The concept of economic cycles is pivotal in understanding the fluctuations in the economy that impact our daily lives. These cycles consist of four main phases: expansion, peak, recession, and ...

A new article at The Wall Street Journal cites a recent report from the central bank branch, positing that mass deportations will be an "economic drain" on the American economy. Consider an economic ...

The invisible hand concept is closely related to laissez-faire economics, which proposes that government interference in the economy should be minimal and should run its own course.

The concept of rent seeking was established in 1967 by Gordon Tullock and popularized by Anne Krueger in 1974. It evolved from the studies of Adam Smith , who is often regarded as the father of ...

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—explain many human decisions. Scarcity is a fundamental economic problem in a world with limited ...

This western concept of ‘economic man’ associates’ rationality with self-interest only and doesn’t look at the non-materialistic aspects that might be the driving force for an individual.

This concept added a new dimension to the understanding of how individuals make economic choices, highlighting the importance of considering the time element in decision-making. Friedrich von Wieser ...

A recession is "a contraction in economic activity," according to experts. During a recession, there is a range of decline spread across the economy.

Trump, showcasing all the economic understanding of a man who managed to bankrupt multiple casinos, has continued to cast tariffs as a kind of magic wand: “The word 'tariff,’ when properly ...

How an abstract economics concept lets corporations off the hook by Christopher Marquis, opinion contributor - 08/15/24 12:30 PM ET ...

Yet even the great economic thinkers hadn’t incorporated identity—a concept well known to sociologists and psychologists—into a formal economic model.