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27/01/2019

Fintech: A portmanteau of Finance and Technology.

Today's word: Inflation
15/02/2018

Today's word: Inflation

23/10/2014

Average Variable Cost (AVC): Average variable cost (AVC) is a firm's variable costs (labor, electricity, etc.) divided by the quantity (Q) of output produced.

23/10/2014

Variable Costs: Variable costs are those costs which vary with output.

23/10/2014

Average Fixed Costs (AFC): Average fixed cost (AFC) is the fixed costs of production (FC) divided by the quantity (Q) of output produced.

23/10/2014

Fixed Costs:
Fixed costs are those costs that must be incurred in fixed quantity regardless of the level of output produced

23/10/2014

Normative economics - Normative economics considers "what ought to be"--value judgments, or goals, of public policy. Positive economics, by contrast, is the analysis of facts and behavior in an economy, or "the way things are."

Maximilian Karl Emil "Max" Weber (German: [ˈmaks ˈveːbɐ]; 21 April 1864 – 14 June 1920) was a German sociologist, philos...
28/09/2013

Maximilian Karl Emil "Max" Weber (German: [ˈmaks ˈveːbɐ]; 21 April 1864 – 14 June 1920) was a German sociologist, philosopher, and political economist whose ideas influenced social theory, social research, and the entire discipline of sociology.[4] Weber is often cited, with Émile Durkheim and Karl Marx, as among the three founding architects of sociology.
Weber was a key proponent of methodological antipositivism, arguing for the study of social action through interpretive (rather than purely empiricist) means, based on understanding the purpose and meaning that individuals attach to their own actions. Weber's main intellectual concern was understanding the processes of rationalisation, secularisation, and "disenchantment" that he associated with the rise of capitalism and modernity,[8] and which he saw as the result of a new way of thinking about the world.[9]
Perhaps Weber is best known for his thesis combining economic sociology and the sociology of religion, elaborated in his book The Protestant Ethic and the Spirit of Capitalism, in which he proposed that ascetic Protestantism was one of the major "elective affinities" associated with the rise in the Western world of market-driven capitalism and the rational-legal nation-state. Against Marx's "historical materialism," Weber emphasised the importance of cultural influences embedded in religion as a means for understanding the genesis of capitalism. The Protestant Ethic formed the earliest part in Weber's broader investigations into world religion: he would go on to examine the religions of China, the religions of India and ancient Judaism, with particular regard to the apparent non-development of capitalism in the corresponding societies, as well as to their differing forms of social stratification.

In another major work, Politics as a Vocation, Weber defined the state as an entity which successfully claims a "monopoly on the legitimate use of violence". He was also the first to categorise social authority into distinct forms, which he labelled as charismatic, traditional, and rational-legal. His analysis of bureaucracy emphasised that modern state institutions are increasingly based on rational-legal authority.
Weber also made a variety of other contributions in economic history, as well as economic theory and methodology. Weber's analysis of modernity and rationalisation significantly influenced the critical theory associated with the Frankfurt School.
After the First World War, Max Weber was among the founders of the liberal German Democratic Party. He also ran unsuccessfully for a seat in parliament and served as advisor to the committee that drafted the ill-fated democratic Weimar Constitution of 1919. After contracting the Spanish flu, he died of pneumonia in 1920, aged 56.

Karl Heinrich Marx (German pronunciation: [kaːɐ̯l ˈhaɪnʀɪç ˈmaːɐ̯ks], 5 May 1818 – 14 March 1883) was a German philosoph...
28/09/2013

Karl Heinrich Marx (German pronunciation: [kaːɐ̯l ˈhaɪnʀɪç ˈmaːɐ̯ks], 5 May 1818 – 14 March 1883) was a German philosopher, economist, sociologist, historian, journalist, and revolutionary socialist. Marx's work in economics laid the basis for the current understanding of labour and its relation to capital, and has influenced much of subsequent economic thought. He published numerous books during his lifetime, the most notable being The Communist Manifesto (1848) and Das Kapital (1867–1894).
Born into a wealthy middle-class family in Trier in the Prussian Rhineland, Marx studied at the University of Bonn and the University of Berlin, where he became interested in the philosophical ideas of the Young Hegelians. After his studies, he wrote for a radical newspaper in Cologne, and began to work out his theory of dialectical materialism. He moved to Paris in 1843, where he began writing for other radical newspapers and met Fredrick Engels, who would become his lifelong friend and collaborator. In 1849 he was exiled and moved to London together with his wife and children where he continued writing and formulating his theories about social and economic activity. He also campaigned for socialism and became a significant figure in the International Workingmen's Association.
Marx's theories about society, economics and politics – collectively known as Marxism – hold that human societies progress through class struggle: a conflict between an ownership class that controls production and a dispossessed labouring class that provides the labour for production. He called capitalism the "dictatorship of the bourgeoisie," believing it to be run by the wealthy classes for their own benefit; and he predicted that, like previous socioeconomic systems, capitalism produced internal tensions which would lead to its self-destruction and replacement by a new system: socialism. He argued that class antagonisms under capitalism between the bourgeoisie and proletariat would eventuate in the working class' conquest of political power in the form of a dictatorship of the proletariat and eventually establish a classless society, socialism or communism, a society would be governed by a free association of producers. Along with believing in the inevitability of socialism and communism, Marx actively fought for their implementation, arguing that social theorists and underprivileged people alike should carry out organised revolutionary action to topple capitalism and bring about socio-economic change.
Marx has been described as one of the most influential figures in human history.[11][12] Revolutionary socialist governments espousing Marxist concepts took power in a variety of countries in the 20th century, leading to the formation of such socialist states as the Soviet Union in 1922 and the People's Republic of China in 1949. Many labour unions and workers' parties worldwide are influenced by Marxism, while various theoretical variants, such as Leninism, Stalinism, Trotskyism, and Maoism, were developed from them. Marx is typically cited, with Émile Durkheim and Max Weber, as one of the three principal architects of modern social science.

11/07/2011

abilene principle : a description of group's inability to manage its agreement. Nobody wants to reach a particular destination (Abilene), but for fear of offending or contradicting each other, they all end up there.

09/07/2011

abatement cost : the cost incurred for lessening a problem like pollution or congestion.

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