Where the configurations and pressures of economic interests are brought into an immediate relation to the event or series of events under consideration, an economic interpretation is effected.
What is an economic interpretation of the United States?
An Economic Interpretation of the Constitution of the United States argues that the structure of the Constitution of the United States was motivated primarily by the personal financial interests of the Founding Fathers. Beard contends that the authors of The Federalist Papers represented an interest group themselves.
What is'economics'?
What is 'Economics'. Economics is a social science concerned with the production, distribution and consumption of goods and services.
What are economic indicators and how are they used?
Economic indicators are reports that detail a country's economic performance in a specific area. These reports are usually published periodically by governmental agencies or private organizations, and they often have a considerable effect on stock , fixed income, and forex markets when they are released.
What is the economic interpretation of dual variables?
Economic Interpretation of Dual Variables Section 4.2.3 states that for any two primal and dual feasible solutions, the values of the objective functions, when finite, must satisfy the following inequality: The strict equality, z = w, holds when both the primal and dual solutions are optimal. Let us consider the optimal condition z = w first.
What is the economic interpretation of history?
THE ECONOMIC INTERPRETATION OF HISTORY. ' IT is a favorable sign that economists are showing a tendency in recent years to " take the broad view," or to consider the bearings of economic facts and principles upon the broader questions of human progress and social development.
What is economic interpretation of history by Karl Marx?
Karl Marx was the originator of the idea of the economic interpretation of history. Buckle went no further than working out the effect of physical forces on production. Marx pointed out the fundamental character of economic changes in every phase of social life.
How does Beard argue the federalist presents an economic interpretation of the Constitution?
An Economic Interpretation of the Constitution of the United States argues that the structure of the Constitution of the United States was motivated primarily by the personal financial interests of the Founding Fathers. Beard contends that the authors of The Federalist Papers represented an interest group themselves.
What does economic mean in literature?
1 adj Economic means concerned with the organization of the money, industry, and trade of a country, region, or society.
What is Karl Marx's main theory?
Key Takeaways Marxism is a social, political, and economic theory originated by Karl Marx that focuses on the struggle between capitalists and the working class. Marx wrote that the power relationships between capitalists and workers were inherently exploitative and would inevitably create class conflict.
What are the 5 stages of economic development according to Karl Marx?
Karl Marx introduced the theory of stages of economic development, which complemented his theory of class struggle. He categorized economic evolution into five categories viz. -slavery, feudalism, capitalism, socialism and communism.
What was Charles Beard's interpretation of the framers of the Constitution what is now known to counter his interpretation?
What was Charles Beard interpretation of the Framers of the constitution? What is now known to counter his interpretation? His interpretation was that the better-off urban classes favored the new Constitution because they stood to benefit form it.
Why is the Constitution referred to as an economic document?
The Constitution was essentially an economic document based upon as recognizing the claim of property to a special and defensive position in the Constitution.
What did historian Charles Beard argue was primary motive of the framers of the Constitution?
Historian Charles Beard argued that the primary motive for the Framers of the Constitution was which of the following? The protection of their own economic self-interest. Which of the following is true about a balanced government?
What is economic research?
ERPA's focus is on short- and medium-term research in the areas of productivity, competitiveness, market structure, framework policies, business innovation, business investment, and sectoral trends and issues.
What does economic mean in simple words?
A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. We can go further to state that: economics is about the study of scarcity and choice.
What does economic mean in social studies?
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
What is duality economic interpretation?
The linear programming problem can be viewed as a resource allocation model in which the objective is to maximize revenue subject to the availability of limited re-sources.
What is dialectical materialism according to Karl Marx?
dialectical materialism, a philosophical approach to reality derived from the writings of Karl Marx and Friedrich Engels. For Marx and Engels, materialism meant that the material world, perceptible to the senses, has objective reality independent of mind or spirit.
When was State and Revolution written?
The State and Revolution (1917) is a book by Vladimir Lenin describing the role of the state in society, the necessity of proletarian revolution, and the theoretic inadequacies of social democracy in achieving revolution to establish the dictatorship of the proletariat.
What is the economic interpretation of the Constitution?
