Embargo Originally

Embargo Originally

Embargo, originally an order forbidding ships of a foreign power to enter or any ships to leave a country's ports; it has come to mean any suspension of a branch of commerce, e.g. an embargo on foreign lending, or on the export of strategic commodities to unfriendly countries. If a country does not have a monopoly of a commodity when it places an embargo on its export to another, its purpose may be frustrated because its former customers are able to buy from other suppliers.

Empiricism, the view that knowledge is derived from experience. A thoroughgoing empiricist would deny that there was such a thing as a priori knowledge. In the development of economic thought there have been cleavages (for instance, between the American 'Institutionalists' and the main body of nee-classical doctrine) between those who appealed primarily to experience and those who relied mainly on deductive logic.

Both deductive reasoning and empirical methods (collecting data and checking hypotheses against experience) are common in economics.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.