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Political economy

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Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies ) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within the discipline are systems such as labour markets and financial markets , as well as phenomena such as growth , distribution , inequality , and trade , and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics .

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123-551: Political economy originated within 16th century western moral philosophy , with theoretical works exploring the administration of states' wealth; political signifying the Greek word polity and economy signifying the Greek word οἰκονομία ; household management. The earliest works of political economy are usually attributed to the British scholars Adam Smith , Thomas Malthus , and David Ricardo , although they were preceded by

246-818: A " burh " or fort in Hertford, which was to curb Norse activities in the area. His father, King Alfred the Great , established the River Lea as a boundary between his kingdom and that of the Norse lord Guthrum , with the north and eastern parts of the county being within the Danelaw . There is little evidence however of Norse placenames within this region, and many of the Anglo-Saxon features remained intact to this day. The county however suffered from renewed Norse raids in

369-426: A certain manner by being wholeheartedly committed to this manner. Virtues contrast with vices , which are their harmful counterparts. Virtue theorists usually say that the mere possession of virtues by itself is not sufficient. Instead, people should manifest virtues in their actions. An important factor is the practical wisdom, also called phronesis , of knowing when, how, and which virtue to express. For example,

492-428: A certain standpoint. Moral standpoints may differ between persons, cultures, and historical periods. For example, moral statements like "Slavery is wrong" or "Suicide is permissible" may be true in one culture and false in another. Some moral relativists say that moral systems are constructed to serve certain goals such as social coordination. According to this view, different societies and different social groups within

615-399: A characterization of what is good and then define what is right in terms of what is good. For example, classical utilitarianism says that pleasure is good and that the action leading to the most overall pleasure is right. Consequentialism has been discussed indirectly since the formulation of classical utilitarianism in the late 18th century. A more explicit analysis of this view happened in

738-470: A diversity of viewpoints. A universal moral norm is seen as valid if all rational discourse participants do or would approve. This way, morality is not imposed by a single moral authority but arises from the moral discourse within society. This discourse should aim to establish an ideal speech situation to ensure fairness and inclusivity. In particular, this means that discourse participants are free to voice their different opinions without coercion but are at

861-495: A fundamental part of reality and can be reduced to other natural properties, such as properties describing the causes of pleasure and pain . Hertfordshire Hertfordshire ( / ˈ h ɑːr t f ər d ʃ ɪər / HART -fərd-sheer or /- ʃ ər / -⁠shər ; often abbreviated Herts ) is a ceremonial county in the East of England and one of the home counties . It borders Bedfordshire to

984-479: A general standpoint of what is objectively right and wrong. In a slightly different sense, the term ethics can also refer to individual ethical theories in the form of a rational system of moral principles, such as Aristotelian ethics , and to a moral code that certain societies, social groups, or professions follow, as in Protestant work ethic and medical ethics . The English word ethics has its roots in

1107-425: A historic centre, with many Tudor and Stuart era buildings interspersed amongst more contemporary structures. Hertfordshire's eastern regions are predominantly rural and arable, intermixed with villages and small to medium-sized towns. Royston, Buntingford and Bishop's Stortford , along with Ware and the county town of Hertford are major settlements in this regard. The physical geography of eastern Hertfordshire

1230-515: A lack of practical wisdom may lead courageous people to perform morally wrong actions by taking unnecessary risks that should better be avoided. Different types of virtue ethics differ on how they understand virtues and their role in practical life. Eudaimonism is the original form of virtue theory developed in Ancient Greek philosophy and draws a close relation between virtuous behavior and happiness. It states that people flourish by living

1353-549: A means to promote their self-interest. Ethical egoism is often criticized as an immoral and contradictory position. Normative ethics has a central place in most religions . Key aspects of Jewish ethics are to follow the 613 commandments of God according to the Mitzvah duty found in the Torah and to take responsibility for societal welfare . Christian ethics puts less emphasis on following precise laws and teaches instead

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1476-681: A mix of post-WWII new towns and older/more historical locales. The City of St. Albans is an example of a historical settlement, as its cathedral and abbey date to the Norman period, and there are ruins from the Roman settlement of Verulamium nearby the current city centre. Stevenage is a mix of post-WWII new town planning amidst its prior incarnation as a smaller town. The Old Town in Stevenage represents this historic core and has many shops and buildings reflecting its pre-WWII heritage. Hitchin also has

1599-468: A modern precursor to Classical Economic thought. Leading on from this, the French physiocrats were the first major exponents of political economy, although the intellectual responses of Adam Smith , John Stuart Mill , David Ricardo , Henry George and Karl Marx to the physiocrats generally receive much greater attention. The world's first professorship in political economy was established in 1754 at

1722-611: A more general principle. Many theories of normative ethics also aim to guide behavior by helping people make moral decisions . Theories in normative ethics state how people should act or what kind of behavior is correct. They do not aim to describe how people normally act, what moral beliefs ordinary people have, how these beliefs change over time, or what ethical codes are upheld in certain social groups. These topics belong to descriptive ethics and are studied in fields like anthropology , sociology , and history rather than normative ethics. Some systems of normative ethics arrive at

1845-550: A person should tell the truth even in specific cases where lying would lead to better consequences. Another disagreement is between actual and expected consequentialism. According to the traditional view, only the actual consequences of an act affect its moral value. One difficulty of this view is that many consequences cannot be known in advance. This means that in some cases, even well-planned and intentioned acts are morally wrong if they inadvertently lead to negative outcomes. An alternative perspective states that what matters are not

