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.

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.

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 ...

The Dynamic Concept of Empiricism in the Early Stage of Economic Concepts. Chapter 3. Classicism: The Dynamic Concepts Led by Surplus and Accumulation. Chapter 4.

One basic misunderstanding is to fail to distinguish between a private firm raising its wages paid, and a law compelling all and sundry to do the same.

The concept of equilibrium is one of the most central ideas in economics. It is one of the core assumptions in the vast majority of economic models, including models used by policymakers on issues ...

Perhaps a recapitulation of some of the high points of Economics 101 will put matters in perspective. It would be truly amazing for this to occur. Of course, when LeBron James gets a boost in ...