Economic Definitions Flashcards
Kakistocracy
Governed by the least suitable and competent citizen
Meritocracy
The idea that one gets ahead based on their accomplishments rather than, for example, parents social class
Serfdom
The status of peasants under feudal rule
Malthuesian theory (Thomas Malthus)
Theory states global food supply cannot keep up with population growth, inevitably resulting in disease, famine and war
Relativism
The belief that there is no absolute truth only the truth of an individual or a culture believe
Aristocracy
Ruler of the best. Rule by nobility. Form of government that places power in the hands of a small, privileged ruling class, the aristocratics
Nobility
A social class found in societies with an aristocracy. Normally ranked immediately below royalty
Ikigai
Reason for being
Bureaucracy
System of government in which the most important decisions are made by state officials over elected representatives
Rudimentary
Involving or limited basic principles
Diatribe
A bitter or forceful attack on someone or something
Nobility
A man of nobility and learning. Part of the aristocracy. They controlled means of production (at time was agricultural land). Underneath monarchy.
Secularism
Safeguards freedom of religion and belief ensuring government does not impose belief systems on its people
Six stages of a nation and economic cycle
- The birth of country including new leadership
- Government built and refined
- Peace and prosperity
- Great excess of spending, debt and widening of wealth and political gaps
- Very bad financial conditions and intense conflict
- Civil war and revolution
Six stages of a nation and economic cycle
- The birth of country including new leadership
- Government built and refined
- Peace and prosperity
- Great excess of spending, debt and widening of wealth and political gaps
- Very bad financial conditions and intense conflict
- Civil war and revolution
Five major economic fights between countries
Trade/economic
Technology
Capital
Geopolitical
Military
Periods of peace and prosperity
Renaissance
Enlightenment
Industrial Revolutions
Wars following peace and prosperity
Thirty years wars
Napoleonic
Two world wars
Martyr
Person who is killed because of their religious or other beliefs
Fascism is ..
Autocratic, collectivist and capitalist
Unfalsifiable
Not capable of being proven false
All markets are primarily driven by four determinants
Growth, inflation, risk premiums and discount rates
Oligarchy
Small group of people having control of country, organisation or institution
Imperialism
A policy of extending a country’s power through diplomacy or military force
Diplomacy
The profession, activity or skill of managing international relations, typically by a country’s representatives abroad
Republic
State in which the supreme power is held by the people
Triffins trilemma
Confucianism
Seeks to bring about harmony by ensuring people know their roles in the hierarchy and how to play them. It values harmony, education and meritocracy
Legalism
Fascism in the west
Taoism
Teaches the importance to live in harmony with the laws of nature. Yin and Yang harmony
Praxiology
In philosophy, it is human action. The notion that humans engage in acts of choice implies they have preferences
Dialectical materialism
Marx’s most important theory system. Dialectical refers to how opposites interact to produce change. In a nutshell, dialectical materialism is a system for producing change by observing and influencing the contradictions of opposites that produce struggles that when resolved produce progress
Lucid
Express clearly
Beliefs & values
Beliefs are how I see things and values are how believe things ought to be
Heuristic
Mental shortcut for solving a problem in a quick way that delivers a result that is sufficient enough to be useful given time restraints. Investors and financial professionals use a heuristic approach to speed up analysis and investment decisions
Different types of wars
Trade/economic (tariffs/import restrictions)
Technology (most important. China has biggest data, biggest AI and big computing)
Geopolitical ( south China seas, belt & road)
Capital (debt)
Military (biological, cyber, chemical, space)
Culture (not understanding each others values domestically and internationally)
With ourselves
Government cognitive distortion
Politicians believe that everything in your life will be better if the rest of world will gives in to their demands
Free market facts
The most important single central facts about a free market is that no exchange take place if both parties don’t benefit
Straw man
An intentionally misrepresented proposition that is set up because it is easier to defeat than opponents real argument
Steel manning
An improved version on the other persons views - one that’s harder to defeat
