In The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology ( 1952 ), Hayek independently developed a " Hebbian learning " model of learning and memoryan idea which he first conceived in 1920, prior to his study of economics.

Unlike many children, Simon was exposed to the idea that human behavior could be studied scientifically at a relatively young age due to the influence of his mother ’ s younger brother, Harold Merkel, who had studied economics at the University of Wisconsin – Madison under John R. Commons.

In social sciences, including economics, the idea of standardization is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions.

In economics the DC preferred competition to cooperation, supported the model of social market economy and rejected the Marxist's idea of class struggle.

The best-known application of the idea of " human capital " in economics is that of Mincer and Gary Becker of the " Chicago School " of economics.

We now introduce the idea of the Aspiration level as introduced by Herbert Simon and developed in economics by Richard Cyert and James march in their 1963 book " A Behavioral theory of the firm ".

Apart from the behavioral theory of the firm, Applications of the idea of satisficing behavior in economics include the Akerlof and Yellen model of Menu costs popular in New Keynesian macroeconomics.

The free-market economist Milton Friedman also popularized the phrase by using it as the title of a 1975 book, and it often appears in economics textbooks ; Campbell McConnell writes that the idea is " at the core of economics ".

From 1976 to 1985, General Mills went to court as the parent company of Parker Brothers, which held the rights on the brand name and gaming idea of the board game Monopoly, claiming that the so called Anti-Monopoly game of an economics professor infringed their trademark.

According to those who use the term ' productivism ', the difference between themselves and the promoters of conventional neoclassical economics is that a productivist does not believe in the idea of " uneconomic growth ", i. e. the productivist believes all growth is good, while the critic of productivism believes it can be more like a disease, measurably growing but interfering with life processes, and that it is up to the electorate, worker and purchaser to put values on their free time and decide whether to use their time for production or their money for consumption.

This brought together thinkers with interests in artificial intelligence, nanotechnology, genetic engineering, life extension, mind uploading, idea futures, robotics, space exploration, memetics, and the politics and economics of transhumanism.

Early on this idea had been summarized in Say's Law of economics, which states: " A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.

This idea is contrary to the typical conception of economics as a positive science held by many practitioners.

This method extrapolates from the opportunity cost idea in mainstream economics.

in Sustainable Agriculture and Integrated Farming Systems solidified this idea proving his point by devoting special sections to economics of the systems, ecological impacts, and ethics and values in agriculture.

Supply side economics, especially the idea of reducing higher marginal income tax rates, received heavy criticism from senior editor Jonathan Chait.

The idea of markets automatically channeling self-interest toward socially desirable ends is a central justification for the laissez-faire economic philosophy, which lies behind neoclassical economics.

Heterodox economists like Tony Lawson, Frederic Lee or Geoffrey Hodgson are trying to work the ideas of critical realism into economics, especially the dynamic idea of macro-micro interaction.

The idea that the ultimate good exists and is not orderable but is globally measurable is reflected in various ways in economic ( classical economics, green economics, welfare economics, Gross National Happiness ) and scientific ( positive psychology, the Science of morality ) well-being measuring theories, all of which focus on various ways of assessing progress towards that goal, a so-called Genuine Progress Indicator.

In economics, a monopoly is a single seller.

In this case, the publisher is using their government granted copyright monopoly to price discriminate between ( presumed ) wealthier economics students and ( presumed ) poor economics students.

In Heretics of Dune, it is revealed that the Tleilaxu have developed the ability to grow the spice melange in axlotl tanks, breaking the monopoly on spice that Arrakis held for thousands of years which strongly controlled the economics and the politics of the Imperium.

In economics and business ethics, a coercive monopoly is a business concern that prohibits competitors from entering the field, with the natural result being that the firm is able to make pricing and production decisions independent of competitive forces.

In economics, a firm is a monopoly when, because of the lack of any viable competition, it is able to become the sole producer of the industry's product.

* The IMT manifesto makes demands such as " the end to privatisation and the abandonment of market economics ", " the rationalisation for privatised companies without compensation " and " the reintroduction of the state monopoly of foreign trade ".

