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Examples. One of the most famous examples of the endowment effect in the literature is from a study by Daniel Kahneman, Jack Knetsch & Richard Thaler, in which Cornell undergraduates were given a mug and then offered the chance to sell it or trade it for an equally valued alternative (pens). They found that the amount participants required as ...
The first Human Development Report introduced its pioneering HDI and analyzed previous decades of development indicators, concluding that "there is no automatic link between economic growth and human progress." The 2010 Report's rigorous review of longer-term trends—looking back at HDI indicators for most countries from 1970—showed there is ...
Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy is an 1879 book by social theorist and economist Henry George. It is a treatise on the questions of why poverty accompanies economic and technological progress and why economies exhibit a tendency toward cyclical ...
v. t. e. Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. [1] Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
Social progress is often improved by increases in GDP, although other factors are also relevant. An imbalance between economic and social progress hinders further economic progress, and can lead to political instability. Where there is an imbalance between economic growth and social progress, political instability and unrest often arise.
Human development (economics) Human development involves studies of the human condition with its core being the capability approach. The inequality adjusted Human Development Index is used as a way of measuring actual progress in human development by the United Nations. It is an alternative approach to a single focus on economic growth, and ...
t. e. An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
Society portal. v. t. e. Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy .