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Goodhart's law. Goodhart's law is an adage often stated as, "When a measure becomes a target, it ceases to be a good measure". [1] It is named after British economist Charles Goodhart, who is credited with expressing the core idea of the adage in a 1975 article on monetary policy in the United Kingdom: [2] Any observed statistical regularity ...
Service (economics) A restaurant waiter is an example of a service-related occupation. A service is an act or use for which a consumer, company, or government is willing to pay. [1] Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on.
Neuroeconomics. Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can guide models of economics.
Social proof (or informational social influence) is a psychological and social phenomenon wherein people copy the actions of others in choosing how to behave in a given situation. The term was coined by Robert Cialdini in his 1984 book Influence: Science and Practice . Social proof is used in ambiguous social situations where people are unable ...
1. To abstract from the historical process and to define the religious sentiment regarded by itself, and to presuppose an abstract — isolated - human individual. 2. The essence therefore can by him only be regarded as 'species', as an inner 'dumb' generality which unites many individuals only in a natural way.
Status quo bias. A status quo bias is a cognitive bias which results from a preference for the maintenance of one's existing state of affairs. [1] The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss or gain. Corresponding to different alternatives, this current baseline or ...
Federalist No. 15 is an essay by Alexander Hamilton, the fifteenth of The Federalist Papers. [1] It was published by The Independent Journal (New York) on December 1, 1787, under the pseudonym Publius, the name under which all The Federalist papers were published at the time. [2] No. 15 addresses the failures of the Articles of Confederation to ...
Economic systems. Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.