Definition of Nominalism:

  1. Legal concept that an obligation to pay a certain sum remains unchanged whether or not the currency in which it was to be paid appreciates or depreciates.

  2. Nominalism is the concept that the dollar amount of a loan remains fixed on financial statements, despite fluctuations in inflation or exchange rates which may affect the actual purchasing power of the money. Nominalism puts the risk of depreciation on the creditor and the risk of appreciation on the debtor.

  3. Philosophical concept that the non-concrete (abstract) entities such as numbers and other mathematical object, properties, and propositions, cannot have independent existence. And that all knowledge classification and other taxonomic schemes are arbitrary. Opposite of realism.

  4. The doctrine that universals or general ideas are mere names without any corresponding reality, and that only particular objects exist; properties, numbers, and sets are thought of as merely features of the way of considering the things that exist. Important in medieval scholastic thought, nominalism is associated particularly with William of Occam.

  5. Nominalism is the principle of keeping the amount of a debt obligation fixed despite fluctuations in the money's purchasing power or exchange rate. Nominalism is a legal principle that states the dollar amount of a loan must remain a fixed figure on the balance sheet. It does not fluctuate with the rate of inflation. This can provide a certain amount of risk to the lender because as inflation rises, the purchasing power of money erodes. When the purchasing power of money erodes, it makes the real value of the repayments of the loan less. Essentially, in an inflationary environment, a lender receives less money back in the form of principal repayment than they loaned.

Synonyms of Nominalism

Differentiation, Differentness, Distinctiveness, Egohood, Human factor, Identity, Individualism, Individuality, Integrity, Nonconformity, Oneness, Particularism, Particularity, Personal equation, Personal identity, Personality, Personship, Self-identity, Selfhood, Selfness, Singularity, Soul, Uniqueness

How to use Nominalism in a sentence?

  1. Traditional, central, philosophical debates, such as those between realism and nominalism in regard to universals, are purportedly deflated by Wittgensteinian approaches.

Meaning of Nominalism & Nominalism Definition