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Adam Bellow | Nepotism in American Business
Bellow discusses what he calls "postmodern" nepotism, comparing it to the commonly understood meaning of (now) old "nepotism." Whereas the Old Nepotism described parents hiring their own children or relatives, the New Nepotism refers to the practice of children using the parents' connections opportunistically to further their own careers.
-Old Nepotism violates our basic sense of
Revealed Preference
A theory that assumes individuals' preferences can be determined by their purchasing habits.
Weak Axiom
A principle in consumer choice theory stating that if a consumer prefers bundle A over bundle B when both are available at the same prices, then the consumer will not purchase more of bundle B if its price rises.
Revealed Preference
An economic theory stating that the preferences of consumers can be understood by their purchasing habits.
Prices
The monetary value assigned to goods and services in a market, dictating the exchange rate at which these can be traded.
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