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Economic Opportunism
Economic opportunism is a term related to the subversion of morality to profit. There exists no agreed general, scientific definition or theory of economic opportunism; the literature usually considers only specific cases and contexts. Description There is no agreement about ''why'' this is so. Oliver E. Williamson comments: Market trade supplies no universal morality of its own, except the law of contract and basic practical requirements to settle transactions, while at the same time legal rules, however precise in their formulation, cannot control ''every last detail'' of transactions and the interpretation (or implications) thereof. Since economic opportunism must be assessed against some relevant norm or principle, controversy about what that norm or principle should be, makes a general definition difficult. *Economists frequently cannot even agree on the basic principles of the functioning of economic life, and consequently what constitutes a deviation from those principle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morality
Morality () is the categorization of intentions, Decision-making, decisions and Social actions, actions into those that are ''proper'', or ''right'', and those that are ''improper'', or ''wrong''. Morality can be a body of standards or principles derived from a code of conduct from a particular philosophy, religion or culture, or it can derive from a standard that is Universal morality, understood to be universal. Morality may also be specifically synonymous with "goodness", "appropriateness" or "rightness". Moral philosophy includes meta-ethics, which studies abstract issues such as moral ontology and moral epistemology, and normative ethics, which studies more concrete systems of moral decision-making such as deontological ethics and consequentialism. An example of normative Ethics, ethical philosophy is the Golden Rule, which states: "One should treat others as one would like others to treat oneself." Immorality is the active opposition to morality (i.e., opposition to that w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Japanese holding company, Nikkei, Inc., Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson plc, Pearson sold the publication to Nikkei for Pound sterling, £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. In 2023, it was reported to have 1.3 million subscribers of which 1.2 million were digital. The newspaper has a prominent focus on Business journalism, financial journalism and economic analysis rather than News media, generalist reporting, drawing both criticism and acclaim. It sponsors an Financial Times and McKinsey Business Book of the Year Award, annual book ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philosophy Of Economics
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them. It is useful to divide philosophy of economics in this way into three subject matters which can be regarded respectively as branches of action theory, ethics (or normative social and political philosophy), and philosophy of science. Economic theories of rationality, welfare, and social choice defend substantive philosophical theses often informed by relevant philosophical literature and of evident interest to those interested in action theory, philosophical psychology, and social and political philosophy. Economics is of special interest to those interested in epistemology and philosophy of science both because of its detaile ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunism
300px, ''Opportunity Seized, Opportunity Missed'', engraving by Theodoor Galle, 1605 Opportunism is the practice of taking advantage of circumstances — with little regard for principles or with what the consequences are for others. Opportunist actions are expedient actions guided primarily by self-interested motives. The term can be applied to individual humans and living organisms, groups, organizations, styles, behaviors and trends. Opportunism or "opportunistic behaviour" is an important concept in such fields of study as biology, transaction cost economics, game theory, ethics, psychology, sociology and politics. Etymology In the early 19th century, the term "opportunist" as a noun or adjective was already known and used in several European languages, but initially, it rarely referred to political processes or to a political tendency. The English term "opportunism" is possibly borrowed originally from the Italian expression ''opportunismo''. In 19th-century Itali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deceit
Deception is the act of convincing of one or many recipients of untrue information. The person creating the deception knows it to be false while the receiver of the information does not. It is often done for personal gain or advantage. Deceit and dishonesty can also form grounds for civil litigation in tort, or contract law (where it is known as misrepresentation or fraudulent misrepresentation if deliberate), or give rise to criminal prosecution for fraud. Types Communication The Interpersonal Deception Theory explores the interrelation between communicative context and sender and receiver cognitions and behaviors in deceptive exchanges. Some forms of deception include: * Lies: making up information or giving information that is the opposite or very different from the truth. * Equivocations: making an indirect, ambiguous, or contradictory statement. * Concealments: omitting information that is important or relevant to the given context, or engaging in behavior that he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost Economics
In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931. Oliver E. Williamson's ''Transaction Cost Economics'' article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs can boost economic growth.North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press. Alongside production costs, transaction costs are one of the most significant factors in business operation and management. Definition Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficiency Wages
In labor economics, an efficiency wage is a wage paid in excess of the market-clearing wage to increase the labor productivity of workers.Mankiw, Gregory N. & Taylor, Mark P. (2008), ''Macroeconomics'' (European edition), pp. 181–182 Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage to increase their productivity or to reduce the costs associated with employee turnover. Theories of efficiency wages explain the existence of involuntary unemployment in economies outside of recessions, providing for a natural rate of unemployment above zero. Because workers are paid more than the equilibrium wage, workers may experience periods of unemployment in which workers compete for a limited supply of well-paying jobs. Overview of theory There are several reasons why managers may pay efficiency wages: * ''Avoiding shirking'': If it is difficult to measure the quantity or quality of a worker's effortand systems of piece rates or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moral Hazard
In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs associated with that risk, should things go wrong. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions of the risk-taking party change to the detriment of the cost-bearing party after a financial transaction has taken place. Moral hazard can occur under a type of information asymmetry where the risk-taking party to a transaction knows more about its intentions than the party paying the consequences of the risk and has a tendency or incentive to take on too much risk from the perspective of the party with less information. One example is a principal–agent approach (also called agency theory), where one party, called an agent, acts on behalf of another party, called the principal. However, a principa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adverse Selection
In economics, insurance, and risk management, adverse selection is a market situation where Information asymmetry, asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them of the product or service, and sellers should sell at a price which reflects the quality of their goods and services. However, when one party holds information that the other party does not have, they have the opportunity to damage the other party by maximizing self-utility, concealing relevant information, and perhaps even lying. This opportunity has secondary effects: the party without the information may take steps to avoid entering into an unfair contract, perhaps by withdrawing from the interaction; a party may ask for higher or lower prices, diminishing the volume of trade in the market; or parties may be deterred from participatin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurisprudence
Jurisprudence, also known as theory of law or philosophy of law, is the examination in a general perspective of what law is and what it ought to be. It investigates issues such as the definition of law; legal validity; legal norms and values; and the relationship between law and other fields of study, including Law and economics, economics, Applied ethics, ethics, Legal history, history, Sociology of law, sociology, and political philosophy. Modern jurisprudence began in the 18th century and was based on the first principles of natural law, Civil law (legal system), civil law, and the law of nations. Contemporary philosophy of law addresses problems internal to law and legal systems and problems of law as a social institution that relates to the larger political and social context in which it exists. Jurisprudence can be divided into categories both by the type of question scholars seek to answer and by the theories of jurisprudence, or schools of thought, regarding how those ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Economics
Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading Heterodox economics, heterodox approach to economics.Warren Samuels, Warren J. Samuels ([1987] 2008). "institutional economics," ''The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bona Fide
In human interactions, good faith () is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. Some Latin phrases have lost their literal meaning over centuries, but that is not the case with , which is still widely used and interchangeable with its generally accepted modern-day English translation of ''good faith''. It is an important concept within law and business. The opposed concepts are bad faith, (duplicity) and perfidy (pretense). is a Latin phrase meaning "good faith". Its ablative case is , meaning "in good faith", which is often used in English as an adjective to mean "genuine". While may be translated as "faith", it embraces a range of meanings within a core concept of "reliability", in the sense of a trust between two parties for the potentiality of a relationship. For the ancient Romans, ''bona fides'' was to be assumed by both sides, with implied responsibilities and both legal and religious consequences if broken ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
