Self 2-2
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