In economics, a government monopoly ( or public monopoly ) is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law.

Alternatively, many heterodox economists working outside the neoclassical tradition, such as in institutionalist economics, economic sociology and economic geography, as well as many legal scholars ( especially of the legal realism and critical legal studies approaches ) stress that market regulation is important for safeguarding against monopoly formation, the overall stability of markets, environmental harm, and to ensure a variety of social protections.

One of the greatest obstacles to the achievement of this goal is the lack of trained men and women with the skill to teach the young and assist in the operation of development projects -- men and women with the capacity to cope with the demands of swiftly evolving economics, and with the dedication to put that capacity to work in the villages, the mountains, the towns and the factories of dozens of struggling nations.

In addition to mathematics and statistics, the arithmetic mean is used frequently in fields such as economics, sociology, and history, though it is used in almost every academic field to some extent.

While Swift ’ s proposal is obviously not a serious economic proposal, George Wittkowsky, author of " Swift ’ s Modest Proposal: The Biography of an Early Georgian Pamphlet ", argues that to understand the piece fully, it is important to understand the economics of Swift ’ s time.

The Austrian School of economics is a school of economic thought positing that the only appropriate means to understand economic events is by logically studying the intentions of individual economic decision-makers, based on certain fundamental truths.

Freedom of thought is the only guarantee of the feasibility of a scientific democratic approach to politics, economics and culture.

In economics and finance, arbitrage () is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.

In general, the difference between a statistics program and a biostatistics program is twofold: ( i ) statistics departments will often host theoretical / methodological research which are less common in biostatistics programs and ( ii ) statistics departments have lines of research that may include biomedical applications but also other areas such as industry ( quality control ), business and economics and biological areas other than medicine.

His most famous book in this area is The Skeptical Environmentalist, whose English translation was published as a work in environmental economics by Cambridge University Press in 2001.

Calculus has widespread applications in science, economics, and engineering and can solve many problems for which algebra alone is insufficient.

* Capital ( economics ), a factor of production that is not wanted for itself but for its ability to help in producing other goods

" Justice Holmes noted that study of maxims might be sufficient for " the man of the present ," but " the man of the future is the man of statistics and the master of economics.

From an economics viewpoint, there is a clear trade-off between cost per copy and cost of the printer.

Latour suggests that about 90 % of contemporary social criticism in academia displays one of two approaches which he terms “ the fact position and the fairy position .” ( p. 237 ) The fact position is anti-fetishist, arguing that “ objects of belief ” ( e. g., religion, arts ) are merely concepts onto which power is projected ; the “ fairy position ” argues that individuals are dominated, often covertly and without their awareness, by external forces ( e. g., economics, gender ).

In economics, currency is a generally accepted medium of exchange.

In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area.

The term is parallel to-ology in English, being used to construct the names of academic fields: the Chinese names of fields such as physics, chemistry, biology, political science, economics, and sociology all end in xué.

Chemical engineering is the branch of engineering that deals with physical science ( e. g., chemistry and physics ), and life sciences ( e. g., biology, microbiology and biochemistry ) with mathematics and economics, to the process of converting raw materials or chemicals into more useful or valuable forms.

It is Liberal in the sense of economics.

It is a process whereby the metropole claims sovereignty over the colony, and the social structure, government, and economics of the colony are changed by colonizers from the metropole.

In 1963 Friedman and Schwartz proposed a positive feedback loop as a mechanism for catastrophic failures in economics: “ It happens that a liquidity crisis in a unit fractional reserve banking system is precisely the kind of event that trigger-and often has triggered-a chain reaction.

Other broad distinctions include those between positive economics ( describing " what is ") and normative economics ( advocating " what ought to be "); between economic theory and applied economics ; between rational and behavioral economics ; and between mainstream economics ( more " orthodox " and dealing with the " rationality-individualism-equilibrium nexus ") and heterodox economics ( more " radical " and dealing with the " institutions-history-social structure nexus ").