Google
Wednesday 
January 21, 2026 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
GROSS DOMESTIC PRODUCT, EXPENDITURES: A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption, investment, government purchases, and net exports) made by the four basic macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.

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.

<= WHOLESALE PRICE INDEX


Recommended Citation:

WORLD VIEW, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: January 21, 2026].


Check Out These Related Terms...

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


Or For A Little Background...

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


And For Further Study...

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


Search Again?

Back to the WEB*pedia


APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
Your Complete Scope

This isn't me! What am I?

Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

NOW
Negotiable Order of Withdrawal
A PEDestrian's Guide
Xtra Credit
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



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2026 AmosWEB*LLC
Send comments or questions to: WebMaster