Analysis of Nobel Prize AK Sen
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Amartya Sen is an Indian economist who received the Nobel Prize in Economic Sciences in 1998. The document outlines Sen's early life and education in India and the UK. It then discusses Sen's major contributions, including his work on welfare economics, social choice theory, theories of famines, and indexes to measure citizen well-being such as the Human Development Index. The objectives, popular books, and other writings of Sen are also summarized.
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This document defines economics and distinguishes between micro and macroeconomics. It provides definitions of economics from various economists focused on wealth, welfare, and growth. Economics is described as both a science and an art that studies how people use limited resources to satisfy wants. Positive economics objectively describes economic situations, while normative economics makes judgments about what policies or outcomes would be good or bad for society.
Grade 10 economics lesson 2
Economics is a social science that studies human behavior using a scientific approach. As a social science, economics is related to other disciplines like sociology, anthropology, political science, and psychology. However, studying human behavior poses difficulties that natural sciences do not face because humans are complex and their motivations cannot be fully modeled or understood. Economists construct theories based on assumptions and observations of patterns in human behavior. A key assumption is ceteris paribus, which means holding all other factors constant to analyze how a change in one factor alone affects an outcome.
Grade 10 economics lesson 1
Economics is defined as the study of how individuals, businesses, governments, and organizations choose to use scarce resources to satisfy needs and wants in an efficient and equitable manner. Economics has two main branches: microeconomics, which looks at individual units like households and firms, and macroeconomics, which looks at the overall economy and factors like unemployment and inflation rates. Some sub-branches of economics include development economics, econometrics, monetary economics, labor economics, public finance, environmental economics, and agricultural economics.
What Is Economics?
Economics is a social science that deals with how societies allocate their scarce resources to satisfy unlimited human wants and needs. It studies how individuals and groups make choices to fulfill their material desires. Understanding economics helps explain issues like how resources, taxes, and government spending are allocated in a society with limited means. Studying economics also provides insight into international trade, economic growth, and improving standards of living.
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Economics studies how societies deal with scarcity and make choices about resources. It examines both incomes/prices and also how to decide when markets are appropriate versus other solutions. While economics began focusing on wealth, it now considers human welfare and studies choices between unlimited wants and limited/scarce means. Definitions have evolved from wealth to also incorporate welfare, choice, and growth. Economics employs both scientific and practical approaches, using measurement but also offering policy solutions. It aims to positively explain economic systems while not passing judgement on ends.
The Scope And Method Of Economics
The document discusses the scope and method of economics. It defines economics as the science of administering scarce resources in human society. It explores the differences between theoretical, applied and welfare economics. It also discusses how economics aims to identify general patterns of uniformity in human behavior and use empirical testing to verify hypotheses and models. While there is significant agreement among economists, disagreements can arise from different social objectives, facts, or failures to follow logical rules. Ideologies are rationalizations of beliefs not based on scientific procedure and only convince those with similar motivations.
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The presentation provides an overview of economics by discussing:
1) Different definitions of economics from classical, modern, and neoclassical views focusing on the study of wealth, relationship between ends and scarce means, and ordinary business of life.
2) Economics as both a science and an art, concerned with both what is (positive science) and what ought to be (normative science).
3) Some basic concepts in economics including goods, utility, and their characteristics and types.
4) The uses and limitations of economic theory as well as its assumptions.
introduction to economics
1. Economics originally focused on advising governments on revenue collection and spending. It later expanded to study trade, industry, and commerce after the Industrial Revolution. Adam Smith defined economics as the science of wealth.
2. Economics has developed through different concepts over time, including wealth, welfare, scarcity, and development. Initially it focused on wealth, but later shifted to human welfare and studying how people satisfy unlimited wants with scarce resources. Modern economics also examines development and increasing resources to satisfy more wants.
3. Economics is both a positive and normative science. As a positive science, it presents facts about economic conditions. As a normative science, it makes recommendations about economic policies and systems to improve welfare. Economic
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This document defines economics and distinguishes between micro and macroeconomics. It provides definitions of economics from various economists focused on wealth, welfare, and growth. Economics is described as both a science and an art that studies how people use limited resources to satisfy wants. Positive economics objectively describes economic situations, while normative economics makes judgments about what policies or outcomes would be good or bad for society.
Grade 10 economics lesson 2
Economics is a social science that studies human behavior using a scientific approach. As a social science, economics is related to other disciplines like sociology, anthropology, political science, and psychology. However, studying human behavior poses difficulties that natural sciences do not face because humans are complex and their motivations cannot be fully modeled or understood. Economists construct theories based on assumptions and observations of patterns in human behavior. A key assumption is ceteris paribus, which means holding all other factors constant to analyze how a change in one factor alone affects an outcome.
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Economics is defined as the study of how individuals, businesses, governments, and organizations choose to use scarce resources to satisfy needs and wants in an efficient and equitable manner. Economics has two main branches: microeconomics, which looks at individual units like households and firms, and macroeconomics, which looks at the overall economy and factors like unemployment and inflation rates. Some sub-branches of economics include development economics, econometrics, monetary economics, labor economics, public finance, environmental economics, and agricultural economics.
