Utilitarianism is a consequentialist theory‚ which means that it judges the morality of an action based on the consequences that follow from it rather than on external moral duties. Philosophers who adhere to utilitarianism regard the maximisation of utility as the key determent for understanding whether an action is right or not . In this essay I will argue that the amount of utility produces by an action is not an ideal way of determining its morality. This will be done by firstly clarifying the
Premium Utilitarianism Ethics Hedonism
A school known as “Physiocracy” emerged on the European continent‚ in France‚ in the mid 18th Century. Physiocrazy posits that the earth generates surplus. More specifically‚ Physiocrats purport that agriculture – and only agriculture – generates outputs greater than its inputs. That is‚ one seed of grain planted in the earth yields many more seeds. Through this the Physiocrats conclude that the earth and agriculture is the source of economic "surplus." Francois Quesnay is noted as the main exponent
Premium Adam Smith Karl Marx Capitalism
Agricultural Economics Research Review Vol. 24 January-June 2011 pp 1-14 Estimation of Demand Elasticity for Food Commodities in India§ Praduman Kumar*‚ Anjani Kumar‚ Shinoj Parappurathu and S.S. Raju National Centre for Agricultural Economics and Policy Research‚ New Delhi-110 012 Abstract The food demand in India has been examined in the context of a structural shift in the dietary pattern of its population. The results have reinforced the hypothesis of a significant diversification in
Premium Supply and demand Consumer theory Food
and only an effective demand matters in economic analysis and business decisions. 1.2 Types of Demand The demand for various commodities is generally classified on the basis of the consumers of the product‚ suppliers of the product‚ nature of goods‚ duration of the consumption of the commodity‚ interdependence of demand‚ period of demand and nature of use of the commodity(intermediate or final). Individual and Market Demand Autonomous and derived demand Demand for durable and nondurable goods Demand
Premium Supply and demand Consumer theory
Utility means want satisfying power of a commodity. It refers to power or capacity of a commodity to satisfy human wants. In order to know whether a commodity possesses utility or not‚ we have to ask two questions: a) Does commodity satisfy the want of people? b) Are people ready to pay for it? If answers to these questions are affirmative then we can say that a commodity possesses utility‚ otherwise not. It is a measure of personal satisfaction or level of meeting a need that a good or
Premium Economics Utility Economics terminology
2012). A commodity gains its value from labour power. This value is the ‘socially necessary labour time needed to produce it’. The value on top of this is known as ‘surplus value’ also known as the capitalist’s profit (Marx‚ 1906). A commodity is something that has value and can be exchanged for another commodity. Marx’s theory suggests that a commodity gains it’s value through labour power. For example‚ water in a lake‚ which is free and available for all to get‚ is not a commodity. If the lake
Premium Karl Marx Capitalism Das Kapital
Margins 2.6.1 Tender Period Margin 2.6.2 Delivery Period Margin Page No. 4 4 2.1 6 2.2 2.3 2.4 2.5 2.6 6 7 7 7 7 2.7 Settlement Schedule and Settlement Calendar 8 3 Pay in and Pay out of Funds and Commodities 3.1 Commodity Payin 3.2 Pay in of Funds 3.3 Commodity Pay out 3.4 Pay out of Funds Premium/Discount‚ standard deduction & weight differential Deliverable Lots Odd Lot Treatment: Delivery Shortages 7.1 Short Delivery 7.2 DDR 8 4 5 6 7 9 9 9 10 - 8 Delivery
Premium Option contract Contract law Contract
. . . . . . . . 9 9 10 11 12 12 14 17 17 17 19 20 20 22 22 22 22 23 25 29 29 30 30 30 30 31 31 32 32 33 33 2 Commodity derivatives 2.1 Difference between commodity and financial derivatives 2.1.1 Physical settlement . . . . . . . . . . . . . . . . 2.1.2 Warehousing . . . . . . . . . . . . . . . . . . . 2.1.3 Quality of underlying assets . . . . . . . . . . . 2.2 Global commodities derivatives exchanges . . . . . . . . 2.2.1 Africa . . . . . . . . . . . . . . . . . . . . . . . 2.2.2 Asia . . .
Premium Futures contract
Chapter 1 Of The Division of Labor Adam Smith’s Chapter 1 of the Wealth of Nations begins by stating that the greatest improvements in the productive power of labor lie in the division of labor. Even in the production of very simple products‚ division of labor always increases productivity exponentially. Adam Smith offers three reasons on how the quantity of work increases. First‚ the increase of dexterity in every particular workman; secondly‚ to the saving of the time which is commonly lost
Free Employment Productivity Economics
demand for them is less sensitive to changes in cycle. Importance of the Concept of Elasticity of Demand The concept of elasticity of demand plays a major role in government fiscal policy when the government considers imposing taxes on various commodities‚ government policy making in international trade‚ making pricing decisions by the business firms etc. The concept of elasticity is also important in judging the effect of devaluation of a currency on its export earnings. Use in international trade
Premium Costs Cost Investment