Economics

Economics

basics of economics

Contributors in Economics

Economics

A British economist (1842–1924), who developed some of the most important concepts in microeconomics. In his best-known work, Principles of Economics, he retained the emphasis on the importance of ...

Alan Greenspan

Economy; Economics

The most famous of all central bank bosses, so far. A former jazz musician turned economist, he became chairman of the board of governors of America's Federal Reserve in 1987, shortly before Wall ...

agriculture

Economy; Economics

Farming around the world continues to become more productive while generally accounting for a smaller share of employment and national income, although in some poor countries it remains the sector on ...

agricultural policy

Economy; Economics

Countries often provide support for their farmers using trade barriers and subsidy because, for example: * domestic agriculture, even if it is inefficient by world standards, can be an insurance ...

agency costs

Economy; Economics

These can arise when somebody (the principal) hires somebody else (the agent) to carry out a task and the interests of the agent conflict with the interests of the principal. An example of such ...

advertising

Economy; Economics

Many firms advertise their goods or services, but are they wasting economic resources? Some economists reckon that advertising merely manipulates consumer tastes and creates desires that would not ...

adverse selection

Economy; Economics

When you do business with people you would be better off avoiding. This is one of two main sorts of market failure often associated with insurance. The other is moral hazard. Adverse selection can be ...