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Economics is the discipline that studies how people respond to scarcity, i.e., the observed fact that individuals desire more than they already possess, whether the object of their desire is wealth, health, education, security, or some other intangible good or service. An economy can be viewed as a social mechanism that emerges when individuals cooperate with others in order to deal with the problem of scarcity. It is a vast network of individuals (and institutions guided by individuals) that make, barter, sell, and buy goods and services in order to achieve their desired ends.
Economic forces are at work virtually any time exchanges occur or resources are used. A knowledge of economic principles—fundamental truths identifying patterns or components of economic cause and effect—is essential for understanding phenomena such as prices, markets, commerce, employment, industrial output, economic growth and prosperity, and business fluctuations. The economic way of thinking (including the recognition of incentives, constraints, opportunity costs, transactions costs, and self-interested motives) is also useful for the study of non-market phenomena such as government regulations, elections, lobbying, and government decision making.
The Fed: Nonetheless Loopy After All These Years The current elections have been an essential referendum on the liberal financial insurance policies of the Obama administration. The outcomes clearly confirmed that voters overwhelmingly rejected candidates who supported the $780 billion…
The Mistaken Approach to Double Exports Ronald Reagan believed we may ‘outproduce, outcompete and outsell anyone’ with out compromising the worth of the greenback. Watch out for President Obama’s name for a doubling of U.S. exports over the following 5…
Bernanke’s Macroeconomic Errors Regardless of the astonishing flood of greater than a trillion {dollars} in new commercial-bank reserves that the Fed created in late 2008 and early 2009, when it undertook to rescue the large banks and different establishments from…
Civil Conflict and the American Political Economic system The duty earlier than us is to evaluate in largely materials phrases the political-economic system arising throughout and after the American Civil Conflict. Ideological points existed, actually, however a lot proof means…
Hasta La Vista WASHINGTON—A couple of weeks in the past, I shared with my colleagues at The Washington Put up Writers Group my want to discontinue writing my column due to some adjustments in my private life, about which extra in a…
Sheila Bair’s Legacy: Bailouts, Secrecy and Energy Grabs Good riddance to our outgoing FDIC chair Good riddance, Chairman Bair. After 5 years, Sheila Bair will depart in July from her publish as chairman of the Federal Deposit Insurance coverage Corp.…
Huge Authorities And Well being-Care Shares: A Joyful Marriage? What with the underwhelming market response to my earlier article discussing the impact of the 2010 federal Affected person Safety and Inexpensive Care Act (PPACA) on well being insurers, I used to be…
Lagarde’s Golden Alternative The IMF must return to its unique mission of reaching a secure financial basis for financial development. It may be laborious to recollect nowadays, however the Worldwide Financial fund began out as an plain drive for good.…
Downgrading America’s Politicians Commonplace & Poor’s resolution to downgrade America’s credit standing from AAA to AA+ says much more about our dysfunctional political system than about U.S. markets. Washington is injecting uncertainty and instability into an economic system that in…
Financing Fannie and Freddie’s Failures The Romney-Gingrich political grudge match over Freddie Mac presents a chance to ask a primary query: Why are Fannie Mae and Freddie Mac nonetheless working? Michael Williams’ latest resignation as CEO of Fannie Mae has…