What Is Economics?
Economics is a social science that deals with how societies allocate their scarce resources to satisfy unlimited human wants and needs. It studies how individuals and groups make choices to fulfill their material desires. Understanding economics helps explain issues like how resources, taxes, and government spending are allocated in a society with limited means. Studying economics also provides insight into international trade, economic growth, and improving standards of living.
Managerial Economic notes 1st sem mba
Economics studies how societies deal with scarcity and make choices about resources. It examines both incomes/prices and also how to decide when markets are appropriate versus other solutions. While economics began focusing on wealth, it now considers human welfare and studies choices between unlimited wants and limited/scarce means. Definitions have evolved from wealth to also incorporate welfare, choice, and growth. Economics employs both scientific and practical approaches, using measurement but also offering policy solutions. It aims to positively explain economic systems while not passing judgement on ends.
The Scope And Method Of Economics
The document discusses the scope and method of economics. It defines economics as the science of administering scarce resources in human society. It explores the differences between theoretical, applied and welfare economics. It also discusses how economics aims to identify general patterns of uniformity in human behavior and use empirical testing to verify hypotheses and models. While there is significant agreement among economists, disagreements can arise from different social objectives, facts, or failures to follow logical rules. Ideologies are rationalizations of beliefs not based on scientific procedure and only convince those with similar motivations.
Economics concept
The presentation provides an overview of economics by discussing:
1) Different definitions of economics from classical, modern, and neoclassical views focusing on the study of wealth, relationship between ends and scarce means, and ordinary business of life.
2) Economics as both a science and an art, concerned with both what is (positive science) and what ought to be (normative science).
3) Some basic concepts in economics including goods, utility, and their characteristics and types.
4) The uses and limitations of economic theory as well as its assumptions.
introduction to economics
1. Economics originally focused on advising governments on revenue collection and spending. It later expanded to study trade, industry, and commerce after the Industrial Revolution. Adam Smith defined economics as the science of wealth.
2. Economics has developed through different concepts over time, including wealth, welfare, scarcity, and development. Initially it focused on wealth, but later shifted to human welfare and studying how people satisfy unlimited wants with scarce resources. Modern economics also examines development and increasing resources to satisfy more wants.
3. Economics is both a positive and normative science. As a positive science, it presents facts about economic conditions. As a normative science, it makes recommendations about economic policies and systems to improve welfare. Economic
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The document provides an overview of microeconomics and macroeconomics. It discusses key definitions and concepts in economics, including definitions of economics proposed by Adam Smith, Alfred Marshall, Lionel Robbins, and Paul Samuelson. It also summarizes the differences between microeconomics and macroeconomics. Microeconomics examines individual markets, firms, and consumer behavior, while macroeconomics analyzes aggregate economic indicators such as national income and output, inflation, and unemployment.
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Economics has been defined in several ways throughout history. Early definitions focused on wealth and the invisible hand. Later definitions emphasized welfare, scarcity, and growth. Modern definitions view economics as the study of how people allocate scarce resources to meet unlimited wants. It analyzes the costs and benefits of improving how resources are distributed for current and future consumption.
Economics
Economics has no agreed upon definition. It is studied as the nature and causes of wealth by Adam Smith. Others define it as the science of welfare or choice given scarcity. Ultimately, economics examines how humans coordinate wants and scarce resources through decision making within societal and political systems. While definitions differ, most consider the central topics as the economy, scarcity, choice, and human behavior in obtaining well-being.
Economics concept and values
This document provides an introduction to economics concepts and values. It discusses key ideas like scarcity, choice, and the fundamental problems faced by economies in allocating limited resources. The nature and scope of economics is explained as the study of how societies deal with scarcity by determining what and how much to produce, and how to distribute goods and services. Microeconomics and macroeconomics are introduced as tools for economic analysis at different levels. Finally, managerial economics is presented as applying economic theory to business decision making.
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1. Economics has been defined in various ways by different economists over time. Early definitions by Adam Smith and others focused on wealth, while Marshall defined economics as studying how people cooperate to meet material needs and maximize welfare.
2. Robbins provided an influential definition, defining economics as studying human behavior with limited resources that have alternative uses. This focused on scarcity rather than welfare.
3. Modern definitions, like those from Keynes and Benham, emphasized factors that determine a country's national income, output, employment and economic growth stability over time.
Macro Economics
This document discusses the definitions and history of economics. It begins by defining economics as the study of managing households, derived from Greek words meaning "house" and "management." It then outlines significant contributors to economics and their definitions, including Adam Smith's focus on wealth, Alfred Marshall's focus on welfare, Lionel Robbins' definition of scarcity, and Paul Samuelson's definition emphasizing growth. The document also distinguishes between positive and normative economics, and between microeconomics which studies individual decision making and pricing, and macroeconomics which studies whole economies and aggregates.
