Self 2-2

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William James

A "man's Self is the sum total of all that he can call his"

MICROECONOMICS

Focuses on the study of individual economic agents, including consumers and firms, and their interactions in specific markets.

Needs

These are importants for survival. Food, clothing, and shelther are basic needs so people purchase them out of necessity.

Neoclassical economics

focuses on the idea that individuals and firms make rational choices to maximize their utility or profit.

Social Welfare

significance of economics where it helps assess the impact of policies aimed at improving the well-being of disadvantaged individuals and communities.

Money and family

2 are critical parts of the material self.

Neoclassical economics

Emphasize free markets, competition, and the price mechanism as efficient ways to allocate resources.

Economics

Growth of production and welfare over time.

William James

He argued that people often identify themselves with the objects they possess and the roles they play in society.

clothes

Second to the body, the person's _____ were important to the material self.

Neoclassical economics

Supply and demand are central concepts in this approach.

Wants

Synonymous with luxuries. People buy them for reasons that do not warrant necessity.

Keynesian economics

is an economic theory developed by John Maynard Keynes.

Macroeconomics

A branch of economics that examines the entire economy's performance, focusing on aggregates like national income, inflation, and unemployment.

Karl Marx

Based on the ideas of _____, centers on the critique of capitalism.

Rational Choice Theory

By examining how individuals make choices given their preferences, constraints, and available resources, economics sheds light on why people behave the way they do and how they allocate their time, money, and effort.

Utility

Concerned with how things serve a practical purpose.

Significance

Concerned with the meaning assigned for the object.

Rational Choice Theory

Economics assumes that individuals are rational decision-makers who seek to maximize their well-being or utility.

Resource Allocation

Economics helps in efficient ______, allowing societies to use limited resources to meet their diverse needs and wants.

Understanding Human Behavior

Economics provides insights into human behavior, decision-making, and the factors influencing individual and collective choices.

Marxian Economics

Emphasizes the role of labor and the relationship between capitalists (owners) and the working class.

MICROECONOMICS

Explores how these agents make choices based on preferences, with consumers having diminishing willingness to pay for additional goods as they acquire more, while firms aim to maximize profits despite diminishing returns.

Mercantilist philosophers and pamphleteers

In the early modern period, ___ and ____ focused on trade balance and currency regulation as trade and nation-states' importance grew.

Rational Choice Theory

Individuals act consistently with their preferences and beliefs, striving to achieve their goals or objectives.

material self

Individuals have a sense of self that is closely connected to their physical bodies and material possessions.

Rational Choice Theory

Individuals make decisions by carefully evaluating the available options, considering the costs and benefits, and choosing the option that maximizes their overall well-being or utility.

Marxian Economics

It advocates for the transition to a classless, communist society where the means of production are collectively owned.

Marxian Economics

It argues that capitalist systems inherently lead to exploitation and class struggle.

Keynesian economics

It emphasizes government intervention in the economy, particularly during economic downturns, to stimulate demand and employment.

Resource Allocation

It guides decisions on what to produce, how to produce, and for whom to produce, which can lead to increased overall welfare.

understanding of the economic or material self

It has a substantial impact on personal finance, economics, and discussions regarding economic inequality and societal welfare.

Significance

It is also concerned with how objects become powerful symbols or icons of habit and ritual which can be quite separate from their primary function.

material self

It was this "_____" that also pushed people to acquire homes and fill them with possessions.

Personal Economic and Material Self

People maintain extensions of themselves through material possessions and maintenance of particular lifestyles.

18th century

Philosophical reflection on economics has a long history but the modern conception of economics as a distinct field of study emerged in the _____.

Rational Choice Theory

Real-world behavior may sometimes deviate from perfect rationality due to cognitive biases and heuristics.

Resource Allocation, Social Welfare, Policy Formulation, Business and Finance, Understanding Human Behavior

Significance of Economics 5

Social Economic and Material Self

Society values as needs and wants, this section discusses how an individual acquires goods, the factors that shape his/her economic decisions, and what these things say about one's sense of self.

Roland Barthes

Studied the concept of semiology. According to him, it is through objects that people assert their identities.

Macroeconomics

Studies the interactions between key economic variables such as the money supply, interest rates, and government policies to understand their impact on the overall economy.

Economics

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

material self

The concept of the "____ " is vital in psychology and sociology for explaining various systems.

body

The core of the material self was the ____.

wants and needs

The decisions that go into the purchase of items and certain services is dependent on a number of factors 2.

economic or material self

The understanding of the "______" is essential for comprehending an individual's financial well-being, their capacity to reach financial goals, and their overall economic status.

Roland Barthes

This idea suggests that objects, aside from contributing to how an individual identities himself/herself, also signify relationships of people with others based on what they possess.

Aristotle

addressed economic issues related to household management, while scholastic philosophers considered ethical questions about economic behavior, particularly condemning usury.

John Maynard Keynes

developed Keynesian economics

Macroeconomics

is critical for shaping government policies, addressing economic issues like recessions and inflation, and ensuring economic stability.

Economics

is the study of scarcity and its implications for the use of resources, production of goods and services.

Microeconomics

often assumes competitive markets where prices are not influenced by individual agents, but it also investigates strategic interactions using game theory.

Business and Finance

significance of economics where It guides strategies related to pricing, investment, production, and risk management, impacting the profitability and stability of firms.

Understanding Human Behavior

significance of economics where It helps explain why people make certain economic decisions and how they respond to changes in circumstances.

Policy Formulation

significance of economics where Policymakers rely on economic analysis to address various issues, including managing inflation, reducing unemployment, promoting economic growth, and implementing taxation and spending policies.

Business and Finance

significance of economics where fundamental for businesses and financial institutions to make informed decisions.

Social Welfare

significance of economics where it addresses issues related to income inequality, poverty, and social welfare programs.

Policy Formulation

significance of economics where it plays a critical role in shaping government policies.

Keynesian Economics, Neoclassical Economics, Marxian Economics, Rational Choice Theory

theories of economics 4

Considerations

uitility and significance


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