1968-401: A pleasurable experience has a high value if it has a high intensity and lasts for a long time. A common criticism of Bentham's utilitarianism argued that its focus on the intensity of pleasure promotes an immoral lifestyle centered around indulgence in sensory gratification. Mill responded to this criticism by distinguishing between higher and lower pleasures. He stated that higher pleasures, like

2091-790: A single principle covering all possible cases. Others encompass a small set of basic rules that address all or at least the most important moral considerations. One difficulty for systems with several basic principles is that these principles may conflict with each other in some cases and lead to ethical dilemmas . Distinct theories in normative ethics suggest different principles as the foundation of morality. The three most influential schools of thought are consequentialism , deontology , and virtue ethics . These schools are usually presented as exclusive alternatives, but depending on how they are defined, they can overlap and do not necessarily exclude one another. In some cases, they differ in which acts they see as right or wrong. In other cases, they recommend

2214-464: A situation, regardless of their specific role or position. Immanuel Kant (1724–1804) is one of the most well-known deontologists. He states that reaching outcomes that people desire, such as being happy, is not the main purpose of moral actions. Instead, he argues that there are universal principles that apply to everyone independent of their desires. He uses the term categorical imperative for these principles, saying that they have their source in

2337-425: A society construct different moral systems based on their diverging purposes. Emotivism provides a different explanation, stating that morality arises from moral emotions, which are not the same for everyone. Moral nihilists deny the existence of moral facts. They reject the existence of both objective moral facts defended by moral realism and subjective moral facts defended by moral relativism. They believe that

2460-557: A virtuous life. Eudaimonist theories often hold that virtues are positive potentials residing in human nature and that actualizing these potentials results in leading a good and happy life. Agent-based theories, by contrast, see happiness only as a side effect and focus instead on the admirable traits and motivational characteristics expressed while acting. This is often combined with the idea that one can learn from exceptional individuals what those characteristics are. Feminist ethics of care are another form of virtue ethics. They emphasize

2583-608: A waterway, the New River , supplying drinking water to London. As London grew, Hertfordshire became conveniently close to the English capital; much of the area was owned by the nobility and aristocracy , this patronage helped to boost the local economy. However, the greatest boost to Hertfordshire came during the Industrial Revolution , after which the population rose dramatically. In 1903, Letchworth became

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2706-648: Is a microfoundations theory closely intertwined with political economy. Both approaches model voters, politicians and bureaucrats as behaving in mainly self-interested ways, in contrast to a view, ascribed to earlier mainstream economists, of government officials trying to maximize individual utilities from some kind of social welfare function . As such, economists and political scientists often associate political economy with approaches using rational-choice assumptions, especially in game theory and in examining phenomena beyond economics' standard remit, such as government failure and complex decision making in which context

2829-487: Is a moral obligation to refrain from lying. Because it relies on consent, contractualism is often understood as a patient-centered form of deontology. Famous social contract theorists include Thomas Hobbes , John Locke , Jean-Jacques Rousseau , and John Rawls . Discourse ethics also focuses on social agreement on moral norms but says that this agreement is based on communicative rationality . It aims to arrive at moral norms for pluralistic modern societies that encompass

2952-533: Is accompanied by a canal. Hertfordshire's undeveloped land is mainly agricultural and much of the county is covered by the Metropolitan green belt . Since 1903, Letchworth has served as the prototype garden city while Stevenage became the first town to expand under post-war Britain 's New Towns Act 1946 ( 9 & 10 Geo. 6 . c. 68). Services have become the largest sector of the county's economy. The county's landmarks span many centuries, ranging from

3075-510: Is also the UK base of multi-nationals Hilton Worldwide , TotalEnergies , TK Maxx , Costco , JJ Kavanagh and Sons , Vinci and Beko . The 2006 World Golf Championship and the 2013 Bilderberg Conference , took place at The Grove hotel . Warner Bros. owns and runs its main UK base since the 2000s, Warner Studios, in Leavesden, Watford. Rickmansworth hosts Skanska . Most of the county

3198-476: Is better than an unequal distribution even if the aggregate good is the same. There are disagreements about which consequences should be assessed. An important distinction is between act consequentialism and rule consequentialism. According to act consequentialism, the consequences of an act determine its moral value. This means that there is a direct relation between the consequences of an act and its moral value. Rule consequentialism, by contrast, holds that an act

3321-410: Is between naturalism and non-naturalism. Naturalism states that moral properties are natural properties accessible to empirical observation . They are similar to the natural properties investigated by the natural sciences , like color and shape. Some moral naturalists hold that moral properties are a unique and basic type of natural property. Another view states that moral properties are real but not

3444-456: Is embedded in and relative to social and cultural contexts. Pragmatists tend to give more importance to habits than to conscious deliberation and understand morality as a habit that should be shaped in the right way. Postmodern ethics agrees with pragmatist ethics about the cultural relativity of morality. It rejects the idea that there are objective moral principles that apply universally to all cultures and traditions. It asserts that there

3567-853: Is evidence of human life in Hertfordshire from the Mesolithic period . It was first farmed during the Neolithic period and permanent habitation appeared at the beginning of the Bronze Age . This was followed by tribes settling in the area during the Iron Age . Following the Roman conquest of Britain in AD 43 , the Catuvellauni tribe accepted peace and adapted to the Roman life; resulting in

3690-537: Is found in Jainism , which has non-violence as its principal virtue. Duty is a central aspect of Hindu ethics and is about fulfilling social obligations, which may vary depending on a person's social class and stage of life . Confucianism places great emphasis on harmony in society and sees benevolence as a key virtue. Taoism extends the importance of living in harmony to the whole world and teaches that people should practice effortless action by following

