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Five Economic Concepts Consumers Need to Know
Read this article, and you'll understand more about wants and needs. Supply and Demand: Basic Economics Supply and Demand are two of the most basic concepts in economics. This fun, illustrated article explains these terms in words you can easily understand.
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Basic Economics: Scarcity and Choices Scarcity is how little of something is available. It forces us to make choices, like how much of something to buy or how much money to spend on something. Scarcity is one of the most basic concepts of economics. Find out more in this easy-to-understand article. Basic Economics: Goods and Services What's the difference between the two? Find out in this fun, illustrated article.
Basic Economics: Interdependence Interdependence is a very big word. It's also a key term in the study of economics. This fun, illustrated article makes this big word easy to understand. Check it out! Marx made it his mission to combat the legacy in Germany of G.
What is Economics?
The tendency of Hegelians to give causal primacy to idealist factors was replaced by the emphasis Marx and Friedrich Engels placed on the material roots of social change. The general theory of economic development Marx proposed placed class at the centre of analysis and posited the inevitable decline of capitalism to be replaced by socialism.
Marx did not champion the idea of the mutual constitution of state and economy but, rather, saw the political structure of a society as growing out of, legitimating , and obscuring the exploitation upon which an economic order is based. Although Marxist historical materialism was a powerful strain of economic sociology, the German sociologist Max Weber developed another distinct strand. Weber disliked both the overly rigid theoretical framework of Marxist historical materialism and the atheoretical just-so studies of his German historicist predecessors.
Weber emphasized that the political order was linked with the legal order that provided the basis for the economic order in a given society. Although Weber had a more nuanced understanding of the relationship between state and economy than Marx did, his concern with how institutions condition the meanings that individuals attach to economic action obscured the ways in which economic and political institutions are systemically linked at a level above the individual. Durkheim criticized the utilitarian vision of human action and placed a much greater emphasis on the institutional preconditions of market-oriented action.
Durkheim went through great pains to show that the division of labour is not the result of individually based action but, rather, a precondition for such action. Durkheim was especially concerned with the negative effects of capitalism arising from the lack of development of the proper institutional structure, especially the state, which he thought was needed to support healthy market exchange. Durkheim saw an underdeveloped state as likely resulting in compulsory labour and labour conflict, as well as anomie and social disintegration.
After the Great Depression , a new economic sociology began to develop that dealt explicitly with the decline and transformation of liberal capitalism. Karl Polanyi crystallized the idea of an economic system as the object of study for economic sociologists. An economic system is how economic activity is conditioned by an institutional form of integration.
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These forms of integration were connected to institutions that defined the goals of economic action and the appropriate means to achieve these ends. It must be stressed here that these forms are ideal types. Polanyi thought that various forms of integration might be present in a given economic system to a greater or lesser degree. Thus, primitive societies were characterized primarily by a system based on reciprocity.
Under this system, production, distribution, and exchange are regulated by the direct social obligations of parties involved with one another over an extended period. Meanwhile, feudal systems were characterized by redistribution.
Nature of Economics - Introductory Concepts | Economics | tutor2u
In this form of economic integration , political institutions regulate the production and distribution of goods. Production is regulated through forms of directly controlled labour, the products of which are distributed through norms of honour and through administrative means. The 19th century was characterized by an economic system based on the market. Market trade as a form of integration involves the production of goods for sale in a market and the distribution of goods through market means.
Related Economic Concepts for the Social Sciences
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