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This document summarizes Amartya Sen's book "Development as Freedom". Sen argues that development should be viewed as expanding people's freedoms and that freedom is both the primary goal and means of development. He defines freedom in terms of having access to things like food, healthcare, education, employment, and political rights. Sen advocates for measuring development by people's capabilities and opportunities rather than just economic metrics like GNP. He believes markets and social institutions can enhance individual freedoms that are important for development.
Amartya sen
Amartya Sen is an Indian economist known for his work on welfare economics, social choice theory, and economic theories of famine. He received the Nobel Prize in Economics in 1998 for his contributions to welfare economics and social choice theory, and his interest in addressing the problems faced by the world's poorest people. Some of Sen's key accomplishments include developing the capability approach to measure well-being and development, explaining how famines can occur despite an availability of food, and establishing indexes to measure well-being in developing countries. He has authored numerous influential books and received many honors, including the Bharat Ratna award.
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Hiring Decisions
General Business Practices
Age differential
As a group, please come up with one ethics-related situation that occurred since the last class. Share with the class the ethical conflict, action, and results.
Chapter Three:
Justice and Economic Distribution
5
Management Ethics
Reflection Questions
Chap 3 – Justice and Economic Distribution
1. What does the concept of justice mean to you?
“Injustice anywhere
is a threat to
justice everywhere.”
Martin Luther King Jr.
MANAGEMENT ETHICS 5-1
What is Justice ?
Moral principle that determines what is just, equitable, and morally right based on ethical, political, environmental, and religious beliefs and values.
-- guided by truth, reason, and fairness --
Promoting welfare, virtue, and freedom
Keeping intact the foundations of our democracy including upholding the law
Securing natural rights
According to Merriam Webster dictionary
-- Justice is the use of law and being fair --
MANAGEMENT ETHICS 5-1
Justice involves REAL issues that deal with the equality and fair treatment of humanity and the environment.
Justice also involves the laws in a country or nation, and the arrangement of how a government will protect it’s values and maintain order while preserving the rights of the people.
What is Justice ?
MANAGEMENT ETHICS 5-1
Maximizing Welfare
Improving standard of living for society as a whole
Bringing the “greatest happiness for the greatest number” of people = UTILITARIAN
This means that a person’s theory of justice is based on promoting prosperity or spurring economic growth, to seek the greatest happiness for the greatest number of people.
Examples: Social Security, healthcare (Medicare and Medicaid), public schools, criminal justice system with prisons
MANAGEMENT ETHICS 5-1
Respecting Freedom
Having respect for individual rights and universal human rights.
e.g. the Bill of Rights
Emphasis on respect for individual rights
Laissez-faire camp (free-market libertarians)
Policies that respect voluntary choices so minimal government intervention in individual lives and choices.
Fairness camp (egalitarian theorists)
Policies that give everyone a fair chance at success so government passes laws that ensure everyone has equal opportunity.
MANAGEMENT ETHICS 5-1
Promoting Virtue
Looking at justice by affirming certain virtues and conceptions of the ‘good life’.
These virtues must b.
General economics unit I
This document provides an introduction to key economic concepts and terms including:
1) It defines economics according to Adam Smith, Alfred Marshall, and Lionel Robbins focusing on wealth, welfare, and scarcity.
2) It outlines the main divisions of economics as consumption, production, exchange, distribution, and public finance.
3) It explains basic economic concepts such as goods, utility, wants, value, price, market, and income.
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This document provides an overview of basic economic concepts. It defines economics as the study of how scarce resources are used to satisfy unlimited human wants. Economics can be divided into microeconomics, macroeconomics, and home economics. The document also discusses how economics is considered both a social science and science, and how it relates to other fields like mathematics, sociology, and politics. The main goals of studying economics are to better understand world events, make wise decisions, contribute to social change and national development, and prepare for various careers.
Managerial Economics
This document discusses the definitions and history of economics. It begins by defining economics as the study of managing households, derived from Greek words. It then summarizes the significant contributions and definitions of economics provided by influential economists like Adam Smith, Alfred Marshall, Lionel Robbins, and Paul Samuelson. Smith defined economics as the study of wealth, Marshall defined it in terms of welfare, Robbins defined it regarding scarcity of resources, and Samuelson defined it as the study of allocating scarce resources over time. The document also distinguishes between positive and normative economics, and microeconomics and macroeconomics.
THE CAPITALIST ECONOMIC SYSTEM……………………….4 ISLAMIC ECONOMIC SYSTEM………………………………...
The document provides an overview of the capitalist and Islamic economic systems. It discusses the theoretical foundations of capitalism, including its views on scarcity, human needs, and the role of poverty. It notes flaws in the capitalist view and discusses its practical failures. The document then outlines the Islamic view of the economy, including that all resources belong to God and Islam's economic policy aims to satisfy all basic human needs for every individual. It discusses the Islamic principles of ownership and the role of zakat in eliminating poverty according to early Islamic history.