3813-656: Is less elevated than the far west, but with lower rising hills and prominent rivers such as the Stort . This river rises in Essex and terminates via a confluence with the Lea near to Ware. Apart from the Lea and Stort, the River Colne is the major watercourse in the county's west. This runs near Watford and Radlett, and has a complex system/drainage area running south into both Greater London and Buckinghamshire. An unofficial status,

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3936-736: Is no one coherent ethical code since morality itself is irrational and humans are morally ambivalent beings. Postmodern ethics instead focuses on how moral demands arise in specific situations as one encounters other people. Ethical egoism is the view that people should act in their self-interest or that an action is morally right if the person acts for their own benefit. It differs from psychological egoism , which states that people actually follow their self-interest without claiming that they should do so. Ethical egoists may act in agreement with commonly accepted moral expectations and benefit other people, for example, by keeping promises, helping friends, and cooperating with others. However, they do so only as

4059-697: Is not a unified discipline, there are studies using the term that overlap in subject matter, but have radically different perspectives: Moral philosophy Ethics is the philosophical study of moral phenomena. Also called moral philosophy , it investigates normative questions about what people ought to do or which behavior is morally right. Its main branches include normative ethics , applied ethics , and metaethics . Normative ethics aims to find general principles that govern how people should act. Applied ethics examines concrete ethical problems in real-life situations, such as abortion , treatment of animals , and business practices . Metaethics explores

4182-651: Is not interested in which actions are right but in what it means for an action to be right and whether moral judgments are objective and can be true at all. It further examines the meaning of morality and other moral terms. Metaethics is a metatheory that operates on a higher level of abstraction than normative ethics by investigating its underlying assumptions. Metaethical theories typically do not directly judge which normative ethical theories are correct. However, metaethical theories can still influence normative theories by examining their foundational principles. Metaethics overlaps with various branches of philosophy. On

4305-446: Is one of the earliest forms of consequentialism. It arose in the 5th century BCE and argued that political action should promote justice as a means to increase the welfare of the people. The most well-known form of consequentialism is utilitarianism. In its classical form, it is an act consequentialism that sees happiness as the only source of intrinsic value. This means that an act is morally right if it produces "the greatest good for

4428-428: Is one of the main branches of philosophy and investigates the nature of morality and the principles that govern the moral evaluation of conduct , character traits , and institutions . It examines what obligations people have, what behavior is right and wrong, and how to lead a good life. Some of its key questions are "How should one live?" and "What gives meaning to life ?". In contemporary philosophy, ethics

4551-422: Is primarily concerned with normative statements about what ought to be the case, in contrast to descriptive statements , which are about what is the case. Duties and obligations express requirements of what people ought to do. Duties are sometimes defined as counterparts of the rights that always accompany them. According to this view, someone has a duty to benefit another person if this other person has

4674-438: Is right if it follows a certain set of rules. Rule consequentialism determines the best rules by considering their outcomes at a community level. People should follow the rules that lead to the best consequences when everyone in the community follows them. This implies that the relation between an act and its consequences is indirect. For example, if telling the truth is one of the best rules, then according to rule consequentialism,

4797-560: Is served by BBC London & ITV London , however Stevenage and North Hertfordshire is served by BBC East & ITV Anglia . Some northwestern parts of the county around Tring can also receive BBC South and ITV Meridian . Local radio for the county is provided by BBC Three Counties Radio , BBC Radio Cambridgeshire (covering Royston ), Heart Hertfordshire , Greatest Hits Radio Bucks, Beds and Herts (formerly Mix 96), Mix 92.6 (formerly Radio Verulam St. Albans) and Community Radio Dacorum (Hemel Hempstead). Local newspapers in

4920-588: Is supplied to London from Ware , using the New River built by Hugh Myddleton and opened in 1613. Local rivers, although small, supported developing industries such as paper production at Nash Mills . Hertfordshire affords habitat for a variety of flora and fauna. A bird once common in the shire is the hooded crow , the old name of which is the eponymous name of the regional newspaper, the Royston Crow published in Royston . A product, now largely defunct,

5043-434: Is that codes of conduct in specific areas, such as business and environment, are usually termed ethics rather than morality, as in business ethics and environmental ethics . Normative ethics is the philosophical study of ethical conduct and investigates the fundamental principles of morality . It aims to discover and justify general answers to questions like "How should one live?" and "How should people act?", usually in

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5166-468: Is the bedrock of much of the county provides an aquifer that feeds streams and is also exploited to provide water supplies for much of the county and beyond. Chalk has also been used as a building material and, once fired, the resultant lime was spread on agricultural land to improve fertility. The mining of chalk since the early 18th century has left unrecorded underground galleries that occasionally collapse unexpectedly and endanger buildings. Fresh water

5289-422: Is the only thing with intrinsic value is called ethical or evaluative hedonism . Classical utilitarianism was initially formulated by Jeremy Bentham at the end of the 18th century and further developed by John Stuart Mill . Bentham introduced the hedonic calculus to assess the value of consequences. Two key aspects of the hedonic calculus are the intensity and the duration of pleasure. According to this view,

5412-437: Is to have a good will. A person has a good will if they respect the moral law and form their intentions and motives in agreement with it. Kant states that actions motivated in such a way are unconditionally good, meaning that they are good even in cases where they result in undesirable consequences. Divine command theory says that God is the source of morality. It states that moral laws are divine commands and that to act morally

