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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 Swiss Scapegoat GENEVA—Repercussions proceed to mount right here over the deal by which Switzerland will give the names of presumptive tax evaders to the U.S. authorities. I’m referring, after all, to Bern’s choice, below colossal strain from Washington, handy…
The Rise of Large Enterprise and the Development of Authorities Most individuals be taught concerning the relation between the rise of massive enterprise and the expansion of presidency within the type of what quantities to a morality play. In probably…
Reworking America: The Bush-Obama Stimulus Applications George W. Bush’s and Barack Obama’s “stimulus” packages will completely rework the American financial system. The market-based system that has produced unprecedented prosperity depends on revenue and loss, which rewards people and companies that…
12 months After TARP: $700 Billion Down the Drain TARP, the Troubled Asset Reduction Program, is a yr outdated now. On Sept. 19, 2008, former Treasury Secretary Henry Paulson introduced the necessity for a $700 billion program to buy poisonous…
Are We Caught with the Greenback? WASHINGTON—Like so many individuals, I personal gold and silver as a hedge towards the “Latin Americanization” of america—cash printing, deficits and debt. The speak about ending the world’s greenback dependency must be music to…
Warren Buffett’s Testomony WASHINGTON—Berkshire Hathaway’s Warren Buffett, the fabled investor, has introduced the largest deal of his life: He’ll purchase the stake he doesn’t already personal in Burlington Northern Santa Fe, the railroad operator, for $26.6 billion and assume the…
The Fed’s Woody Allen Coverage Efforts to stoke a restoration could also be creating new asset bubbles in equities and elsewhere. Within the Woody Allen movie “Annie Corridor,” the principle character tries to elucidate irrational relationships by recounting an previous…
The Fed’s Woody Allen Coverage Within the Woody Allen movie “Annie Corridor,” the principle character tries to elucidate irrational relationships by recounting an outdated joke. “This man goes to a psychiatrist and says, ‘My brother’s loopy, he thinks he’s a…
The Poisonous Tongue WASHINGTON—Barack Obama, whose political fortunes are being overturned by a tide of nationwide frustration that started spreading earlier than he took workplace, has adopted a populist stance towards the mighty bankers. However his proposals towards the evils…
Bernanke Agonistes President Obama pulled out all of the stops to clinch Senate approval of his nomination of Ben S. Bernanke to a second four-year time period as chairman of the Federal Reserve. Now that the president appears to have…