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basics of economics helps learners to understand the definition of economics, concepts of economics, division of economics and relationship of economics to other sciences.
History and Few Basics of Micro Economics
The document provides definitions and concepts related to consumer behavior theory, including:
1) Utility refers to the satisfaction attained from consuming goods and services, though it is difficult to measure. Total utility is the satisfaction from consuming multiple units, and marginal utility is the satisfaction from each additional unit.
2) The law of diminishing marginal utility states that the marginal utility decreases with increasing consumption as each additional unit provides less satisfaction.
3) Indifference curves represent combinations of goods that provide equal satisfaction to the consumer. They are convex to the origin due to diminishing marginal rates of substitution.
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
- Pre-Hispanic: Subsistence agriculture and barter trade. Self-sufficient tribal communities.
- Spanish Colonial Period (1521-1898): Introduction of cash crop economy focused on agriculture for export (sugar, abaca, coconut). Establishment of encomienda system.
- American Colonial Period (1898-1946): Shift to export-oriented economy. Development of infrastructure like roads, ports. Promotion of private investment. Establishment of central banking system.
- Post-WWII (1946-1960s): Recovery period. Implementation of land reform programs. Shift to import-substitution industrial
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
1. Pre-Hispanic - Indigenous peoples engaged in subsistence farming, fishing, hunting. Developed irrigation systems, traded with other Asian countries.
2. Spanish Colonial Period (1521-1898) - Introduced cash crop agriculture (sugar, coconut), mining. Established galleon trade with Mexico and Spain. Economy benefited elites.
3. American Colonial Period (1898-1946) - Promoted export-oriented agriculture (abaca, coconut, tobacco). Established infrastructure like roads, ports. Introduced public education.
4. Post-WWII Period (1946-1960s
1.1 introduction to economics
This document discusses the evolution of economics as a subject through different conceptual stages:
1. Wealth concept: Early economists like Adam Smith defined economics as the science of wealth and were focused on wealth generation. This led to criticism that it promoted wealth over welfare.
2. Welfare concept: Economists like Marshall shifted the focus to human welfare, arguing economics studies how people conduct ordinary life and is a social science.
3. Scarcity concept: Robbins defined economics as studying relationships between unlimited wants and scarce resources. This introduced the idea of scarcity, choice, and opportunity cost.
4. Development concept: Modern economists believe economics should also study how to increase resources over time to satisfy more
basic-concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02.pptx
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
- Pre-Hispanic: Subsistence agriculture and fishing-based economy. Indigenous tribes lived self-sufficiently.
- Spanish Colonial Period (1521-1898): Introduction of cash crop agriculture like sugar, coconut, abaca. Feudal hacienda system dominated. Little industrial development.
- American Colonial Period (1898-1946): Shift to export-oriented agriculture. Development of mining, manufacturing and infrastructure like roads, ports. Public education expanded.
- Post-WWII (1946-1960s): Recovery period. Import substitution industrialization. Land reform programs.
- Martial Law Era (
Introduction to Macro Economics
This document provides an introduction to microeconomics. It defines economics as the study of how societies work to transform scarce resources into goods and services to satisfy unlimited human wants. It discusses how economics deals not just with resource allocation but also increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then examines different definitions of economics, including as a science of wealth, material well-being, choice-making, and dynamic growth. It analyzes the merits and criticisms of defining economics as the science of wealth or material well-being.
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Economics definitions
Economics has been defined in several ways throughout history. Early definitions focused on wealth and the invisible hand. Later definitions emphasized welfare, scarcity, and growth. Modern definitions view economics as the study of how people allocate scarce resources to meet unlimited wants. It analyzes the costs and benefits of improving how resources are distributed for current and future consumption.
Economics
Economics has no agreed upon definition. It is studied as the nature and causes of wealth by Adam Smith. Others define it as the science of welfare or choice given scarcity. Ultimately, economics examines how humans coordinate wants and scarce resources through decision making within societal and political systems. While definitions differ, most consider the central topics as the economy, scarcity, choice, and human behavior in obtaining well-being.
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This document provides an introduction to economics concepts and values. It discusses key ideas like scarcity, choice, and the fundamental problems faced by economies in allocating limited resources. The nature and scope of economics is explained as the study of how societies deal with scarcity by determining what and how much to produce, and how to distribute goods and services. Microeconomics and macroeconomics are introduced as tools for economic analysis at different levels. Finally, managerial economics is presented as applying economic theory to business decision making.
Nature And Methodology of Economics
1. Economics has been defined in various ways by different economists over time. Early definitions by Adam Smith and others focused on wealth, while Marshall defined economics as studying how people cooperate to meet material needs and maximize welfare.
2. Robbins provided an influential definition, defining economics as studying human behavior with limited resources that have alternative uses. This focused on scarcity rather than welfare.
3. Modern definitions, like those from Keynes and Benham, emphasized factors that determine a country's national income, output, employment and economic growth stability over time.
