*noun*; from Greek, θεός {god} + δίκαιον (justice). Literally, "the justice of God." Specifically, the attempt to explain God's ways to mortals.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
Privileged and successful groups need religion for a very different purpose, namely legitimation. Their members are convinced that they deserve their good fortune and that the poor deserve their misfortune. {Max} Weber calls this the "theodicy of good fortune"...
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
by Abu Yahya March 23, 2009
Get the theodicymug. The ability of an economic system to provide what people what, given their incomes. Given the fact that incomes and resources are both finite, efficiency will be of the utmost importance in determining if people's wants are satisfied by the workings of the economic system.
by abu yahya June 23, 2008
Get the economic efficiencymug. (FINANCE) when somebody buys a corporation using borrowed money ("leverage"), with the expectation that the new owner will able to pay for it from the corporation's own profits.
Kohlberg Kravis and Roberts (KKR) developed the LBO back when Jerome Kohlberg, Jr. and Henry Kravis were still partners at Bear Stearns (1960's). The technique was refined by Michael Milken's methods of underwriting and trading junk bonds. At the same time, corporate raiders and takeover artists like T. Boone Pickens perfected greenmail as a way to make money from failed hostile takeovers.
Kohlberg Kravis and Roberts (KKR) developed the LBO back when Jerome Kohlberg, Jr. and Henry Kravis were still partners at Bear Stearns (1960's). The technique was refined by Michael Milken's methods of underwriting and trading junk bonds. At the same time, corporate raiders and takeover artists like T. Boone Pickens perfected greenmail as a way to make money from failed hostile takeovers.
In constant US dollars, the largest leveraged buyout deal in history was the KKR takeover of RJR Nabisbo for $31.1 billion (1989). In 2006, several deals of even larger size were planned or attempted, but adjusted for inflation, they were not as large.
by Abu Yahya September 04, 2010
Get the leveraged buyoutmug. (ACCOUNTING) the total amount of money paid to a company during the period covered by a statement. For example, during a quarterly statement of cash flow, "cash flow" means the firm received payments or realized capital gains of that much money.
During the same period, the firm may have billed out (accounts receivable) a certain amount for which it has not received payment, and received payment on account for bills it made before the quarter began.
This is not the same as operating cash flow, which is revenue minus operating expenses.
During the same period, the firm may have billed out (accounts receivable) a certain amount for which it has not received payment, and received payment on account for bills it made before the quarter began.
This is not the same as operating cash flow, which is revenue minus operating expenses.
Over the course of a few months, the cash flow for a business is about the same as revenue, as payments will generally come in at about the same rate as the firm bills customers.
This NOT true for operating cash flow or net cash flow.
This NOT true for operating cash flow or net cash flow.
by Abu Yahya September 20, 2010
Get the cash flowmug. the gap between revenues and expenditures for a government (over a given period of time); often referred to as an internal deficit or public deficit.
The public deficit accumulates over each time period (usually a year) into what is known as the public debt.
According to Keynesian and Neo-Keynesian economic theory, fiscal deficits are usually the most effective tool for stimulating economic activity; the actual choice of how the money is spent is less important.
The public deficit accumulates over each time period (usually a year) into what is known as the public debt.
According to Keynesian and Neo-Keynesian economic theory, fiscal deficits are usually the most effective tool for stimulating economic activity; the actual choice of how the money is spent is less important.
In the USA, most states are not allowed to run fiscal deficits. In other federal republics, such as India and Argentina, they are allowed and frequently account for much of those countries' internal deficits.
by Abu Yahya February 14, 2009
Get the fiscal deficitmug. Stands for "currency-growth-debt" crisis. Climax of a CGD trap; the most famous example was Argentina in 2002.
by abu yahya June 23, 2008
Get the CGD crisismug. The largest Hispanophonic countries, in order of population, are
Mexico (111,211,789)
Colombia (43,677,372)
Argentina (40,913,584)
Spain (40,525,002)
USA (35,000,000?)
Peru (29,546,963)
Venezuela (26,814,843)
Chile (16,601,707)
Ecuador (14,573,101)
Guatemala (13,276,517)
Cuba (11,451,652)
Bolivia (9,775,246)
The Dominican Republic (9,650,054)
Honduras (7,833,696)
El Salvador (7,185,218)
Paraguay (6,995,655)
Nicaragua (5,891,199)
Costa Rica (4,253,877)
Mexico (111,211,789)
Colombia (43,677,372)
Argentina (40,913,584)
Spain (40,525,002)
USA (35,000,000?)
Peru (29,546,963)
Venezuela (26,814,843)
Chile (16,601,707)
Ecuador (14,573,101)
Guatemala (13,276,517)
Cuba (11,451,652)
Bolivia (9,775,246)
The Dominican Republic (9,650,054)
Honduras (7,833,696)
El Salvador (7,185,218)
Paraguay (6,995,655)
Nicaragua (5,891,199)
Costa Rica (4,253,877)
by Abu Yahya May 18, 2010
Get the Hispanophonicmug.