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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top.

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WORLD VIEW:

An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.
World view axioms are unverifiable because they are not directly testable against the real world. They contain concepts that are inherently immeasurable. As such, they must be accepted on faith. Believe or not.

Albert Einstein, for example gave insight into his world view by saying, "God does not play dice with the universe." While unprovable, Einstein believed that the universe operated by a set of natural laws--not by random chance. In his view, nature was not random, an event did not occur by chance, it was caused by something, it operated according to cause-and-effect laws of nature.

The components of a person's world view include religious belief, political view, cultural background, social upbringing, and overall philosophy of life. Key components of a world view usually include a notion of how and why the universe was created, the reason for humanity's existence, the proper role of government in the society and the economy, and the fundamental goodness or badness of humanity.

While the axioms and beliefs that comprise a world view are not directly testable with real world data, they are not totally free of scientific scrutiny. In fact, each time a hypothesis inspired by a theory is tested against the real world, all parts of the theory, including the world view, are tested indirectly. If a hypothesis does not agree with the real world, if it fails a test, then it opens up the possibility that any part of the theory is incorrect, including the previously verified principles or the unverified world view axioms and beliefs.

The process of scientific discovery has continually called into question many of society's basic beliefs. Some axioms are supported, others are contradicted. Some beliefs are discarded, others survive.

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WORLD VIEW, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 22, 2018].


Check Out These Related Terms...

     | principle | hypothesis | cause and effect | verification | data |


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     | scientific method | political views | normative economics | axiom | assumption |


And For Further Study...

     | four estates | fallacies | seven economic rules | economic thinking |


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