5535-489: Is to obey and follow God's will . While all divine command theorists agree that morality depends on God, there are disagreements about the precise content of the divine commands, and theorists belonging to different religions tend to propose different moral laws. For example, Christian and Jewish divine command theorists may argue that the Ten Commandments express God's will while Muslims may reserve this role for

5658-411: Is usually divided into normative ethics , applied ethics , and metaethics . Morality is about what people ought to do rather than what they actually do, what they want to do, or what social conventions require. As a rational and systematic field of inquiry, ethics studies practical reasons why people should act one way rather than another. Most ethical theories seek universal principles that express

5781-421: Is wrong to break a promise even if no harm comes from it. Deontologists are interested in which actions are right and often allow that there is a gap between what is right and what is good. Many focus on prohibitions and describe which acts are forbidden under any circumstances. Agent-centered deontological theories focus on the person who acts and the duties they have. Agent-centered theories often focus on

5904-399: Is wrong. This observation is sometimes taken as an argument against moral realism since moral disagreement is widespread in most fields. Moral relativists reject the idea that morality is an objective feature of reality. They argue instead that moral principles are human inventions. This means that a behavior is not objectively right or wrong but only subjectively right or wrong relative to

6027-624: The Harry Potter series was filmed here and the 1995 James Bond film GoldenEye . On 17 October 2000, the Hatfield rail crash killed four people with over 70 injured. The crash exposed the shortcomings of Railtrack , and resulted in speed restrictions and major track replacement. On 10 May 2002, seven people died in the fourth of the Potters Bar rail accidents ; the train was travelling at high speed when it derailed and flipped into

6150-612: The Ancient Greek word êthos ( ἦθος ), meaning ' character ' and ' personal disposition ' . This word gave rise to the Ancient Greek word ēthikós ( ἠθικός ), which was translated into Latin as ethica and entered the English language in the 15th century through the Old French term éthique . The term morality originates in the Latin word moralis , meaning ' manners ' and ' character ' . It

6273-667: The Chilterns , clayland buffer zone countryside of Braughing and the Hadhams across to ancient hornbeam coppices west of the upper Lea valley. The county has sweeping panoramas of chalklands near Royston , Baldock , Hexton and Tring . Large parts of the county are used for agriculture. Some quarrying of sand and gravel occurs around St Albans. In the past, clay has supplied local brick-making and still does in Bovingdon , just south-west of Hemel Hempstead. The chalk that

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6396-578: The Six Hills in Stevenage built by local inhabitants during the Roman period, to Leavesden Film Studios . The volume of intact medieval and Tudor buildings surpasses London, in places in well-preserved conservation areas , especially in St Albans , which includes remains of the Roman town of Verulamium . In 913, Hertfordshire was the area assigned to a fortress constructed at Hertford under

6519-667: The University of Naples Federico II in southern Italy . The Neapolitan philosopher Antonio Genovesi was the first tenured professor. In 1763, Joseph von Sonnenfels was appointed a Political Economy chair at the University of Vienna , Austria. Thomas Malthus , in 1805, became England's first professor of political economy, at the East India Company College , Haileybury, Hertfordshire . At present, political economy refers to different yet related approaches to studying economic and related behaviours, ranging from

6642-402: The medieval period , ethical thought was strongly influenced by religious teachings. In the modern period , this focus shifted to a more secular approach concerned with moral experience, reasons for acting , and the consequences of actions. An influential development in the 20th century was the emergence of metaethics. Ethics, also called moral philosophy, is the study of moral phenomena. It

6765-591: The political business cycles , central-bank independence and the politics of excessive deficits. An interesting example would be the publication in 1954 of the first manual of Political Economy in the Soviet Union, edited by Lev Gatovsky , which mixed the classic theoretical approach of the time with the soviet political discourse. A rather recent focus has been put on modeling economic policy and political institutions concerning interactions between agents and economic and political institutions , including

6888-532: The 20th century, virtue ethics experienced a resurgence thanks to philosophers such as Elizabeth Anscombe , Philippa Foot , Alasdair MacIntyre , and Martha Nussbaum . There are many other schools of normative ethics in addition to the three main traditions. Pragmatist ethics focuses on the role of practice and holds that one of the key tasks of ethics is to solve practical problems in concrete situations. It has certain similarities to utilitarianism and its focus on consequences but concentrates more on how morality

7011-404: The 20th century, when the term was coined by G. E. M. Anscombe . Consequentialists usually understand the consequences of an action in a very wide sense that includes the totality of its effects. This is based on the idea that actions make a difference in the world by bringing about a causal chain of events that would not have existed otherwise. A core intuition behind consequentialism is that

7134-823: The River Thames. The far west of the county is the most hilly, with the Chiltern Hills surrounding Tring , Berkhamsted and the Ashridge estate. This Area of Outstanding Natural Beauty runs from near Hitchin in the north to Berkshire and Oxfordshire. Many of the county's major settlements are in the central, northern and southern areas, such as Watford, Hemel Hempstead, Kings Langley , Rickmansworth , St. Albans , Harpenden , Redbourn , Radlett , Borehamwood , Potters Bar , Stevenage, Hatfield , Welwyn and Welwyn Garden City, Hitchin , Letchworth and Baldock. These are all small to medium-sized locations, featuring

7257-767: The UK Cereal Partners factory and in pharmaceuticals it hosts Roche UK's headquarters (subsidiary of the Swiss Hoffman-La Roche ). GlaxoSmithKline has plants in Ware and Stevenage . Hemel Hempstead has large premises of Dixons Carphone . The National Pharmacy Association (NPA), the trade association for UK pharmacies, is based in St Albans . Kings Langley has the plant-office of Pure , making DAB digital radios . Watford hosts national companies such as J D Wetherspoon , Camelot Group , Bathstore , and Caversham Finance (BrightHouse). It

