Hedonism, a general term for theories of conduct In which the test is pleasure or pain. They were associated with the early versions of the economic principle of utility, but the utility theory of value is independent of hedonist assumptions since it does not specify the wants which induce people to engage in economic activity. These wants may be selfish (pursuit of profit, power, etc.) or unselfish (desire to help others). Conduct cannot always be judged as selfish or unselfish: profit, power, etc., may be sought for self, family, club, political patty or church. 1131
Hegel, Georg William Friedrich (1770-1831), a German philosopher and professor at Berlin University who has had considerable influence on some social scientists. He wrote little directly in economics except a commentary on James Steuart's Inquiry into the Principles of Political Economy. To Hegel the real world was the external phenomenal form of the thought process of 'the Idea'. He was a systematizer who developed a dialectical method of analysing society and social change. His idealist philosophy was 'stood on its head' by Marx, who used Hegel's categories thesis, anti-thesis and synthesis in his dialectical materialism. Hegel's theory accorded much importance to the state, which he called 'the reality of the moral idea'. The strength of his philosophy in Britain (through Jowett, Green, Bosanquet and others) contributed to the growth of 'statism' in economic thought and policy. Hegel is one of the most important philosophical sources of 'historicism' or 'holism' in the social sciences which has in recent years been attacked by the philosopher Professor Karl Popper in The Poverty of Historicism (2007, based on a paper completed in, The Open Society and its Enemies and other writings.
Haggling, the process by which a price is arrived at for a transaction when there is keen, direct bargaining between a buyer who begins by offering a price he is prepared to raise and a seller who begins by asking a price he will lower. The final price will be the outcome of the relative bargaining skills of the buyer and seller, that is, the capacity to sense the price to which the other can be raised or lowered. Haggling takes place where there are no developed markets in which buyers and sellers have established widely known prices at which supply and demand are equalized. Examples are the markets in second-hand furniture or new products supplied by a small number of suppliers or wanted by a small number of buyers.
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