Macro Economics
This document discusses the definitions and history of economics. It begins by defining economics as the study of managing households, derived from Greek words meaning "house" and "management." It then outlines significant contributors to economics and their definitions, including Adam Smith's focus on wealth, Alfred Marshall's focus on welfare, Lionel Robbins' definition of scarcity, and Paul Samuelson's definition emphasizing growth. The document also distinguishes between positive and normative economics, and between microeconomics which studies individual decision making and pricing, and macroeconomics which studies whole economies and aggregates.
Definitions of Economics
The document traces the evolution of definitions of economics from Adam Smith in 1776 to A.C. Dhas in 2011. It analyzes the wealth, welfare, scarcity, and growth definitions of Smith, Marshall, Robbins, and Samuelson respectively. The modern definition by Dhas takes into account choices made by individuals and societies under conditions of both scarcity and surplus to maximize benefits through production and consumption. The core concepts that economics focuses on are choice-making and optimizing given resources to achieve growth over time.
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This document summarizes Amartya Sen's book "Development as Freedom". Sen argues that development should be viewed as expanding people's freedoms and that freedom is both the primary goal and means of development. He defines freedom in terms of having access to things like food, healthcare, education, employment, and political rights. Sen advocates for measuring development by people's capabilities and opportunities rather than just economic metrics like GNP. He believes markets and social institutions can enhance individual freedoms that are important for development.
Amartya sen
Amartya Sen is an Indian economist known for his work on welfare economics, social choice theory, and economic theories of famine. He received the Nobel Prize in Economics in 1998 for his contributions to welfare economics and social choice theory, and his interest in addressing the problems faced by the world's poorest people. Some of Sen's key accomplishments include developing the capability approach to measure well-being and development, explaining how famines can occur despite an availability of food, and establishing indexes to measure well-being in developing countries. He has authored numerous influential books and received many honors, including the Bharat Ratna award.
Scope of Economics
Economics is derived from Greek words meaning "to manage the household." It is the science that studies how humans manage their limited resources to satisfy unlimited wants. Economics has been defined in various ways, such as the science of wealth, material welfare, and scarcity. It examines how people earn a living and how economic resources are allocated among competing uses to maximize benefit. Economics uses scientific methods to study human economic behavior and choices made between alternative uses of limited resources.
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Age and Cultural Diversity can make Business Ethics stumble
With MULTIPLE generations now in the workforce, many employers have embraced age and cultural diversity initiatives with an objective of creating create an all-inclusive workplace. However, cultural diversity can give rise to ethical issues that can be challenging for managers and employees to resolve.
Religious Differences
Gender Issues (more women in work force than ever before)
Hiring Decisions
General Business Practices
Age differential
As a group, please come up with one ethics-related situation that occurred since the last class. Share with the class the ethical conflict, action, and results.
Chapter Three:
Justice and Economic Distribution
5
Management Ethics
Reflection Questions
Chap 3 – Justice and Economic Distribution
1. What does the concept of justice mean to you?
“Injustice anywhere
is a threat to
justice everywhere.”
Martin Luther King Jr.
MANAGEMENT ETHICS 5-1
What is Justice ?
Moral principle that determines what is just, equitable, and morally right based on ethical, political, environmental, and religious beliefs and values.
-- guided by truth, reason, and fairness --
Promoting welfare, virtue, and freedom
Keeping intact the foundations of our democracy including upholding the law
Securing natural rights
According to Merriam Webster dictionary
-- Justice is the use of law and being fair --
MANAGEMENT ETHICS 5-1
Justice involves REAL issues that deal with the equality and fair treatment of humanity and the environment.
Justice also involves the laws in a country or nation, and the arrangement of how a government will protect it’s values and maintain order while preserving the rights of the people.
What is Justice ?
MANAGEMENT ETHICS 5-1
Maximizing Welfare
Improving standard of living for society as a whole
Bringing the “greatest happiness for the greatest number” of people = UTILITARIAN
This means that a person’s theory of justice is based on promoting prosperity or spurring economic growth, to seek the greatest happiness for the greatest number of people.
Examples: Social Security, healthcare (Medicare and Medicaid), public schools, criminal justice system with prisons
MANAGEMENT ETHICS 5-1
Respecting Freedom
Having respect for individual rights and universal human rights.
e.g. the Bill of Rights
Emphasis on respect for individual rights
Laissez-faire camp (free-market libertarians)
Policies that respect voluntary choices so minimal government intervention in individual lives and choices.
Fairness camp (egalitarian theorists)
Policies that give everyone a fair chance at success so government passes laws that ensure everyone has equal opportunity.
MANAGEMENT ETHICS 5-1
Promoting Virtue
Looking at justice by affirming certain virtues and conceptions of the ‘good life’.
These virtues must b.
General economics unit I
This document provides an introduction to key economic concepts and terms including:
1) It defines economics according to Adam Smith, Alfred Marshall, and Lionel Robbins focusing on wealth, welfare, and scarcity.