7380-430: The actual consequences but the expected consequences. This view takes into account that when deciding what to do, people have to rely on their limited knowledge of the total consequences of their actions. According to this view, a course of action has positive moral value despite leading to an overall negative outcome if it had the highest expected value , for example, because the negative outcome could not be anticipated or

7503-529: The agent. It is controversial whether agent-relative moral theories, like ethical egoism , should be considered as types of consequentialism. There are many different types of consequentialism. They differ based on what type of entity they evaluate, what consequences they take into consideration, and how they determine the value of consequences. Most theories assess the moral value of acts. However, consequentialism can also be used to evaluate motives , character traits , rules, and policies . Many types assess

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7626-512: The air when one of the carriages slid along the platform where it came to rest. In early December 2005, there were explosions at the Hertfordshire Oil Storage Terminal at Buncefield on the edge of Hemel Hempstead. Hertfordshire is located in the south-eastern part of England and is the county immediately north of London. It is officially part of the East of England region, a mainly statistical unit . To

7749-570: The basic assumptions underlying moral claims are misguided. Some moral nihilists conclude from this that anything is allowed. A slightly different view emphasizes that moral nihilism is not itself a moral position about what is allowed and prohibited but the rejection of any moral position. Moral nihilism, like moral relativism, recognizes that people judge actions as right or wrong from different perspectives. However, it disagrees that this practice involves morality and sees it as just one type of human behavior. A central disagreement among moral realists

7872-417: The best action for someone with a good salary would be to donate 70% of their income to charity, it would be morally wrong for them to only donate 65%. Satisficing consequentialism, by contrast, only requires that an act is "good enough" even if it is not the best possible alternative. According to this view, it is possible to do more than one is morally required to do. Mohism in ancient Chinese philosophy

7995-459: The city of St Albans (75,540). For local government purposes Hertfordshire is a non-metropolitan county with ten districts beneath Hertfordshire County Council . Elevations are higher in the north and west, reaching more than 800 feet (240 m) in the Chilterns near Tring . The county centres on the headwaters and upper valleys of the rivers Lea and the Colne ; both flow south and each

8118-553: The combination of economics with other fields to the use of different, fundamental assumptions challenging earlier economic assumptions. Political economy most commonly refers to interdisciplinary studies drawing upon economics , sociology and political science in explaining how political institutions, the political environment, and the economic system — capitalist , socialist , communist , or mixed —influence each other. The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1)

8241-421: The consequences. A related approach is to characterize consequentialism not in terms of consequences but in terms of outcome, with the outcome being defined as the act together with its consequences. Most forms of consequentialism are agent-neutral. This means that the value of consequences is assessed from a neutral perspective, that is, acts should have consequences that are good in general and not just good for

8364-492: The county are: Waltham Cross , Broxbourne , is the location of the Lee Valley White Water Centre , a purpose-built venue opened in 2010 for the 2012 Summer Olympics . The site consists of two white water courses; one 300m Grade IV "Olympic" run; and one 160m Grade III "legacy" run. During the games the center was the venue for the canoe and kayak slalom events . Lee Valley has since hosted

8487-423: The deficient state of cowardice and the excessive state of recklessness . Aristotle held that virtuous action leads to happiness and makes people flourish in life. Stoicism emerged about 300 BCE and taught that, through virtue alone, people can achieve happiness characterized by a peaceful state of mind free from emotional disturbances. The Stoics advocated rationality and self-mastery to achieve this state. In

8610-416: The development of several new towns, including Verulamium (St Albans) where in c.  293 the first recorded British martyrdom is traditionally believed to have taken place. Saint Alban , a Romano-British soldier, took the place of a Christian priest and was beheaded on Holywell Hill. His martyr's cross of a yellow saltire on a blue field is reflected in the flag and coat of arms of Hertfordshire as

8733-556: The distinction between "profit" and "sustenance", in modern political economy terms, surplus and that required for the reproduction of classes respectively. He also calls for the creation of a science to explain society and goes on to outline these ideas in his major work, the Muqaddimah . In Al-Muqaddimah Khaldun states, "Civilization and its well-being, as well as business prosperity, depend on productivity and people's efforts in all directions in their own interest and profit" – seen as

8856-595: The east is Essex , to the west is Buckinghamshire and to the north are Bedfordshire and Cambridgeshire . A significant minority of the population across all districts commute to Central London . The county's boundaries were roughly fixed by the Counties (Detached Parts) Act 1844 which eliminated exclaves ; amended when, in 1965 under the London Government Act 1963 , East Barnet Urban District and Barnet Urban District were abolished, their area

8979-480: The economy absent other political and social considerations while the term political economy represents a distinct and competing approach. Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis on economics, which comes from the Greek oikos (meaning "home") and nomos (meaning "law" or "order"). Political economy

9102-423: The first three Star Wars movies ( IV , V , & VI ). The studios generally used the name of Elstree . American director Stanley Kubrick not only used to shoot in those studios but also lived in the area until his death. Big Brother UK and Who Wants to Be a Millionaire? have been filmed there. EastEnders is filmed at Elstree. Hertfordshire has seen development at Warner Bros. Studios, Leavesden ;

9225-413: The form of universal or domain-independent principles that determine whether an act is right or wrong. For example, given the particular impression that it is wrong to set a child on fire for fun, normative ethics aims to find more general principles that explain why this is the case, like the principle that one should not cause extreme suffering to the innocent , which may itself be explained in terms of

