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Developed country The dependent territories with HDI values equivalent to "Very high human development" were: Jersey, Cayman Islands, Bermuda, Guernsey, Gibraltar, Norfolk Island, Faroe Islands, Isle of Man, British Virgin Islands, Falkland Islands, Aruba, Puerto Rico, Martinique, Greenland, and Guam. Of note, the HDI ... | https://en.wikipedia.org/wiki?curid=78255 |
Developed country 36 countries and territories wholly or partly in Europe: 19 countries and territories wholly or partly in the Americas: 15 countries and territories wholly or partly in Asia: 7 countries and territories wholly or partly in Oceania: 1 country wholly or partly in Africa: According to the World Bank, the... | https://en.wikipedia.org/wiki?curid=78255 |
Developed country 15 countries wholly or partly in Europe: 3 countries wholly or partly in Asia: 3 countries in the Americas: 1 country in Oceania: Comparative table of countries with "very high" human development (same or higher than 0.800), according to UNDP; OECD members; "advanced" economies, according to the IMF; ... | https://en.wikipedia.org/wiki?curid=78255 |
Developing country A developing country (or a low and middle income country (LMIC), less developed country, less economically developed country (LEDC), or underdeveloped country) is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. However, this definit... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Developing countries tend to have some characteristics in common. For example, with regards to health risks, they commonly have: low levels of access to safe drinking water, sanitation and hygiene; energy poverty; high levels of pollution (e.g. air pollution, indoor air pollution, water pollution); h... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country According to its so-called M49 standards, published in 1999:The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process. The UN implies that develop... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country In the 2016 edition of its World Development Indicators, the World Bank made a decision to no longer distinguish between "developed" and "developing" countries in the presentation of its data, considering the two-category distinction outdated. Instead, the World Bank classifies countries into four gr... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country These goals ended in 2015, to be superseded by the Sustainable Development Goals. The concept of the developing nation is found, under one term or another, in numerous theoretical systems having diverse orientations — for example, theories of decolonization, liberation theology, Marxism, anti-imperia... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Alternative measurements such as gross national happiness have been suggested as important indicators. One of the early criticism that questioned the use of the terms "developing" and "underdeveloped" countries, was voiced in 1973 by prominent historian and academic Walter Rodney who compared the eco... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country At the development level, anthropologist and researcher Jason Hickel has challenged the narrative that the rich countries of the OECD help the poor countries develop their economies and eradicate poverty. Hickel states that the rich countries "aren’t developing poor countries; poor countries are deve... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country It can also include poorer "southern" regions of wealthy "northern" countries. The Global South refers to these countries' "interconnected histories of colonialism, neo-imperialism, and differential economic and social change through which large inequalities in living standards, life expectancy, and ... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country In some cities, especially in countries in Southern Asia and Sub-Saharan Africa, slums are not just marginalized neighborhoods holding a small population; slums are widespread, and are home to a large part of urban population. These are sometimes called "slum cities". Several forms of violence agains... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Due to globalization and immigration, FGM is spreading beyond the borders of Africa and Middle East, to countries such as Australia, Belgium, Canada, France, New Zealand, the U.S., and UK. The Istanbul Convention prohibits female genital mutilation (Article 38). As of 2016, FGM has been legally banne... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country In 2015 the World Health Organization (WHO) estimated that "1 in 3 people, or 2.4 billion, are still without sanitation facilities" while 663 million people still lack access to safe and clean drinking water. The estimate in 2017 by JMP states that 4.5 billion people currently do not have safely mana... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Small-scale renewable energy technologies and distributed energy options, such as onsite solar power and improved cookstoves, offer rural households modern energy services. Renewable energy can be particularly suitable for developing countries. In rural and remote areas, transmission and distribution... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country The South East Asian and Western Pacific regions bear most of the burden with 1.69 and 1.62 million deaths, respectively. Almost 600,000 deaths occur in Africa. An earlier estimate from 2000 but the death toll between 1.5 million and 2 million deaths. Finding an affordable solution to address the man... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Developing countries are the least able to adapt to climate change (and are therefore called "highly climate vulnerable") due to their relatively low levels of wealth, technology, education, infrastructure and access to resources. This applies to many countries in Sub-Saharan Africa or Small Island D... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Developing countries with large fisheries sectors are particularly affected. In many cases, developing countries produce only small quantities of greenhouse gas emissions per capita but are very vulnerable to the negative effects of global warming. Such countries include Comoros, The Gambia, Guinea-B... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country They will migrate from less viable areas with lower water availability and crop productivity and from areas affected by rising sea level and storm surges. Economic development and climate are inextricably linked, particularly around poverty, gender equality, and energy. Tackling climate change will o... | https://en.wikipedia.org/wiki?curid=78449 |
