principle of diminishing marginal utility
1Ordinal utility — theory states that while the utility of a particular good or service cannot be measured using a numerical scale bearing economic meaning in and of itself, pairs of alternative bundles (combinations) of goods can be ordered such that one is… …
2Economic anthropology — is a scholarly field that attempts to explain human economic behavior using the tools of both economics and anthropology. It is practiced by anthropologists and has a complex relationship with economics. There are three major paradigms within the …
3economics — /ek euh nom iks, ee keuh /, n. 1. (used with a sing. v.) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. 2. (used with a pl. v.) financial considerations;… …
4Distributive efficiency — In welfare economics, distributive efficiency occurs when goods and services are received by those who have the greatest need for them. Abba Lerner first proposed the idea of distributive efficiency in his 1944 book The Economics of Control.… …
5Welfare economics — Economics …
6Utilitarians (The early) — The early utilitarians Bentham and James Mill G.L.Williams Jeremy Bentham was born in 1748 in London; his prosperous father, a lawyer who became wealthy from property rather than the law, planned out for his son a brilliant legal career. After an …
7Kaldor-Hicks efficiency — (named for Nicholas Kaldor and John Hicks) is a measure of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria and is hence applicable to more circumstances. Under Kaldor Hicks… …
8Peter Singer — Infobox Philosopher region = Western Philosophy era = Contemporary philosophy color = #B0C4DE image caption = name = Peter Singer birth = birth date and age|1946|7|6 death = school tradition = Analytic· Utilitarianism main interests = Ethics… …
9Prioritarianism — or the Priority View [Parfit, Derek. Equality and priority , Ratio, vol. 10, no. 3 (December, 1997), pp. 202 221.] is a view within ethics and political philosophy that holds that the goodness of an outcome is a function of overall well being… …
10Social choice theory — is a theoretical framework for measuring individual interests, values, or welfares as an aggregate towards collective decision. A non theoretical example of a collective decision is passing a set of laws under a constitution. Social choice theory …
