Economic Act
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An Economic Act is an agent decision act by an economic agent that affects an economic value measure (which involves a resource allocation decision task of scarce resources).
- AKA: Scarce Resource Allocation Move, Economic Activity, Resource Allocation Action.
- Context:
- It can (typically) require an Economic Input through resource consumption.
- It can (typically) result in an Economic Output through value creation.
- It can (typically) involve Economic Costs through resource utilization.
- It can (typically) generate Economic Benefits through value generation.
- It can (typically) follow Economic Rules through market mechanisms.
- It can (typically) affect Economic Systems through market interactions.
- It can (often) create Economic Impact through value change.
- It can (often) involve Economic Risk through uncertainty exposure.
- It can (often) require Economic Planning through resource management.
- It can (often) follow Economic Patterns through behavioral tendencys.
- It can (often) produce Economic Consequences through outcome generation.
- ...
- It can range from being an Economic Transaction to being a Business Activity, depending on its activity scope.
- It can range from being a Simple Economic Act to being a Complex Economic Act, depending on its complexity level.
- It can range from being a Short-term Economic Act to being a Long-term Economic Act, depending on its time horizon.
- It can range from being a Good Economic Act to being a Bad Economic Act, depending on its outcome quality.
- It can range from being a Micro Economic Act to being a Macro Economic Act, depending on its economic scale.
- ...
- Examples:
- Production Acts, such as:
- Exchange Acts, such as:
- Investment Acts, such as:
- Resource Management Acts, such as:
- Market Activitys, such as:
- Economic Behaviors, such as:
- ...
- Counter-Examples:
- Political Acts, which prioritize political goals over economic efficiency.
- Moral Acts, such as charitable acts that prioritize ethical values over economic returns.
- Hedonistic Acts, which focus on pleasure maximization rather than economic value.
- Social Acts, which emphasize social relations over economic outcomes.
- Cultural Acts, which preserve cultural values regardless of economic cost.
- See: Economic Analysis, Economy, Socioeconomic Variable, Economic Opportunity, Market Mechanism, Economic Efficiency, Resource Allocation, Value Creation, Economic Behavior, Market Structure.
References
2013
- http://www.economist.com/economics-a-to-z/f#node-21529931
- QUOTE: Factors of production: The ingredients of economic activity: land, labour, capital and enterprise.
- http://www.businessdictionary.com/definition/economic-activity.html
- QUOTE: Actions that involve the production, distribution and consumption of goods and services at all levels within a society.
2009
- (Persa et al., 2009) ⇒ Govind Persad, Alan Wertheimer, and Ezekiel J. Emanuel. (2009). "Principles for Allocation of Scarce Medical Interventions.” In: The Lancet Journal, 373(9661).
- ABSTRACT: Allocation of very scarce medical interventions such as organs and vaccines is a persistent ethical challenge. We evaluate eight simple allocation principles that can be classified into four categories: treating people equally, favouring the worst-off, maximising total benefits, and promoting and rewarding social usefulness. No single principle is sufficient to incorporate all morally relevant considerations and therefore individual principles must be combined into multiprinciple allocation systems. We evaluate three systems: the United Network for Organ Sharing points systems, quality-adjusted life-years, and disability-adjusted life-years. We recommend an alternative system — the complete lives system — which prioritises younger people who have not yet lived a complete life, and also incorporates prognosis, save the most lives, lottery, and instrumental value principles.
1992
- (Skitka * Tetlock, 1992) ⇒ Linda J. Skitka, and Philip E. Tetlock. (1992). “Allocating Scarce Resources: A contingency model of distributive justice.” In: Journal of Experimental Social Psychology, 28(6). doi:10.1016/0022-1031(92)90043-J
- ABSTRACT: Two experiments tested predictions derived from a contingency model of distributive justice that identifies four interrelated categories of determinants of people's allocation decisions: (1) abstract distributive norms; (2) perceived attributes of claimants; (3) resource constraints; and (4) attributes of judges. The model posits that allocations of public resources (e.g., health care or welfare) engage in two types of appraisal: one focused on the adequacy of the resource pool, and the other on the causes of claimants' needs. When resources are inadequate, attributional analysis assumes central importance, and need and efficiency emerge as key distributive values. If claims arise from internal-controllable causes, allocators experience anger toward claimants, devalue their deservingness, and withhold resources. If claims arise from other causes, distributive norms become direct predictors of deservingness and allocation. The experiments manipulated the causes of need, the severity of need, and the likelihood of effective assistance under low and high scarcity (Study I) and no scarcity (Study II). Under scarcity, allocators were much more likely to deny aid to claimants who were responsible for their predicament. Need and efficiency emerged as joint predictors of allocating aid to claimants who were not responsible for their predicament. Politically conservative allocators withheld resources from those personally responsible for their needs regardless of both severity of need and likelihood of effective helping, even when there were sufficient resources to satisfy all claimants, whereas liberals tended to provide resources to all claimants.