Well-deserved ‘nudge’ – The Hindu (Oct 11, 2017)

Well-deserved ‘nudge’ – The Hindu (Oct 11, 2017)

Economics as a discipline is not infrequently accused of being fairly removed from reality. The activities of societies, countries, corporations and…. For further reading, visit “The Hindu”.

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Word List-2 (To Improve English Vocabulary)

1. nudge (noun) – encouragement, prompt, stimulus.
2. macroeconomy (noun) – the branch/system of economics that studies the behavior and performance of an economy as a whole.
3. rational (adjective) – logical, well reasoned, sensible.
4. economic modelling (noun) – the formation and analysis of different economic models.
5. marry (verb) – join together, unite, merge.
6. behavioural economics (noun) – a branch/method of economic research that adds elements of psychology to traditional models in an attempt to better understand decision-making by investors, consumers and other economic participants.
7. pioneering (adjective) – distinctive, creative, innovative.
8. conceive (verb) – form, formulate; imagine/visualize.
9. traditional economics (noun) – classical economics; it assumes that people are perfectly rational and decision-making is entirely based on cold-headed logic (cold-headed means composed & calm).
10. bound (verb) – limit, restrict, restrain/confine.
11. rationality (noun) – the quality or state of being rational/logical/sensible.
12. cognitive (adjective) – related to the mental processes (cognition) of thinking, understanding, learning, remembering.
13. lack (verb) – be without, be short of, be deficient in.
14. relevance (noun) – the quality of being relevant/closely connected/appropriate.
15. exploitative (adjective) – unprincipled, unethical, disreputable.
16. warrant (verb) – justify, necessitate, validate.
17. rigour (noun) – precision, accuracy, correctness.
18. influence (verb) – affect, change/alter/prompt.
19. libertarian (adjective/noun) – liberal, tolerant, open-minded/forbearing.
20. paternalism (noun) – behaviour of people in authority in a fatherly manner restricting rights or responsibilities of subordinate and make decisions on their own.

Note:  

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2. Definitions (elementary level) & Synonyms provided for the words above are my personal work and not that of Oxford University Press. Tentative definitions/meanings are provided for study purpose only and they may vary in different context. Use it with the corresponding article published on the source (website) via the link provided. 

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