Culture
Culture () is the social behavior and norms found in human societies. Culture is considered a central concept in anthropology, encompassing the range of phenomena that are transmitted through social learning in human societies. Some aspects of human behavior, social practices such as culture, expressive forms such as art, music, dance, ritual, religion, and technologies such as tool usage, cooking, shelter, and clothing are said to be cultural universals, found in all human societies. The concept of material culture covers the physical expressions of culture, such as technology, architecture and art, whereas the immaterial aspects of culture such as principles of social organization (including practices of political organization and social institutions), mythology, philosophy, literature (both written and oral), and science comprise the intangible cultural heritage of a society.
Philosophy
Philosophy (from Greek φιλοσοφία, philosophia, literally "love of wisdom") is the study of general and fundamental problems concerning matters such as existence, knowledge, values, reason, mind, and language. The term was probably coined by Pythagoras (c. 570–495 BCE). Philosophical methods include questioning, critical discussion, rational argument, and systematic presentation. Classic philosophical questions include: Is it possible to know anything and to prove it? What is most real? Philosophers also pose more practical and concrete questions such as: Is there a best way to live? Is it better to be just or unjust (if one can get away with it)? Do humans have free will?
Social
Living organisms including humans are social when they live collectively in interacting populations, whether they are aware of it, and whether the interaction is voluntary or involuntary.
Theory
A theory is a contemplative and rational type of abstract or generalizing thinking, or the results of such thinking. Depending on the context, the results might, for example, include generalized explanations of how nature works. The word has its roots in ancient Greek, but in modern use it has taken on several related meanings.
Theory
The successful development of science requires a proper balance between the method of building up from observations and the method of deducing by pure reasoning from speculative assumptions...
Paul Dirac, “Physical Science and Philosophy”, Nature (1937) Vol. 139, p. 1001.
Theory
I firmly believe people have hitherto been a great deal too much taken up about doctrine and far too little about practice. The word doctrine, as used in the Bible, means teaching of duty, not theory. I preached a sermon about this. We are far too anxious to be definite and to have finished, well-polished, sharp-edged systems — forgetting that the more perfect a theory about the infinite, the surer it is to be wrong, the more impossible it is to be right.
George MacDonald, in a letter to his father, quoted in George MacDonald and His Wife (1924) by Greville MacDonald
Regulation
Although the functions of a regulatory commission are fairly straightforward in theory, in practice its task is far more complex and, in some respects, impossible. Moreover, the political climate in which regulatory commissions operate often leads to policies and results directly the opposite of what was expected by those who created such commissions.
Ideally, a regulatory commission would set prices where they would have been if there were a competitive marketplace. In practice, there is no way to know what those prices would be. Only the actual functioning of a market itself could reveal such prices, with the less efficient firms being eliminated by bankruptcy and only the most efficient surviving, with their lower prices now being the market prices. No outside observers can know what the most efficient ways of operating a given firm or industry are. Indeed, many managements within an industry discover the hard way that what they thought was the most efficient way to do things was not efficient enough to meet the competition, and end up losing customers as a result. The most that a regulatory agency can do is accept what appear to be reasonable production costs and allow the monopoly to make what seems to be a reasonable profit over and above such costs.
Thomas Sowell, Basic Economics (2010), Ch. 7. Big Business and Government
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