Dispersed knowledgeDispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system. The term has been both expanded upon and popularized by American economist Thomas Sowell. Each agent in a market for assets, goods, or services possesses incomplete knowledge as to most of the factors which affect prices in that market.
Freedom of choiceFreedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties. In the abortion debate, for example, the term "freedom of choice" may emerge in defense of the position that a woman has a right to determine whether she will proceed with or terminate a pregnancy. Similarly, other topics such as euthanasia, vaccination, contraception, and same-sex marriage are sometimes discussed in terms of an assumed individual right of "freedom of choice".
PraxeologyIn philosophy, praxeology or praxiology (ˌpɹæksiˈɒlədʒi; ) is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior. French social philosopher Alfred Espinas gave the term its modern meaning, and praxeology was developed independently by two principal groups: the Austrian school, led by Ludwig von Mises, and the Polish school, led by Tadeusz Kotarbiński.
Social philosophySocial philosophy examines questions about the foundations of social institutions, social behavior, and interpretations of society in terms of ethical values rather than empirical relations. Social philosophers emphasize understanding the social contexts for political, legal, moral and cultural questions, and the development of novel theoretical frameworks, from social ontology to care ethics to cosmopolitan theories of democracy, natural law, human rights, gender equity and global justice.
Price systemIn economics, a price system is a system through which the valuations of any forms of property (tangible or intangible) are determined. All societies use price systems in the allocation and exchange of resources as a consequence of scarcity. Even in a barter system with no money, price systems are still utilized in the determination of exchange ratios (relative valuations) between the properties being exchanged.
School of SalamancaThe School of Salamanca (Escuela de Salamanca) is the Renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. From the beginning of the 16th century the traditional Catholic conception of man and of his relation to God and to the world had been assaulted by the rise of humanism, by the Protestant Reformation and by the new geographical discoveries and their consequences. These new problems were addressed by the School of Salamanca.
The Poverty of HistoricismThe Poverty of Historicism is a 1944 book by the philosopher Karl Popper (revised in 1957), in which the author argues that the idea of historicism is dangerous and bankrupt. The Poverty of Historicism was first written as a paper which was read in 1936, then updated and published as a book in 1957. It was dedicated “In memory of the countless men and women of all creeds or nations or races who fell victim to the fascist and communist belief in Inexorable Laws of Historical Destiny.
Friedrich von WieserFriedrich Freiherr von Wieser (ˈviːzɐ; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory.
Global saving glutA global saving glut (also GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, or shortfall of investment intentions) is a situation in which desired saving exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the "significant increase in the global supply of saving" and its implications for monetary policies, particularly in the United States.
Price signalA price signal is information conveyed to consumers and producers, via the prices offered or requested for, and the amount requested or offered of a product or service, which provides a signal to increase or decrease quantity supplied or quantity demanded. It also provides potential business opportunities. When a certain kind of product is in shortage supply and the price rises, people will pay more attention to and produce this kind of product.
