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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.
Capitalism Wants a Sound-Cash Basis Let’s give the Fed some competitors. Abolish authorized tender legal guidelines and see whose cash individuals belief. Let’s return to the gold commonplace. If the very concept appears at odds with what’s at the moment…
Keep away from Japan’s Errors Those that suppose the $787 billion “stimulus” invoice will chase the blues from the financial system ought to have a look at Japan’s expertise within the Nineties, the place a succession of interest-rate cuts and…
Has the G-20 Realized the Lesson? WASHINGTON—Anticipation prematurely of the approaching Group of 20 assembly in London facilities on doing one thing concerning the excesses within the monetary markets that led to the latest housing bubble. Since these excesses had…
The IMF’s Gold Gambit The fund’s misuse of bullion reserves is essential to its plan to make use of the monetary disaster to increase its energy. The Worldwide Financial Fund (IMF) deserves credit score, figuratively talking, for cleverly manipulating the…
The Contradictions of Secretary Geithner In a latest interview Treasury Secretary Timothy Geithner admitted that Federal Reserve financial coverage “was too unfastened for too lengthy.” Geithner’s comment has been met with a lot enthusiasm. Is that this not a significant…
The Housing Bubble Was Actual and So Are Its Penalties Nothing higher illustrates authorities failure and the housing disaster than the housing bubble. Authorities insurance policies make properties more and more costly and past the financial attain of first-time homebuyers.…
How Fannie and Freddie Flubbed the Free Market Fannie Mae and Freddie Mac have been born out of the assumption that social coverage ought to deal with offering assist on the margin—mortgage a financial “nudge” that might push low- and…
It’s the Versatile Lending Requirements, Silly How did it come about that our monetary system allowed unhealthy loans to be made, condoned, and even celebrated? The present (and incorrect) knowledge is that unscrupulous lenders had been making the most of…
New Proof on the Foreclosures Disaster What is absolutely behind the mushrooming price of mortgage foreclosures since 2007? The proof from an enormous nationwide database containing thousands and thousands of particular person loans strongly means that the only most essential…
Are the Banks Out of the Woods? WASHINGTON—A number of U.S. banks posted spectacular second-quarter earnings. Citigroup’s $4.3 billion, Financial institution of America’s $3.2 billion, Goldman Sachs’ $3.4 billion and JPMorgan Chase’s $2.7 billion are being touted as indicators that…