2) It outlines the main divisions of economics as consumption, production, exchange, distribution, and public finance.
3) It explains basic economic concepts such as goods, utility, wants, value, price, market, and income.
Unit 1st. Scope and nature of economics.pptx
This document provides an overview of basic economic concepts. It defines economics as the study of how scarce resources are used to satisfy unlimited human wants. Economics can be divided into microeconomics, macroeconomics, and home economics. The document also discusses how economics is considered both a social science and science, and how it relates to other fields like mathematics, sociology, and politics. The main goals of studying economics are to better understand world events, make wise decisions, contribute to social change and national development, and prepare for various careers.
Managerial Economics
This document discusses the definitions and history of economics. It begins by defining economics as the study of managing households, derived from Greek words. It then summarizes the significant contributions and definitions of economics provided by influential economists like Adam Smith, Alfred Marshall, Lionel Robbins, and Paul Samuelson. Smith defined economics as the study of wealth, Marshall defined it in terms of welfare, Robbins defined it regarding scarcity of resources, and Samuelson defined it as the study of allocating scarce resources over time. The document also distinguishes between positive and normative economics, and microeconomics and macroeconomics.
THE CAPITALIST ECONOMIC SYSTEM……………………….4 ISLAMIC ECONOMIC SYSTEM………………………………...
The document provides an overview of the capitalist and Islamic economic systems. It discusses the theoretical foundations of capitalism, including its views on scarcity, human needs, and the role of poverty. It notes flaws in the capitalist view and discusses its practical failures. The document then outlines the Islamic view of the economy, including that all resources belong to God and Islam's economic policy aims to satisfy all basic human needs for every individual. It discusses the Islamic principles of ownership and the role of zakat in eliminating poverty according to early Islamic history.
Basic concepts-of-economics
basics of economics helps learners to understand the definition of economics, concepts of economics, division of economics and relationship of economics to other sciences.
History and Few Basics of Micro Economics
The document provides definitions and concepts related to consumer behavior theory, including:
1) Utility refers to the satisfaction attained from consuming goods and services, though it is difficult to measure. Total utility is the satisfaction from consuming multiple units, and marginal utility is the satisfaction from each additional unit.
2) The law of diminishing marginal utility states that the marginal utility decreases with increasing consumption as each additional unit provides less satisfaction.
3) Indifference curves represent combinations of goods that provide equal satisfaction to the consumer. They are convex to the origin due to diminishing marginal rates of substitution.
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
- Pre-Hispanic: Subsistence agriculture and barter trade. Self-sufficient tribal communities.
- Spanish Colonial Period (1521-1898): Introduction of cash crop economy focused on agriculture for export (sugar, abaca, coconut). Establishment of encomienda system.
- American Colonial Period (1898-1946): Shift to export-oriented economy. Development of infrastructure like roads, ports. Promotion of private investment. Establishment of central banking system.
- Post-WWII (1946-1960s): Recovery period. Implementation of land reform programs. Shift to import-substitution industrial
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
1. Pre-Hispanic - Indigenous peoples engaged in subsistence farming, fishing, hunting. Developed irrigation systems, traded with other Asian countries.
2. Spanish Colonial Period (1521-1898) - Introduced cash crop agriculture (sugar, coconut), mining. Established galleon trade with Mexico and Spain. Economy benefited elites.
3. American Colonial Period (1898-1946) - Promoted export-oriented agriculture (abaca, coconut, tobacco). Established infrastructure like roads, ports. Introduced public education.
4. Post-WWII Period (1946-1960s
1.1 introduction to economics
This document discusses the evolution of economics as a subject through different conceptual stages:
1. Wealth concept: Early economists like Adam Smith defined economics as the science of wealth and were focused on wealth generation. This led to criticism that it promoted wealth over welfare.
2. Welfare concept: Economists like Marshall shifted the focus to human welfare, arguing economics studies how people conduct ordinary life and is a social science.
3. Scarcity concept: Robbins defined economics as studying relationships between unlimited wants and scarce resources. This introduced the idea of scarcity, choice, and opportunity cost.
4. Development concept: Modern economists believe economics should also study how to increase resources over time to satisfy more
basic-concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02.pptx
Here are the key stages of economic development in the Philippines and some significant policies in each stage:
- Pre-Hispanic: Subsistence agriculture and fishing-based economy. Indigenous tribes lived self-sufficiently.
- Spanish Colonial Period (1521-1898): Introduction of cash crop agriculture like sugar, coconut, abaca. Feudal hacienda system dominated. Little industrial development.
- American Colonial Period (1898-1946): Shift to export-oriented agriculture. Development of mining, manufacturing and infrastructure like roads, ports. Public education expanded.
- Post-WWII (1946-1960s): Recovery period. Import substitution industrialization. Land reform programs.
