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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.
Crony Capitalism Is NOT Capitalism It’s all the present vogue to dump on “capitalism.” It was the grasping free market, supposedly, that created each the housing bubble and the housing bust and led, inevitably, to the “nice recession.” Capitalism, in…
The Restoration Begins With Sound Cash The willingness to work for the sake of future prosperity is a common human high quality, however folks should consider there’s a hyperlink between effort and reward. The euro is beset with fiscal calamities…
Why Less Government Spending Would Mean Less Economic Trouble Many economists say deficit spending is crucial to keeping the economy moving. But history tells a different story. ————— Though our current economic troubles are complex, many mainstream economists have endorsed…
Why ‘Stimulus’ Doesn’t Stimulate President Obama has requested Congress for a further $50 billion in “stimulus” cash to finance infrastructure tasks. The speculation is that the extra spending will trigger companies to spice up manufacturing to satisfy this demand. Producers…
Stealth Protectionism WASHINGTON—We’ve heard each main world chief reject the notion that protectionism can be an applicable response to the monetary and financial debacle of 2007–08. And but the indicators are unmistakable: We’re coming into a protectionist period that doesn’t…
Forex Chaos: The place Do We Go From Right here? ‘Crucial initiative you possibly can take to enhance the world economic system could be to stabilize the dollar-euro price.’ World financial relations are in disarray. Alternate charges fluctuate wildly among…
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…
