In the revolutionary 1970s and 1980s, when economic theory exerted its “oppressive” power over the rest of the economics profession, expanding the language of economics was a shared core ...

Twenty years ago, something happened when Pablo Peña sat in Prof. Gary Becker’s doctoral-level course at the University of Chicago. As the economist lectured on human capital theory, a concept he’d ...

President Donald Trump’s administration reflects this division. Its economic team includes representatives from the more ...

Learn about the "invisible hand," a key economic concept introduced by Adam Smith, and its implications in free markets.

For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

Economic theory has its roots in antiquity. As early as the 18th century BC, ... when the role of governments in the recovery of economies was catalytic. To this day, ...