9348-519: The formation of character . Descriptive ethics describes the dominant moral codes and beliefs in different societies and considers their historical dimension. The history of ethics started in the ancient period with the development of ethical principles and theories in ancient Egypt , India , China , and Greece . This period saw the emergence of ethical teachings associated with Hinduism , Buddhism , Confucianism , Daoism , and contributions of philosophers like Socrates and Aristotle . During

9471-405: The future should be shaped to achieve the best possible outcome. The act itself is usually not seen as part of the consequences. This means that if an act has intrinsic value or disvalue, it is not included as a factor. Some consequentialists see this as a flaw, saying that all value-relevant factors need to be considered. They try to avoid this complication by including the act itself as part of

9594-429: The greatest number" by increasing happiness and reducing suffering. Utilitarians do not deny that other things also have value, like health, friendship, and knowledge. However, they deny that these things have intrinsic value. Instead, they say that they have extrinsic value because they affect happiness and suffering. In this regard, they are desirable as a means but, unlike happiness, not as an end. The view that pleasure

9717-421: The human mind and culture rather than as subjective constructs or expressions of personal preferences and cultural norms . Moral realists accept the claim that there are objective moral facts. This view implies that moral values are mind-independent aspects of reality and that there is an absolute fact about whether a given action is right or wrong. A consequence of this view is that moral requirements have

9840-411: The importance of institutions , backwardness , reform and transition economies , the role of culture , ethnicity and gender in explaining economic outcomes, macroeconomic policy , the environment , fairness and the relation of constitutions to economic policy , theoretical and empirical. Other important landmarks in the development of political economy include: Because political economy

9963-415: The importance of interpersonal relationships and say that benevolence by caring for the well-being of others is one of the key virtues. Influential schools of virtue ethics in ancient philosophy were Aristotelianism and Stoicism . According to Aristotle (384–322 BCE), each virtue is a golden mean between two types of vices: excess and deficiency. For example, courage is a virtue that lies between

10086-411: The intellectual satisfaction of reading a book, are more valuable than lower pleasures, like the sensory enjoyment of food and drink, even if their intensity and duration are the same. Since its original formulation, many variations of utilitarianism have developed, including the difference between act and rule utilitarianism and between maximizing and satisficing utilitarianism. Deontology assesses

10209-536: The late 10th to early 11th centuries, as armies led by Danish kings Swein Forkbeard and Cnut the Great harried the country as part of their attempts to undermine and overthrow English king Athelred the Unready . A century later, William of Normandy received the surrender of some senior English Lords and Clergy at Berkhamsted , before entering London unopposed and being crowned at Westminster . Hertfordshire

10332-569: The later Plantagenet period, St. Albans Abbey was an initial drafting place of what was to become Magna Carta . And in the later Wars of the Roses, St. Albans was the scene of two major battles between the Lancastrians and the Yorkists. In Tudor times, Hatfield House was often frequented by Queen Elizabeth I. Stuart King James I used the locale for hunting and facilitated the construction of

10455-609: The level of ontology , it examines whether there are objective moral facts. Concerning semantics , it asks what the meaning of moral terms are and whether moral statements have a truth value . The epistemological side of metaethics discusses whether and how people can acquire moral knowledge. Metaethics overlaps with psychology because of its interest in how moral judgments motivate people to act. It also overlaps with anthropology since it aims to explain how cross-cultural differences affect moral assessments. Metaethics examines basic ethical concepts and their relations. Ethics

10578-539: The lowest population density (290 people per km ) and Watford the highest (4210 per km ). Compared with neighbouring Bedfordshire and Buckinghamshire, Hertfordshire lacks large towns or cities on the scale of Luton or Milton Keynes , whose populations exceed 200,000, but its overall population (1.2 million in 2021) is greater than those of the two aforementioned counties. The River Lea near Harpenden runs through Wheathampstead , Welwyn Garden City, Hertford, Ware, and Broxbourne before reaching Cheshunt and ultimately

10701-569: The moral rightness of actions based on a set of norms or principles. These norms describe the requirements that all actions need to follow. They may include principles like telling the truth, keeping promises , and not intentionally harming others. Unlike consequentialists, deontologists hold that the validity of general moral principles does not directly depend on their consequences. They state that these principles should be followed in every case since they express how actions are inherently right or wrong. According to moral philosopher David Ross , it

10824-477: The moral value of acts only depends on the pleasure and suffering they cause. An alternative approach says that there are many different sources of value, which all contribute to one overall value. Before the 20th century, consequentialists were only concerned with the total of value or the aggregate good. In the 20th century, alternative views were developed that additionally consider the distribution of value. One of them states that an equal distribution of goods

10947-431: The motives and intentions behind people's actions, highlighting the importance of acting for the right reasons. They tend to be agent-relative, meaning that the reasons for which people should act depend on personal circumstances. For example, a parent has a special obligation to their child, while a stranger does not have this kind of obligation toward a child they do not know. Patient-centered theories, by contrast, focus on

11070-476: The natural flow of the universe . Indigenous belief systems, like Native American philosophy and the African Ubuntu philosophy , often emphasize the interconnectedness of all living beings and the environment while stressing the importance of living in harmony with nature. Metaethics is the branch of ethics that examines the nature, foundations, and scope of moral judgments , concepts, and values. It

11193-490: The north and west of the county, forming the Chiltern Hills and the younger Palaeocene , Reading Beds and Eocene , London Clay which occupy the remaining southern part. The eastern half of the county was covered by glaciers during the Ice Age and has a superficial layer of glacial boulder clays . Much of the west – and much more in the east – have richly diverse countryside. These range from beech woods of

