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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.
Why Tax Capital Beneficial properties? Revenue tax time is an acceptable second to go to the center of President Obama’s grievance concerning the taxes Warren Buffett and different wealthy folks pay, or don’t pay. What the president is de facto…
The Monetary Stability Oversight Council Late to Crises Each Time It was two years in the past this month that President Obama signed the large Dodd-Frank Wall Road Reform and Client Safety Act. The act mandated a uncommon occasion: the…
The Soviet Banking System—and Ours Capitalism is determined by entry to capital. It’s a tragic growth that banks have turned away from the noble job of directing monetary seed corn and as a substitute make bets on rates of interest.…
Sheila Bair’s Bailout Blame Sport In the course of the summer season of 2011 Sheila Bair stepped down as chairman of the FDIC and set herself to work on a tell-all e-book on the monetary disaster. Across the time of…
The Fannie Mae ‘Wind Down’ That Isn’t The mortgage belongings they personal are declining, however the general worth of mortgages on their stability sheet has remained about the identical. On the top of the presidential election marketing campaign, the Treasury…
The Cliff Hangs on the Fed: Why Ben Bernanke Controls the Financial system’s Destiny The liberal nightmare concerning the fiscal cliff is overwrought, for the reason that Fed has the facility to avert catastrophe. If Bernanke acts correctly, Congress might…
Authorities Bailouts: Financing Failure If there’s one lesson informal observers took away from the worldwide fi nancial disaster and the accompanying bailouts of the 2000s, it’s that the American authorities doesn’t imagine {that a} massive monetary establishment could be allowed…
The World Goes to Financial Warfare French president Francois Hollande’s assertion saying that the euro mustn’t fluctuate in accordance with the temper of the market; the criticism by Eurogroup president Jean-Claude Juncker concerning the euro being “dangerously excessive”; and the…
Fiscal Cliff a Keynesian Fantasy? Many People rang within the New 12 months with heightened anticipation, because the halls of Congress had been bustling within the waning hours of Dec. 31, 2012. Whereas legislators managed to ink a deal simply…
Bernanke Talks, Markets Wobble. There Should Be a Higher Means Rep. Kevin Brady’s Centennial Financial Fee initiative would possibly level towards a helpful coverage overhaul. Since Federal Reserve Chairman Ben Bernanke testified earlier than Congress’s Joint Financial Committee Wednesday morning,…