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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
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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.
 Recommended Citation:WORLD VIEW, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: June 15, 2026]. Check Out These Related Terms... | | | | | | Or For A Little Background... | | | | | | And For Further Study... | | | | |
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GRAY SKITTERY [What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf. Your Complete Scope
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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