|
AGGREGATE DEMAND CURVE: A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.
Visit the GLOSS*arama
|
|
|
|
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.
Recommended Citation:WORLD VIEW, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 28, 2024]. Check Out These Related Terms... | | | | | | Or For A Little Background... | | | | | | And For Further Study... | | | | |
Search Again?
Back to the WEB*pedia
|
|
|
YELLOW CHIPPEROON [What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for deranged pelicans. Your Complete Scope
This isn't me! What am I?
|
|
Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
|
|
"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
|
|
AOQL Average Outgoing Quality Limit
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|