Developing country Countries not listed by IMF The following, including the Four Asian Tigers and new Eurozone European countries, were considered developing countries and regions until the '90s, and are now listed as advanced economies (developed countries and regions) by the IMF. Time in brackets is the time to be li... | https://en.wikipedia.org/wiki?curid=78449 |
Homo economicus The term homo economicus, or economic man, is the portrayal of humans as agents who are consistently rational, narrowly self-interested, and who pursue their subjectively-defined ends optimally. It is a word play on "Homo sapiens", used in some economic theories and in pedagogy. In game theory, "homo ec... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus The term "economic man" was used for the first time in the late nineteenth century by critics of John Stuart Mill's work on political economy. Below is a passage from Mill's work that critics referred to: "[Political economy] does not treat the whole of man’s nature as modified by the social state, nor ... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus However, in Book V, Chapter I, Smith argues, “The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients for removing... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus This approach has been formalized in certain social sciences models, particularly in economics. "Homo economicus" is seen as "rational" in the sense that well-being as defined by the utility function is optimized given perceived opportunities. That is, the individual seeks to attain very specific and pr... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus )" cites the use of "homo oeconomicus" by C. S. Devas in his 1883 work "The Groundwork of Economics" in reference to Mill's writings, as one of a number of phrases that imitate the scientific name for the human species: According to the "OED", the human genus name "homo" is Note that such forms should l... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Criticisms of the "homo economicus" model put forward from the standpoint of ethics usually refer to this traditional ethic of kinship-based reciprocity that held together traditional societies. Economists Thorstein Veblen, John Maynard Keynes, Herbert A. Simon, and many of the Austrian School criticise... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Behavioral economists Richard Thaler and Daniel Kahneman have criticized the notion of economic agents possessing stable and well-defined preferences that they consistently act upon in a self-interested manner. Using insights from psychological experiments found explanations for anomalies in economic de... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Evidence supports the claim that decisions are often made by “narrow framing” with investors making portfolio decisions in isolation from their entire portfolio (Nicholas Barberis et al., 2003). Shlomo Benartzi and Thaler found that investors also tended to use unreasonable time periods in evaluating th... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Further critics, learning from the broadly defined psychoanalytic tradition, criticize the "homo economicus" model as ignoring the inner conflicts that real-world individuals suffer, as between short-term and long-term goals ("e.g.," eating chocolate cake and losing weight) or between individual goals a... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Unsolicited "gift giving", considered irrational from the point of view of homo-economicus, by comparison, shows an elevated stimulation of the pleasure circuits of the whole brain, reduction in the levels of stress, optimal functioning of the immune system, reduction in cortico-steroids and epinephrine... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus In this view, the assumption of "homo economicus" can and should be simply a preliminary step on the road to a more sophisticated model. Yet others argue that "homo economicus" is a reasonable approximation for behavior within market institutions, since the individualized nature of human action in such ... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus These criticisms are especially valid to the extent that the professor asserts that the simplifying assumptions are true or uses them in a propagandistic way. The more sophisticated economists are quite conscious of the empirical limitations of the "homo economicus" model. In theory, the views of the cr... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus Depicting different types of “economic man” (each depending on the social context) is in fact possible with the help of cultural anthropology, and social psychology (a branch of psychology economists have strangely ignored), if only those types are contrived as socially and/or historically determined ab... | https://en.wikipedia.org/wiki?curid=83042 |