11316-434: The north-west, Cambridgeshire to the north-east, Essex to the east, Greater London to the south and Buckinghamshire to the west. The largest settlement is Watford , and the county town is Hertford . The county has an area of 634 square miles (1,640 km ) and had a population of 1,198,800 at the 2021 census . After Watford (131,325), the largest settlements are Hemel Hempstead (95,985), Stevenage (94,470) and

11439-430: The people affected by actions and the rights they have. An example is the requirement to treat other people as ends and not merely as a means to an end. This requirement can be used to argue, for example, that it is wrong to kill a person against their will even if this act would save the lives of several others. Patient-centered deontological theories are usually agent-neutral, meaning that they apply equally to everyone in

11562-440: The person possesses and exercises certain capacities or some form of control . If a person is morally responsible then it is appropriate to respond to them in certain ways, for example, by praising or blaming them. A major debate in metaethics is about the ontological status of morality, questioning whether ethical values and principles are real. It examines whether moral properties exist as objective features independent of

11685-411: The person would want everyone to follow the same maxim as a universal law applicable to everyone. Another formulation states that one should treat other people always as ends in themselves and never as mere means to an end. This formulation focuses on respecting and valuing other people for their own sake rather than using them in the pursuit of personal goals. In either case, Kant says that what matters

11808-479: The practice of selfless love , such as the Great Commandment to "Love your neighbor as yourself". The Five Pillars of Islam constitute a basic framework of Muslim ethics and focus on the practice of faith , prayer , charity , fasting during Ramadan , and pilgrimage to Mecca . Buddhists emphasize the importance of compassion and loving-kindness towards all sentient entities. A similar outlook

11931-651: The purple star-shaped flower with yellow stamens, the Pasqueflower is among endemic county flowers . The rocks of Hertfordshire belong to the great shallow syncline known as the London Basin . The beds dip in a south-easterly direction towards the syncline's lowest point roughly under the River Thames . The most important formations are the Cretaceous Chalk , exposed as the high ground in

12054-468: The right to receive that benefit. Obligation and permission are contrasting terms that can be defined through each other: to be obligated to do something means that one is not permitted not to do it and to be permitted to do something means that one is not obligated not to do it. Some theorists define obligations in terms of values or what is good . When used in a general sense, good contrasts with bad . When describing people and their intentions,

12177-553: The role of government and/or class and power relationships in resource allocation for each type of economic system ; (2) international political economy , which studies the economic impacts of international relations ; and (3) economic models of political or exploitative class processes. Within the field of political science, there is generally a distinction between international political economy (studied by international relations scholars) and comparative political economy (studied by comparative politics scholars). Public choice theory

12300-895: The rule of Edward the Elder . Hertford is derived from the Anglo-Saxon heort ford, meaning deer crossing (of a watercourse). The name Hertfordshire is first recorded in the Anglo-Saxon Chronicle in 1011. Deer feature in many county emblems. Many of the names of the current settlements date back to the Anglo-Saxon period, with many featuring standard placename suffixes attributed to the Anglo-Saxons: "ford", "ton", "den", "bourn", "ley", "stead", "ing", "lett", "wood", and "worth", are represented in this county by Hertford, Royston, Harpenden, Redbourn, Cuffley, Wheathampstead, Tring, Radlett, Borehamwood and Rickmansworth. There

12423-417: The same course of action but provide different justifications for why it is right. Consequentialism, also called teleological ethics, says that morality depends on consequences. According to the most common view, an act is right if it brings the best future. This means that there is no alternative course of action that has better consequences. A key aspect of consequentialist theories is that they provide

12546-401: The same ontological status as non-moral facts: it is an objective fact whether there is an obligation to keep a promise just as it is an objective fact whether a thing is rectangular. Moral realism is often associated with the claim that there are universal ethical principles that apply equally to everyone. It implies that if two people disagree about a moral evaluation then at least one of them

12669-423: The same time required to justify them using rational argumentation. The main concern of virtue ethics is how virtues are expressed in actions. As such, it is neither directly interested in the consequences of actions nor in universal moral duties. Virtues are positive character traits like honesty , courage , kindness , and compassion . They are usually understood as dispositions to feel, decide, and act in

12792-470: The same town, Airbus (Defence & Space Division) produces satellites. Hatfield was where de Havilland developed the first commercial jet liner, the Comet . Now the site is a business park and new campus for the University of Hertfordshire . This major employment site notably hosts EE , Computacenter and Ocado groceries and other goods e-commerce. Welwyn Garden City hosts Tesco 's UK base, hosts

12915-471: The seeming discrepancy of economic policy and economist's recommendations through the lens of transaction costs . From the mid-1990s, the field has expanded, in part aided by new cross-national data sets allowing tests of hypotheses on comparative economic systems and institutions. Topics have included the breakup of nations, the origins and rate of change of political institutions in relation to economic growth , development , financial markets and regulation,

13038-409: The structure of practical reason and are true for all rational agents. According to Kant, to act morally is to act in agreement with reason as expressed by these principles while violating them is both immoral and irrational. Kant provided several formulations of the categorical imperative. One formulation says that a person should only follow maxims that can be universalized . This means that

13161-402: The subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science". Citation measurement metrics from Google Ngram Viewer indicate that use of the term economics began to overshadow political economy around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term economics usually refers to the narrow study of

