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ECONOMIC THINKING: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.
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WORLD VIEW An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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IBS
International Bank for Settlements
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