Homo economicus " say that "homo sociologicus" is largely a "tabula rasa" upon which societies and cultures write values and goals; unlike "economicus", "sociologicus" acts not to pursue selfish interests but to fulfill social roles (though the fulfillment of social roles may have a selfish rationale—e.g. politicians o... | https://en.wikipedia.org/wiki?curid=83042 |
Drawbridge mentality A drawbridge mentality is the attitude of people who have migrated to a more exclusive or more "unspoilt" community and then campaign to preserve the tranquility of that community by opposing further inward migration by people or businesses and, possibly, any development or refurbishment, including... | https://en.wikipedia.org/wiki?curid=83193 |
Hubbert curve The is an approximation of the production rate of a resource over time. It is a symmetric logistic distribution curve, often confused with the "normal" gaussian function. It first appeared in "Nuclear Energy and the Fossil Fuels," geologist M. King Hubbert's 1956 presentation to the American Petroleum Ins... | https://en.wikipedia.org/wiki?curid=84652 |
Hubbert curve Using the curve, Hubbert modeled the rate of petroleum production for several regions, determined by the rate of new oil well discovery, and extrapolated a world production curve. The relative steepness of decline in this projection is the main concern in peak oil discussions. This is because a steep drop... | https://en.wikipedia.org/wiki?curid=84652 |
Arrow's impossibility theorem In social choice theory, Arrow's impossibility theorem, the general possibility theorem or Arrow's paradox is an impossibility theorem stating that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of indivi... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem In that sense, the approach is qualitatively different from the earlier one in voting theory, in which rules were investigated one by one. One can therefore say that the contemporary paradigm of social choice theory started from this theorem. The practical consequences of the theorem are d... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Arrow's theorem says that if the decision-making body has at least two members and at least three options to decide among, then it is impossible to design a social welfare function that satisfies all these conditions (assumed to be a reasonable requirement of a fair electoral system) at on... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem In different words, Arrow defines IIA as saying that the social preferences between alternatives x and y depend only on the individual preferences between x and y (not on those involving other candidates). Let be a set of outcomes, a number of voters or decision criteria. We shall denote t... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Finally we conclude by showing that all of the partial dictators are the same person, hence this voter is a dictator. Say there are three choices for society, call them A, B, and C. Suppose first that everyone prefers option B the least: everyone prefers A to B, and everyone prefers C to B... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem In this part of the argument we refer to voter "k", the pivotal voter for B over A, as "pivotal voter" for simplicity. We will show that pivotal voter dictates society's decision for B over C. That is, we show that no matter how the rest of society votes, if Pivotal Voter ranks B over C, t... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem In particular, the societal outcome ranks B above C, even though Pivotal Voter may have been the "only" voter to rank B above C. By IIA, this conclusion holds independently of how A is positioned on the ballots, so pivotal voter is a dictator for B over C. In this part of the argument we r... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Although Arrow's theorem is a mathematical result, it is often expressed in a non-mathematical way with a statement such as "no voting method is fair", "every ranked voting method is flawed", or "the only voting method that isn't flawed is a dictatorship". These statements are simplificati... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem To see this, suppose that such a rule satisfies IIA. Since majority preferences are respected, the society prefers A to B (two votes for A > B and one for B > A), B to C, and C to A. Thus a cycle is generated, which contradicts the assumption that social preference is transitive. So, what ... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Edward MacNeal discusses this sensitivity problem with respect to the ranking of "most livable city" in the chapter "Surveys" of his book "MathSemantics: making numbers talk sense" (1994). In an attempt to escape from the negative conclusion of Arrow's theorem, social choice theorists have... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem , equal treatment of individuals and of alternatives; increased support for a winning alternative should not make it into a losing one). On the other hand, when there are at least three alternatives, Arrow's theorem points out the difficulty of collective decision making. Why is there such... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem As tempting as this mechanism seems at first glance, it is generally far from satisfying even Pareto efficiency, not to mention IIA. The specific order by which the pairs are decided strongly influences the outcome. This is not necessarily a bad feature of the mechanism. Many sports use th... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem , the graph of his utility function has a single peak if alternatives are placed according to the linear ordering on the horizontal axis). For example, if voters were voting on where to set the volume for music, it would be reasonable to assume that each voter had their own ideal volume pr... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem By relaxing the transitivity of social preferences, we can find aggregation rules that satisfy Arrow's other conditions. If we impose "neutrality" (equal treatment of alternatives) on such rules, however, there exists an individual who has a "veto". So the possibility provided by this appr... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Finally, Brown's theorem left open the case of acyclic social preferences where the number of alternatives is less than the number of individuals. One can give a definite answer for that case using the "Nakamura number". See limiting the number of alternatives. There are numerous examples ... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem The approach focusing on choosing an alternative investigates either "social choice functions" (functions that map each preference profile into an alternative) or "social choice rules" (functions that map each preference profile into a subset of alternatives). As for social choice function... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Arrow originally rejected cardinal utility as a meaningful tool for expressing social welfare, and so focused his theorem on preference rankings, but later stated that a cardinal score system with three or four classes "is probably the best". Arrow's framework assumes that individual and s... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem In particular, Harsanyi (1955) gives a justification of utilitarianism (which evaluates alternatives in terms of the sum of individual utilities), originating from Jeremy Bentham. Hammond (1976) gives a justification of the maximin principle (which evaluates alternatives in terms of the ut... | https://en.wikipedia.org/wiki?curid=89425 |
Arrow's impossibility theorem Arrow (1963, Chapter 8) answers this sort of criticism seen in the early period, which come at least partly from misunderstanding. A multi-pronged refutation of Arrow's theorem was published by philosophy Professor Howard DeLong in 1991. He challenges the theorem on the basis that Arrow wr... | https://en.wikipedia.org/wiki?curid=89425 |
Index of economics articles This aims to be a complete article list of economics topics: | https://en.wikipedia.org/wiki?curid=90075 |
The Victorian Internet The Victorian Internet: The Remarkable Story of the Telegraph and the Nineteenth Century's On-Line Pioneers is a 1998 book by Tom Standage. The book was first published in September 1998 through Walker & Company and discusses the development and uses of the electric telegraph during the second ha... | https://en.wikipedia.org/wiki?curid=100212 |
The Victorian Internet Both cultures made or make use of complex text coding and abbreviated language slang, both required network security experts, and both attracted criminals who used the networks to commit fraud, hack private communications, and send unwanted messages. Critical reception of the book was mostly posi... | https://en.wikipedia.org/wiki?curid=100212 |
Black–Scholes model The Black–Scholes or Black–Scholes–Merton model is a mathematical model for the dynamics of a financial market containing derivative investment instruments. From the partial differential equation in the model, known as the Black–Scholes equation, one can deduce the Black–Scholes formula, which gives... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model After three years of efforts, the formula—named in honor of them for making it public—was finally published in 1973 in an article entitled "The Pricing of Options and Corporate Liabilities", in the "Journal of Political Economy". Robert C. Merton was the first to publish a paper expanding the mathem... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model These insights include no-arbitrage bounds and risk-neutral pricing (thanks to continuous revision). Further, the Black–Scholes equation, a partial differential equation that governs the price of the option, enables pricing using numerical methods when an explicit formula is not possible. The Black–... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model For the special case of a European call or put option, Black and Scholes showed that "it is possible to create a hedged position, consisting of a long position in the stock and a short position in the option, whose value will not depend on the price of the stock". Their dynamic hedging strategy led ... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model This price is consistent with the Black–Scholes equation as above; this follows since the formula can be obtained by solving the equation for the corresponding terminal and boundary conditions. The value of a call option for a non-dividend-paying underlying stock in terms of the Black–Scholes parame... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model These binary options are much less frequently traded than vanilla call options, but are easier to analyze. Thus the formula: breaks up as: where formula_39 is the present value of an asset-or-nothing call and formula_40 is the present value of a cash-or-nothing call. The "D" factor is for discountin... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model Simply put, the interpretation of the cash option, formula_45, is correct, as the value of the cash is independent of movements of the underlying, and thus can be interpreted as a simple product of "probability times value", while the formula_43 is more complicated, as the probability of expiring in... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model In detail, the terms formula_58 are the "probabilities of the option expiring in-the-money" under the equivalent exponential martingale probability measure (numéraire=stock) and the equivalent martingale probability measure (numéraire=risk free asset), respectively. The risk neutral probability dens... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model The Feynman–Kac formula says that the solution to this type of PDE, when discounted appropriately, is actually a martingale. Thus the option price is the expected value of the discounted payoff of the option. Computing the option price via this expectation is the risk neutrality approach and can be ... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model The Greeks for Black–Scholes are given in closed form below. They can be obtained by differentiation of the Black–Scholes formula. Note that from the formulae, it is clear that the gamma is the same value for calls and puts and so too is the vega the same value for calls and put options. This can be... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model For options on indices, it is reasonable to make the simplifying assumption that dividends are paid continuously, and that the dividend amount is proportional to the level of the index. The dividend payment paid over the time period formula_65 is then modelled as for some constant formula_67 (the di... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model In general this inequality does not have a closed form solution, though an American call with no dividends is equal to a European call and the Roll–Geske–Whaley method provides a solution for an American call with one dividend; see also Black's approximation. Barone-Adesi and Whaley is a further app... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model Despite the lack of a general analytical solution for American put options, it is possible to derive such a formula for the case of a perpetual option - meaning that the option never expires (i.e., formula_88). In this case, the time decay of the option is equal to zero, which leads to the Black–Sch... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model In fact, the Black–Scholes formula for the price of a vanilla call option (or put option) can be interpreted by decomposing a call option into an asset-or-nothing call option minus a cash-or-nothing call option, and similarly for a put – the binary options are easier to analyze, and correspond to th... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model In case of a digital call (this is a call FOR/put DOM) paying out one unit of the domestic currency we get as present value, In case of a digital put (this is a put FOR/call DOM) paying out one unit of the domestic currency we get as present value, While in case of a digital call (this is a call FOR... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model One can model the value of a binary cash-or-nothing option, "C", at strike "K", as an infinitessimally tight spread, where formula_118 is a vanilla European call: Thus, the value of a binary call is the negative of the derivative of the price of a vanilla call with respect to strike price: When one ... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model One significant limitation is that in reality security prices do not follow a strict stationary log-normal process, nor is the risk-free interest actually known (and is not constant over time). The variance has been observed to be non-constant leading to models such as GARCH to model volatility chan... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model This is reflected in the Greeks (the change in option value for a change in these parameters, or equivalently the partial derivatives with respect to these variables), and hedging these Greeks mitigates the risk caused by the non-constant nature of these parameters. Other defects cannot be mitigated... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model All other things being equal, an option's theoretical value is a monotonic increasing function of implied volatility. By computing the implied volatility for traded options with different strikes and maturities, the can be tested. If the held, then the implied volatility for a particular stock would... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model Even when more advanced models are used, traders prefer to think in terms of Black–Scholes implied volatility as it allows them to evaluate and compare options of different maturities, strikes, and so on. For a discussion as to the various alternative approaches developed here, see . Black–Scholes c... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model Espen Gaarder Haug and Nassim Nicholas Taleb argue that the merely recasts existing widely used models in terms of practically impossible "dynamic hedging" rather than "risk", to make them more compatible with mainstream neoclassical economic theory. They also assert that Boness in 1964 had already ... | https://en.wikipedia.org/wiki?curid=113515 |
Black–Scholes model " British mathematician Ian Stewart —author of the 2012 book entitled ""— said that Black-Scholes had "underpinned massive economic growth" and the "international financial system was trading derivatives valued at one quadrillion dollars per year" by 2007. He said that the Black-Scholes equation was... | https://en.wikipedia.org/wiki?curid=113515 |