- Martial Law Era (
Introduction to Macro Economics
This document provides an introduction to microeconomics. It defines economics as the study of how societies work to transform scarce resources into goods and services to satisfy unlimited human wants. It discusses how economics deals not just with resource allocation but also increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then examines different definitions of economics, including as a science of wealth, material well-being, choice-making, and dynamic growth. It analyzes the merits and criticisms of defining economics as the science of wealth or material well-being.
Nature and scopes of Economics
Economics is the study of how societies allocate scarce resources. It can be defined as both a science and an art. As a science, economics uses analysis and evidence to understand cause-and-effect relationships between economic factors. As an art, economics provides practical guidance to solve economic problems. The scope of economics includes microeconomics, which examines individual markets, and macroeconomics, which looks at an overall economy and topics like growth, employment, inflation and trade cycles.
Chapter I Basics of Economics(university common course).pptx
Economics can be defined in various ways by different economists throughout history. Originally, Adam Smith defined economics as the science of wealth in 1776. Later, Alfred Marshall defined it as the study of human welfare in 1890. Lionel Robbins defined it in 1932 as the study of scarcity and how societies allocate scarce resources. The document then provides an overview of the scope and methods of economics, including microeconomics which examines individual decision making and macroeconomics which analyzes aggregate outputs and outcomes.
Introduction to Economics ,Nature and scope of economics
Economics is the study of how people use limited resources to satisfy unlimited wants. It can be defined as the science of production, distribution, and consumption of goods and services. There are several branches of economics:
Microeconomics studies individual units like households and firms. Macroeconomics looks at aggregates and examines the entire economy. Other branches include international economics, development economics, environmental economics, and urban/rural economics.
Economics is both a science and an art. As a science, it uses scientific methods to systematically study economic phenomena. As an art, it provides practical guidance to solve economic problems. Economics is also both a positive and normative discipline - positive economics describes what is, while normative economics
Introduction To Economics
Economics is defined as the study of how societies, governments, businesses, households, and individuals allocate scarce resources. It can be divided into microeconomics, which examines individual agents and markets, and macroeconomics, which looks at an overall economy and issues like growth, inflation, and employment. Economics provides positive analysis, which objectively describes economic situations, as well as normative analysis, which makes recommendations about what economic policies and outcomes would be most desirable.
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Economics deals with balancing unlimited wants with limited resources. It involves production, distribution, and consumption of goods and services. The basic concepts of economics, including the definition and scope, will be examined. Economics means managing limited family resources to meet unlimited family wants. It involves studying how societies allocate scarce resources between competing needs. Economics can be viewed as both a science and an art that helps solve practical problems. It considers both what happens economically and what should happen. The subject matter of economics includes consumption, production, exchange, and distribution.
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Management EthicsEthics, Diversity and Organizational .docx
Management EthicsEthics, Diversity and Organizational .docx
THE CAPITALIST ECONOMIC SYSTEM……………………….4 ISLAMIC ECONOMIC SYSTEM………………………………...
THE CAPITALIST ECONOMIC SYSTEM……………………….4 ISLAMIC ECONOMIC SYSTEM………………………………...
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
Basic concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02
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basic-concepts-of-economics-1308538694-phpapp02-110619220214-phpapp02.pptx
Chapter I Basics of Economics(university common course).pptx
Chapter I Basics of Economics(university common course).pptx
Introduction to Economics ,Nature and scope of economics
Introduction to Economics ,Nature and scope of economics
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Virtual reality tours created using 360-degree cameras allow potential home buyers to view properties remotely through an immersive VR experience. AR and VR technologies are also being used in real estate to showcase properties, conduct virtual bike tours of neighborhoods, provide property information through mobile AR apps, design home interiors virtually, aid architectural design and construction planning, and capture building dimensions to create floor plans. These immersive technologies reduce costs and iterations compared to traditional methods, and are becoming standard tools in real estate marketing, development, and related industries.
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Modernization of Indian Culture : Issues & Challenges
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2. It provides statistics on the religious, linguistic, and cultural diversity of India. Some of the major religions are Hinduism, Islam, Christianity, and Sikhism. Hindi is the most widely spoken language.
3. It explores how modernization has impacted traditions and lifestyles in India. This includes changes in family structures, dress, entertainment, and food. While innovation and development have benefits, it can also lead to issues like loss of skills, values, and relationships.
Monetary Policy by RBI
This document summarizes the key aspects of monetary policy in India. It outlines the objectives of monetary policy as promoting economic growth, stability, and exchange rate stability. It describes the various tools used by the Reserve Bank of India (RBI) including repo rate, reverse repo rate, cash reserve ratio, and open market operations. It provides an overview of monetary policy approaches in recent years from 2019-2022, including rate cuts, lending schemes, and government security purchase programs. It analyzes how policy tools like repo rate and cash reserve ratio are used to achieve the objectives of growth and stability.
Planning in india
The document outlines the key details of India's 12 Five-Year Plans from 1951-2017. Some of the major highlights include:
- The first plan focused on agriculture and irrigation with projects like Bhakra Dam. The second plan emphasized heavy industry while the third plan faced challenges from wars with China and Pakistan.