13284-595: The teachings of the Quran . Contractualists reject the reference to God as the source of morality and argue instead that morality is based on an explicit or implicit social contract between humans. They state that actual or hypothetical consent to this contract is the source of moral norms and duties. To determine which duties people have, contractualists often rely on a thought experiment about what rational people under ideal circumstances would agree on. For example, if they would agree that people should not lie then there

13407-455: The term evil rather than bad is often employed. Obligations are used to assess the moral status of actions, motives , and character traits . An action is morally right if it is in tune with a person's obligations and morally wrong if it violates them. Supererogation is a special moral status that applies to cases in which the agent does more than is morally required of them. To be morally responsible for an action usually means that

13530-404: The term "positive political economy" is common. Other "traditional" topics include analysis of such public policy issues as economic regulation , monopoly , rent-seeking , market protection , institutional corruption and distributional politics. Empirical analysis includes the influence of elections on the choice of economic policy, determinants and forecasting models of electoral outcomes,

13653-528: The territory of Hertfordshire to the control of the West Anglians of Mercia . The region finally became an English shire in the 10th century, on the merger of the West Saxon and Mercian kingdoms. In the midst of the Norse invasions, Hertfordshire was on the front lines of much of the fighting. King Edward the Elder , in his reconquest of Norse-held lands in what was to become England , established

13776-450: The truth and keeping promises. Virtue ethics sees the manifestation of virtues , like courage and compassion , as the fundamental principle of morality. Ethics is closely connected to value theory , which studies the nature and types of value , like the contrast between intrinsic and instrumental value . Moral psychology is a related empirical field and investigates psychological processes involved in morality, such as reasoning and

13899-444: The underlying assumptions and concepts of ethics. It asks whether there are objective moral facts, how moral knowledge is possible, and how moral judgments motivate people. Influential normative theories are consequentialism , deontology , and virtue ethics . According to consequentialists, an act is right if it leads to the best consequences. Deontologists focus on acts themselves, saying that they must adhere to duties , like telling

14022-399: The value of consequences based on whether they promote happiness or suffering. But there are also alternative evaluative principles, such as desire satisfaction, autonomy , freedom , knowledge , friendship , beauty , and self-perfection. Some forms of consequentialism hold that there is only a single source of value . The most prominent among them is utilitarianism , which states that

14145-445: The work of the French physiocrats , such as François Quesnay and Anne-Robert-Jacques Turgot . In the late 19th century, the term economics gradually began to replace the term political economy with the rise of mathematical modeling coinciding with the publication of the influential textbook Principles of Economics by Alfred Marshall in 1890. Earlier, William Stanley Jevons , a proponent of mathematical methods applied to

14268-639: The world's first garden city and Stevenage became the first town to redevelop under the New Towns Act 1946 ( 9 & 10 Geo. 6 . c. 68). The first shooting-down of a zeppelin over Great Britain during WW1 happened in Cuffley. From the 1920s until the late 1980s , the town of Borehamwood was home to one of the major British film studio complexes, including the MGM-British Studios . Many well-known films were made here including

14391-658: The yellow field to the stag or Hart representing the county. He is the Patron Saint of Hertfordshire. With the departure of the Roman Legions in the early 5th century , the now-unprotected territory was invaded and colonised by the Anglo-Saxons . By the 6th century, the majority of the modern county was part of the East Saxon kingdom. This relatively short-lived kingdom collapsed in the 9th century, ceding

14514-555: Was watercress , based in Hemel Hempstead and Berkhamsted supported by reliable, clean chalk rivers. This is a table of trends of regional gross value added of Hertfordshire at current basic prices with figures in millions of British Pounds Sterling. Hertfordshire has the main operational and/or headquarters UK site of some very large employers. Clockwise from north: In Stevenage (a subsidiary of: BAE Systems , Airbus and Finmeccanica ) MBDA , develops missiles . In

14637-555: Was introduced into the English language during the Middle English period through the Old French term moralité . The terms ethics and morality are usually used interchangeably but some philosophers distinguish between the two. According to one view, morality focuses on what moral obligations people have while ethics is broader and includes ideas about what is good and how to lead a meaningful life. Another difference

14760-552: Was thus meant to express the laws of production of wealth at the state level, quite like economics concerns putting home to order. The phrase économie politique (translated in English to "political economy") first appeared in France in 1615 with the well-known book by Antoine de Montchrétien , Traité de l'economie politique . Other contemporary scholars attribute the roots of this study to the 13th Century Tunisian Arab Historian and Sociologist , Ibn Khaldun , for his work on making

14883-579: Was transferred to form part of the present-day London Borough of Barnet and the Potters Bar Urban District of Middlesex was transferred to Hertfordshire. The highest point in the county is at 244 m (801 ft) ( AOD ) on the Ridgeway long distance national path, on the border of Hastoe near Tring with Drayton Beauchamp , Buckinghamshire. At the 2011 census, among the county's ten districts, East Hertfordshire had

15006-475: Was unlikely. A further difference is between maximizing and satisficing consequentialism. According to maximizing consequentialism, only the best possible act is morally permitted. This means that acts with positive consequences are wrong if there are alternatives with even better consequences. One criticism of maximizing consequentialism is that it demands too much by requiring that people do significantly more than they are socially expected to. For example, if

15129-465: Was used for some of the new Norman castles at Bishop's Stortford , and at King's Langley , a staging post between London and the royal residence of Berkhamsted . The Domesday Book recorded the county as having nine hundreds . Tring and Danais became one— Dacorum —from Danis Corum or Danish rule harking back to a Viking not Saxon past. The other seven were Braughing , Stevenage , Cashio , Buntingford , Hertford , Hitchin and Odsey . In

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