, Oxford.

neg: Managerial economics possible to read for a degree in Business Economics which often covers managerial economics, financial economics, game theory, business forecasting and industrial economics. Managerial economics to a certain degree is prescriptive in nature as it suggests course of action to a managerial problem. Problems can be related to various departments in a firm like production, accounts, sales, etc. (a) Operational issues (b) Environmental issues Demand is the willingness of potential customers to buy a commodity. It defines the market size for a commodity, and at a disaggregated level the composition of the customer base. Analysis of demand is important for

neg: Economics of science Economics of science The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or inefficiency of scientific institutions and markets. The importance of the economics as science is substantially due to the importance of science as a driver of technology and technology as a driver of productivity and growth. Believing that science matters, economists have attempted to understand the behavior of scientists and the operation of scientific institutions. Economists consider “science” as the search and production of knowledge using known starting conditions. Knowledge

neg: Robert K. von Weizsäcker in Bonn. He was a Heisenberg Fellow of the German National Science Foundation and a Member of the German Scientific Council. In addition he held positions as Faculty Member of the Munich Intellectual Property Law Center at the Max Planck Institute for Intellectual Property, Competition and Tax Law, as Member of the Managing Board of the Institute for Mittelstand-Research in Mannheim, and as Board Member of the Carl von Linde Academy in Munich. He has published numerous books and articles, particularly in the fields of public economics (public debt, tax reform, and social security financing), microeconomics (income and wealth distribution),

neg: Economics of science a dollar increasing in private R&D spending. Economics of science The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or inefficiency of scientific institutions and markets. The importance of the economics as science is substantially due to the importance of science as a driver of technology and technology as a driver of productivity and growth. Believing that science matters, economists have attempted to understand the behavior of scientists and the operation of scientific institutions. Economists consider “science” as the search and production

neg: Post-industrial society Post-industrial society In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy. The term was originated by Alain Touraine and is closely related to similar sociological theoretical constructs such as post-Fordism, information society, knowledge economy, post-industrial economy, liquid modernity, and network society. They all can be used in economics or social science disciplines as a general theoretical backdrop in research design. As the term has been used, a few common themes, including the ones below have begun to emerge. Daniel Bell popularized the term through

neg: Economic model he called "Tableaux économiques". These tables have in fact been interpreted in more modern terminology as a Leontiev model, see the Phillips reference below. All through the 18th century (that is, well before the founding of modern political economy, conventionally marked by Adam Smith's 1776 Wealth of Nations) simple probabilistic models were used to understand the economics of insurance. This was a natural extrapolation of the theory of gambling, and played an important role both in the development of probability theory itself and in the development of actuarial science. Many of the giants of 18th century mathematics contributed to this

neg: The Undying Fire (Wells novel) victory shall be yours. . . . Only have courage. On the courage in your heart all things depend." The character of Job Huss is loosely based on Frederick William Sanderson, of whom in 1922 Wells would write a biography entitled "The Story of a Great Schoolmaster". As a paean to education, "The Undying Fire" anticipates the series of great textbooks on history ("The Outline of History", 1920), biology ("The Science of Life", 1931), and economics ("The Work, Wealth and Happiness of Mankind", 1932) that Wells was about to undertake. Wells believed that "The Undying Fire" contained some of his

neg: Carlos M. García wealth and asset management firm. Before joining the Santander corporate family, he served as Vice President of Popular Securities, a subsidiary of Popular Inc., and an analyst for Credit Suisse First Boston in San Juan, Puerto Rico and New York, New York. Carlos is currently the Managing Partner of the financial institutions focused private equity firm, BayBoston Capital. Married with three children, García is an avid marathoner. A graduate of the University of Pennsylvania, García participation in a dual degree program made it possible to obtain a Bachelor of Science in Economics, majoring in Management, from the Wharton School, and

neg: Paul Zane Pilzer call economics the 'Dismal Science.'" In contrast, Pilzer offered a new theory called Economic Alchemy based on abundance: that the earth contains unlimited resources because of human ingenuity continually defining new resources and/or learning how to better obtain and use our existing resources. The central equation of Economic Alchemy is W = P x T : Wealth = Physical Resources times Technology, and T (Technology) has an exponential multiplier effect on itself. Pilzer began developing Economic Alchemy in 1975 as a graduate student at the Wharton School of the University of Pennsylvania when he theologically could not accept his professor's

neg: Lectures on Jurisprudence historical origins of political societies, and they show the influence of mercantilism and Francis Hutcheson on Smith's thoughts on the political economy. In an article for "Political Science Quarterly", W. Hasbach opines that Smith believed that the political economy is the foundation for morality, law, government, wealth, revenue, and arms, a position that originated from the idea of natural law. He also notes that Smith's relationship with the Physiocrats is important in the Lectures and that some critics stated that he produced the same concepts as them on economics. Hasbach also states that Smith expands on their ideas by saying

neg: Paper wealth real asset is still the same house. It is said that one has "gotten richer "on paper"," meaning "as an accounting matter": numbers on a balance sheet have changed, but the physical world has not. The term "paper wealth" is frequently used in popular discussions of wealth, and in some critiques of capitalism, finance, and certain economic theories, but is little-used in mainstream economics, which instead generally identifies wealth with paper wealth. The term "paper wealth" has some pejorative connotations, suggesting "only on paper (but not in reality)", but can also be used neutrally to mean "(simply) as an accounting

neg: Social planner Social planner In welfare economics, a social planner is a decision-maker who attempts to achieve the best result for all parties involved. In neo-classical welfare economics, this means the maximization of a social welfare function. In modern welfare economics, there is a greater emphasis on Pareto optimality, in which no one's economic status can be improved without worsening someone else's. Pareto-optimal solutions are not unique, and according to the Second Fundamental Theorem of Welfare Economics, a social planner can achieve any Pareto-optimal outcome by an appropriate redistribution of wealth by means of competitive market. In practice, the social planner role