Information: - The Theory of Moral Sentiments is a 1759 book by Adam Smith. It provided the ethical, philosophical, psychological, and methodological underpinnings to Smith's later works, including "The Wealth of Nations" (1776), "Essays on Philosophical Subjects" (1795), and "Lectures on Justice, Police, Revenue, and Arms" (1763) (first published in 1896). - Bernard Mandeville, or Bernard de Mandeville (15 November 1670 21 January 1733), was an Anglo-Dutch philosopher, political economist and satirist. Born in Rotterdam, Netherlands, he lived most of his life in England and used English for most of his published works. He became famous for "The Fable of the Bees". - Economics (, ) is a social science concerned with the factors that determine the production, distribution, and consumption of goods and services. The term "economics" comes from the Ancient Greek from (', pronounced "eekos", "house") and (', "custom" or "law"), hence "rules of the house (hold for good management)". 'Political economy' was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" to establish itself as a separate discipline outside of political science and other social sciences. - Macroeconomics (from the Greek prefix "makro-" meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies. Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets. - The Fable of The Bees : or , Private Vices , Public Benefits is a book by Bernard Mandeville , consisting of the poem , The Grumbling Hive : or , Knaves turn 'd Honest , along with prose discussion of the poem . The poem was published in 1705 , and the book first appeared in 1714 . The poem suggests many key principles of economic thought , including division of labor and the '' invisible hand '' , seventy years before these concepts were more thoroughly elucidated by Adam Smith . Two centuries later , the noted economist John Maynard Keynes cited Mandeville to show that it was '' no new thing ... to ascribe the evils of unemployment to ... the insufficiency of the propensity to consume '' , a condition also known as the paradox of thrift , which was central to his own theory of effective demand . At the time , however , it was considered scandalous . Keynes noted that it was '' convicted as a nuisance by the grand jury of Middlesex in 1723 , which stands out in the history of the moral sciences for its scandalous reputation . Only one man is recorded as having spoken a good word for it , namely Dr. Johnson , who declared that it did not puzzle him , but ' opened his eyes into real life very much ' . '' It was also reported that : Mandeville gave great offense by this book , in which a cynical system of morality was made attractive by ingenious paradoxes . ... His doctrine that prosperity was increased by expenditure rather than by saving fell in with many current economic fallacies not yet extinct . Assuming with the ascetics that human desires were essentially evil and therefore produced '' private vices '' and assuming with the common view that wealth was a '' public benefit '' , he easily showed that all civilization implied the development of vicious propensities ... . -- Leslie Stephen , in Dictionary of National Biography , quoted by Keynes 1964 , pp. 359 -- 560 . - Animals are multicellular, eukaryotic organisms of the kingdom Animalia (also called Metazoa). The animal kingdom emerged as a basal clade within Apoikozoa as a sister of the choanoflagellates. Sponges are the most basal clade of animals. Animals are motile, meaning they can move spontaneously and independently at some point in their lives. Their body plan eventually becomes fixed as they develop, although some undergo a process of metamorphosis later in their lives. All animals are heterotrophs: they must ingest other organisms or their products for sustenance. - Gross output is an economic concept used to measure total economic activity in the production of new goods and services in an accounting period. It is a much broader measure of the economy than gross domestic product (GDP), which is limited mainly to final output (finished goods and services). In 2015, the Bureau of Economic Analysis estimated gross output in the United States to be $31.6 trillion, compared to $18.1 trillion for GDP. - Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. "Political economy" originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or "polities", hence the term "political" economy. - A paradox is a statement that, despite apparently sound reasoning from true premises, leads to a self-contradictory or a logically unacceptable conclusion. A paradox involves contradictory yet interrelated elements that exist simultaneously and persist over time. - Richard Cantillon (1680s ) was an Irish-French economist and author of "Essai sur la Nature du Commerce en General" ("Essay on the Nature of Trade in General"), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734. - A legend is a narrative of human actions that are perceived both by teller and listeners to take place within human history and demonstrating human values, and which possesses certain qualities that give the tale verisimilitude. Legend, for its active and passive participants, includes no happenings that are outside the realm of "possibility", but may include miracles. Legends may be transformed over time, in order to keep them fresh and vital, and realistic. Many legends operate within the realm of uncertainty, never being entirely believed by the participants, but also never being resolutely doubted. - Keynesian economics (; or Keynesianism) are the various theories about how in the short run, and especially during recessions, economic output is strongly influenced by aggregate demand (total spending in the economy). In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation. - An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the "magnum opus" of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets. - Adam Smith (16 June 1723 NS 17 July 1790) was a Scottish economist, philosopher, and author. He was a moral philosopher, a pioneer of political economy, and was a key figure during the