An Economic Interpretation of the Constitution of the United States argues that the structure of the Constitution of the United States was motivated primarily by the personal financial interests of the Founding Fathers. Beard contends that the authors of The Federalist Papers represented an interest group themselves. More specifically, Beard contends that the Constitutional Convention was attended by, and the Constitution was therefore written by, a "cohesive" elite seeking to protect its personal property (especially federal bonds) and economic standing. Beard examined the occupations and property holdings of the members of the convention from tax and census records, contemporaneous news accounts, and biographical sources, demonstrating the degree to which each stood to benefit from various Constitutional provisions. Beard pointed out, for example, that George Washington was the wealthiest landowner in the country, and had provided significant funding towards the Revolution. Beard traces the Constitutional guarantee that the newly formed nation would pay its debts to the desire of Washington and similarly situated lenders to have their costs refunded.
Why was William Howard Taft shocked by the Progressive interpretation?
Conservatives such as William Howard Taft were shocked at the Progressive interpretation because it seem to belittle the Constitution. History professors, however, mostly adopted it and by 1930 it became the standard interpretation of the era among them, but was largely ignored by the legal community.
Who extended Becker's thesis down to 1800?
Charles A. Beard in An Economic Interpretation of the Constitution of the United States (1913) and Economic Origins of Jeffersonian Democracy (1915) extended Becker's thesis down to 1800 in terms of class conflict.
What did McDonald assert about the mercantile and landed interests?
Instead of two interests—landed and mercantile—which conflicted, McDonald asserted that there were three dozen identifiable interests that forced the delegates to bargain. Evaluating the debate, historian Peter Novick concluded: By the early 1960s it was generally accepted within the historical profession that [...]
What does letting x1,x2,and x3 mean?
Letting x1,x2,and x3 represent the daily number of units assembled of trains, trucks and cars, the associated LP model and its dual are given as:
What is Section 4.2.3?
Section 4.2.3 states that for any two primal and dual feasible solutions, the values of the objective functions, when finite, must satisfy the following inequality:
What does YI mean in LP?
This means that the dual variable, yi represents the worth per unit of resource i. As stated in Section 3.6, the standard name dual (or shadow) price of resource i replaces the name worth per unit in all LP literature and software packages.
What Is Economics?
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.
What is economics especially concerned with?
Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
What is the branch of economics that emphasizes empiricism?
Other branches of economic thought emphasize empiricism, rather than formal logic—specifically, logical positivist methods, which attempt to use the procedural observations and falsifiable tests associated with the natural sciences. Some economists even use direct experimental methods in their research, with subjects asked to make simulated economic decisions in a controlled environment. Since true experiments may be difficult, impossible, or unethical to use in economics, empirical economists mostly rely on simplifying assumptions and retroactive data analysis. However, some economists argue economics is not well suited to empirical testing, and that such methods often generate incorrect or inconsistent answers.
How do economists work?
Economists employ many different methods of research from logical deduction to pure data mining. Economic theory often progresses through deductive processes, including mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework. This type of economics deduces, for example, that it is more efficient for individuals or companies to specialize in specific types of labor and then trade for their other needs or wants, rather than trying to produce everything they need or want on their own. It also demonstrates trade is most efficient when coordinated through a medium of exchange, or money. Economic laws deduced in this way tend to be very general and not give specific results: they can say profits incentivize new competitors to enter a market, but not necessarily how many will do so. Still, they do provide key insights for understanding the behavior of financial markets, governments, economies—and human decisions behind these entities.
What is the principle of economics?
The principle (and problem) of economics is that human beings have unlimited wants and occupy a world of limited means. For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and a more efficient use of resources, they argue, could lead to a higher standard of living.
What are the two main types of economics?
Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
What is the study of how people allocate scarce resources for production, distribution, and consumption?
Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, ...
What is the purpose of examination of variables?
An examination of these variables will give an investor a handy reference in interpreting the direction of the economy and the stock market. This, coupled with professional economic opinion, should lead to the establishment of a sound investment policy.
What is the primary responsibility of an investor?
The primary responsibility is to identify the trends in the economy and adjust the investment position accordingly.