John Rawls John Bordley Rawls (; February 21, 1921 – November 24, 2002) was an American moral and political philosopher in the liberal tradition. Rawls received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, in recognition of how... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls In his later work "Political Liberalism" (1993), Rawls turned to the question of how political power could be made legitimate given reasonable disagreement about the nature of the good life. Rawls was born in Baltimore, Maryland, the second of five sons of William Lee Rawls, "one of the most prominent attorn... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls " In his thesis Rawls attacked Pelagianism because it "would render the Cross of Christ to no effect". His argument was partly drawn from Karl Marx's book "On the Jewish Question", which criticized the idea that natural inequality in ability could be a just determiner of the distribution of wealth in society... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls They had four children, Anne Warfield, Robert Lee, Alexander Emory, and Elizabeth Fox. After earning his PhD from Princeton in 1950, Rawls taught there until 1952 when he received a Fulbright Fellowship to Oxford University (Christ Church), where he was influenced by the liberal political theorist and histor... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls In 1995 he suffered the first of several strokes, severely impeding his ability to continue to work. He was nevertheless able to complete "The Law of Peoples", the most complete statement of his views on international justice, and shortly before his death in November 2002 published "Justice As Fairness: A Re... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls By attempting to enhance the perspective which his readers should take when thinking about justice, Rawls hoped to show the supposed conflict between freedom and equality to be illusory. Rawls's "A Theory of Justice" (1971) includes a thought experiment he called the "original position". The intuition motiva... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls The only thing that a given member knows about themselves is that they are in possession of the basic capacities necessary to fully and willfully participate in an enduring system of mutual cooperation; each knows they can be a member of the society. Rawls posits two basic capacities that the individuals wou... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls This position is expressed in the difference principle, according to which, in a system of ignorance about one's status, one would strive to improve the position of the worst off, because he might find himself in that position. Rawls develops his original position by modeling it, in certain respects at least... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls In setting out his theory, Rawls described his method as one of "reflective equilibrium", a concept which has since been used in other areas of philosophy. Reflective equilibrium is achieved by mutually adjusting one's general principles and one's considered judgements on particular cases, to bring the two i... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls Nonetheless, we would want to ensure at least the "fair worth" of our liberties: wherever one ends up in society, one wants life to be worth living, with enough effective freedom to pursue personal goals. Thus participants would be moved to affirm a two-part second principle comprising Fair Equality of Oppor... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls In this respect, he understood justice as fairness as a contribution to "ideal theory", the determination of "principles that characterize a well-ordered society under favorable circumstances". Much recent work in political philosophy has asked what justice as fairness might dictate (or indeed, whether it is... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls The intuition animating this seemingly new concern is actually no different from the guiding idea of "A Theory of Justice", namely that the fundamental charter of a society must rely only on principles, arguments and reasons that cannot be reasonably rejected by the citizens whose lives will be limited by it... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls For example: a Supreme Court justice deliberating on whether or not the denial to homosexuals of the ability to marry constitutes a violation of the 14th Amendment's Equal Protection Clause may not advert to his religious convictions on the matter, but he may take into account the argument that a same-sex ho... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls The ideal of public reason secures the dominance of the public political values – freedom, equality, and fairness – that serve as the foundation of the liberal state. But what about the justification of these values? Since any such justification would necessarily draw upon deep (religious or moral) metaphysi... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls Such a consensus would necessarily exclude some doctrines, namely, those that are "unreasonable", and so one may wonder what Rawls has to say about such doctrines. An unreasonable comprehensive doctrine is unreasonable in the sense that it is incompatible with the duty of civility. This is simply another way... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls Rawls's concern is with whether or not the idea of political legitimacy fleshed out in terms of the duty of civility and mutual justification can serve as a viable form of public discourse in the face of the religious and moral pluralism of modern democratic society, not with justifying this conception of po... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls Rawls argued that the legitimacy of a liberal international order is contingent on tolerating "decent peoples", which differ from "liberal peoples", among other ways, in that they might have state religions and deny adherents of minority faiths the right to hold positions of power within the state, and might... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls Although Rawls recognized that aid should be given to governments which are unable to protect human rights for economic reasons, he claimed that the purpose for this aid is not to achieve an eventual state of global equality, but rather only to ensure that these societies could maintain liberal or decent pol... | https://en.wikipedia.org/wiki?curid=123612 |
John Rawls The musical premiered at Oxford in 2013 and was revived for the Edinburgh Fringe Festival. | https://en.wikipedia.org/wiki?curid=123612 |
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