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ASSUMPTION: An initial condition or statement that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic theories and economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. These establish idealistic benchmarks that can be used to evaluate real world conditions. Other assumptions are used as control conditions that are subsequently changed to evaluate the effect of the change. The use of ceteris paribus assumptions in comparative statics analysis is an excellent example.
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PHYSICAL SCIENCE The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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AER
American Economic Review
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