- Later plans aimed to reduce poverty and dependence on foreign aid through policies like nationalizing banks and the Green Revolution. Infrastructure became a bigger focus after the fifth plan.
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Touchless Elevator Access
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.Economic Risk Factor Update: June 2024 [SlideShare]
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
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Analysis of Nobel Prize AK Sen
- 1. ALPINE SKI HOUSE A presentation on ECONOMIC ENVIRONMENT OF BUSINESS Guided By : Dr. Bibhunandini Das Presented By : Rhitiq Pattnaik - 200402100004 Sunanda Priyadarshini - 200402100026 Kiran Patnaik - 200402100039
- 2. ALPINE SKI HOUSE ANALYSIS OF NOBEL PRIZE WINNER AMARTYA SEN
- 3. ALPINE SKI HOUSE 1 INTRODUCTION 2 OBJECTIVES 3 4 CONTENTS CONTRIBUTIONS 5 POPULAR BOOKS OTHER WRITINGS
- 4. ALPINE SKI HOUSE ALPINE SKI HOUSE Introduction The Nobel prize was first created by Alfred Bernhard Nobel. Since 1901, the Nobel Prize has been awarded in several fields but the prize in economic sciences was added in 1968. Between 1901 and 2020, there are 86 are Laureates in Economic Sciences, out of which Amartya Sen was one. Sen received “Nobel Prize” in economic sciences in the year 1998. He was also awarded as “Bharat Ratna” of India in 1999 for his work in welfare economics.
- 5. ALPINE SKI HOUSE ALPINE SKI HOUSE To find his contributions To study the attributes of his books To know the early life of Prof. Amartya Sen Objectives 5 Objectives
- 6. ALPINE SKI HOUSE ALPINE SKI HOUSE His mother was Amita Sen and father was Ashutosh Sen. Sen began his school education at Dhaka in 1940 . Then he went to Presidency college, Kolkata and earned first class in BA economics degree. He was a research fellow of Trinity College, Cambridge, and, professor at Massachusetts, US. Amartya Sen was born on 3rd November, 1933 . Early Life
- 7. ALPINE SKI HOUSE ALPINE SKI HOUSE Contributions Welfare Economics Social Choice Theory Economic and Social Justice Economic Theories of Famines Indexes of measure of well-being of citizens
- 8. ALPINE SKI HOUSE ALPINE SKI HOUSE Welfare Economics Welfare Economics seeks to evaluate economic policies in terms of their effect on the wellbeing of the community. It deals with economically efficient distribution of resources for well being of people. The first theory of welfare economy guarantees that any competitive equilibrium is pareto optimal.
- 9. ALPINE SKI HOUSE ALPINE SKI HOUSE Social Choice Theory Social Choice Theory is a theoretical framework for Analysis of combining individual opinions, preference, interests or welfares to reach a collective decision in some sense. It also blends the elements of Economics and voting theory. Social Theory considers all sorts of individual preference, choices, not just political choices.
- 10. ALPINE SKI HOUSE ALPINE SKI HOUSE Economic and Social Justice Social justice is the view that everyone deserves equal rights and opportunities. Social workers aim to open the doors of access and opportunity for everyone, particularly those in greatest need. He claims that we can meaningfully compare the level of justice in two institutions without positing an ideal, transcendental idea of justice.
- 11. ALPINE SKI HOUSE ALPINE SKI HOUSE Economic Theories of Famines Amartya Sen advances the theory that lack of democracy and famines are inter related. He cites the example of Bengal famine of 1943. Sen demonstrated it was caused by urban economic boom that raised food prices, there by causing millions of rural workers to starve to death when their wages did not keep up. Sen pointed out it occurs due to the failure of social and political arrangement
- 12. ALPINE SKI HOUSE ALPINE SKI HOUSE Indexes of measure of well-being of citizens Wealth & GDP Happiness Basic Needs Social Indicators and Economic Indicators. Human Development index embodies Amartya Sen’s “Capabilities” approach to understand human well-being. Three important ends of development: Access to health, Education & Goods. In HDI, component indices for Life Expectancy, literacy, School Enrollment and Income are combined together into a single index that can be used to compare the level of human well-being among countries or to monitor country’s progress over time.
- 13. ALPINE SKI HOUSE ALPINE SKI HOUSE Popular Books Poverty & Famine, 1981 Development as freedom, 1999 The Argumentative Indian, 2005 Idea of Justice, 2009
- 14. ALPINE SKI HOUSE ALPINE SKI HOUSE Other Writings Article – “More than 100 million women are missing” Thesis – Choice of Techniques.
- 15. ALPINE SKI HOUSE ALPINE SKI HOUSE Memorable Words Empowering women is key to build a future we want. Economic growth without investment in human development is unsustainable & unethical. Poverty is not just a lack of money, it is not having the capability to realize one’s full potential as a human being.
- 16. ALPINE SKI HOUSE ALPINE SKI HOUSE THANK YOU
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