1.4.5. The Exogenous versus Endogenous Variations.

D.1. The Exogenous versus Endogenous Variations: Every change that can be deduced logically from Given Data is considered as Endogenous, and every change that depends on something external, arbitrary etc, is Exogenous.

E.1. If equilibrium price falls and quantity increases because demand increases because now the supply schedule has shifted to supply the same at lower price, because there is a positive raw material supply shock, all of these are Endogenous changes resulting from an exogenous shift in supply schedule of inputs. However, if there is a demand shock of exported material which affects the trade, or anything, which triggers a policy change by policy makers subject to their own discretion, and their own agendas, which then changes the supply of those goods in the exporting country, such an addition of foreign element of policy makers agenda is something Exogenous unless it follows definitely in a logical deduction from the fundamentals and givens.

Reference: Chapter 04 of Robbins, L. (2007). An essay on the nature and significance of economic science.

Brainstorming: What is Importance of Attention Direction?

Brainstorming: What is Importance of Attention Direction? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

2.1.0. Primacy of the Need Satiation.

D.1. Primacy of the Need Satiation: All humans strive for satiation of their Needs, and this forms the primary cause of all the variations in an Economy. Axiomatic Derivation: 1. All Humans have Needs (See Need for concept details). 2. All self aware organisms are aware of their Needs, and consequences of thwarting these Needs. 3. All self aware organisms are also organisms who wish to secure their existence . 4. All self aware organisms, following 2 and 3, strive for satiation of their Needs. 5. Humans are self aware organisms. 6. Humans being self aware strive for satiation of their Needs. 7. The sum of all such strives by various individuals form an Economy, or Market. 8. Alternatively, strive for satiation of the human needs forms the principle cause of all the variations in an Economy. 9. NOTE: For an elaboration of this, an explanation below shall be appended soon.

Brainstorming: What is Economics?

Brainstorming: What is Economics? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Log Schemata

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