Scottish Enlightenment era. He is best known for two classic works: "The Theory of Moral Sentiments" (1759), and "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776). The latter, usually abbreviated as "The Wealth of Nations", is considered his "magnum opus" and the first modern work of economics. - Prose is a form of language that exhibits a grammatical structure and a natural flow of speech, rather than a rhythmic structure as in traditional poetry. Where the common unit of verse is based on meter or rhyme, the common unit of prose is purely grammatical, such as a sentence or paragraph. - A legendary creature is an animal or part-human being described in non-historical stories that sometimes involve the supernatural. In the classical era, monstrous creatures such as the Cyclops and the Minotaur appear in heroic tales for the protagonist to destroy. Other creatures, such as the unicorn, were claimed in accounts of natural history by various scholars of antiquity. Some legendary creatures have their origin in traditional mythology and were believed to be real creatures, for example dragons, griffins, and unicorns. Others were based on real encounters, originating in garbled accounts of travelers' tales, such as the Vegetable Lamb of Tartary, which supposedly grew tethered to the earth. - The paradox of thrift (or paradox of saving) is a paradox of economics. The paradox states that an increase in autonomous saving leads to a decrease in aggregate demand and thus a decrease in gross output which will in turn lower "total" saving. The paradox is, narrowly speaking, that total saving may fall because of individuals' attempts to increase their saving, and, broadly speaking, that increase in saving may be harmful to an economy. Both the narrow and broad claims are paradoxical within the assumption underlying the fallacy of composition, namely that what is true of the parts must be true of the whole. The narrow claim transparently contradicts this assumption, and the broad one does so by implication, because while individual thrift is generally averred to be good for the economy, the paradox of thrift holds that collective thrift may be bad for the economy. - Fable is a literary genre: a succinct fictional story, in prose or verse, that features animals, legendary creatures, plants, inanimate objects, or forces of nature that are anthropomorphized (given human qualities, such as the ability to speak human language) and that illustrates or leads to a particular moral lesson (a "moral"), which may at the end be added explicitly as a pithy maxim. - The invisible hand is a term used by Adam Smith to describe the unintended social benefits of individual actions. The phrase was employed by Smith with respect to income distribution (1759) and production (1776). The exact phrase is used just three times in Smith's writings, but has come to capture his notion that individuals' efforts to pursue their own interest may frequently benefit society more than if their actions were directly intending to benefit society. Smith may have come up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate. - The Scottish Enlightenment was the period in 18th and early 19th century Scotland characterised by an outpouring of intellectual and scientific accomplishments. By the eighteenth century, Scotland had a network of parish schools in the Lowlands and four universities. The Enlightenment culture was based on close readings of new books, and intense discussions took place daily at such intellectual gathering places in Edinburgh as The Select Society and, later, The Poker Club as well as within Scotlands ancient universities (St Andrews, Glasgow, Edinburgh and Aberdeen). - In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It specifies the amounts of goods and services that will be purchased at all possible price levels. This is the demand for the gross domestic product of a country. It is often called effective demand, though at other times this term is distinguished. - John Maynard Keynes, 1st Baron Keynes (; 5 June 1883 21 April 1946), was a British economist. His ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and is widely considered to be one of the most influential economists of the 20th century and the founder of modern macroeconomics. His ideas are the basis for the school of thought known as Keynesian economics and its various offshoots. - Rotterdam is a city in the Netherlands, located in South Holland, within the RhineMeuseScheldt river delta at the North Sea. Its history goes back to 1270 when a dam was constructed in the Rotte river by people settled around it for safety. In 1340 Rotterdam was granted city rights by the Count of Holland and slowly grew into a major logistic and economic centre. Nowadays it is home to Europe's largest port and has a population of 633,471 (city proper), ranking second in the Netherlands. The Greater Rijnmond area is home to approximately 1.4 million people and the Rotterdam The Hague Metropolitan Area makes for the 168th most populous urban area in the world. Rotterdam is part of the yet larger Randstad conurbation with a total population of 7,100,000. - In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not constrained in any other market. In the aggregated market for goods in general, effective demand is the same thing as aggregate demand when the demand for goods is influenced by spillovers from quantity constraints from other markets. The concept of effective supply parallels the concept of effective demand. The concept of effective demand or supply becomes relevant when markets do not continuously maintain equilibrium prices. Given the information above, choose from the list below the object entity that exhibits the relation 'genre' with the subject 'the fable of the bees'. Choices: - accounting - animal - book - country - culture - economics - economy - essay - essays - fable - history - law - legend - management - nature - paradox - poem - poetry - poker - political economy - prose - social science - society - study - supernatural - urban
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