ⓘ Category:Economic problems

Economic problem

The economic problem – sometimes called the basic or central economic problem – asserts that an economys finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity. However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions. In mainstream neoclassical economics, it is assumed that humans pursue their self-interest, and that the market mechanism best satisf ...

Affluenza

Affluenza is a psychological malaise supposedly affecting wealthy young people. It is a portmanteau of affluence and influenza, and is used most commonly by critics of consumerism. It is not a medically recognized disease. It is thought to have been first used in 1954, but was popularised in 1997 with a PBS documentary of the same name and the subsequent book Affluenza: The All-Consuming Epidemic. These works define affluenza as "a painful, contagious, socially transmitted condition of overload, debt, anxiety, and waste resulting from the dogged pursuit of more". A more informal definition ...

Bank Transfer Day

Bank Transfer Day was a consumer activism initiative calling for a voluntary switch from commercial banks to not-for-profit credit unions by November 5, 2011. As of October 15, 2011, a Facebook page devoted to the effort had drawn more than 54.900 "likes". Debit card fees of a month from the Bank of America are among steps leading to the Bank Transfer Day protest with a November 5 deadline. Occupy Wall Street participants support the effort even though the events are not related. Among the detractors was Occupy Los Angeles, and Sigurd Olin Christian, creator of the event, stated that "he w ...

Deindustrialisation by country

Deindustrialisation refers to the process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially heavy industry or manufacturing industry. It is the opposite of industrialisation. Deindustrialisation has taken place in many nations over the years, as social changes and urbanisation have changed the financial demographics of the world. Phenomena such as the mechanisation of labour render industrial societies obsolete, and lead to the de-establishment of industrial communities.