This article explores methods and indicators used to assess economic development, moving beyond GDP to provide comprehensive understanding.
Posts published in “THE ECONOMY”
Invisible hand remains a central concept in free-market economics and is often used to justify policies that promote competition and limit government intervention.
Economic decline refers to a period of significant and sustained decrease in a country's economic activity. It is a complex phenomenon.
Understanding the difference between merit goods and demerit goods is crucial for grasping how markets function and why governments intervene.
Money illusion is the belief that an increase in wages guarantees life is better for the individual. This ideal, of course, has not considered inflation.
The Multiplier Effect theory became a cornerstone of Keynesian economics and has had a significant impact on modern macroeconomic policies.
The Paradox of Thrift is a theory which says saving too much is damaging to the economy because people will consume less and companies will produce and invest less.
Nowadays, there are three main economic systems, or the ways a government can organize its economy: Free Market, Command (Planned) and Mixed.
Every economy, from the global marketplace to your local coffee shop, thrives on a foundation of four key pillars: earning, spending, saving, and investing.
What is the Balance of Payments? Describe the main components of the UK balance of payments. What is the Current Account? What is visible trade and invisible trade?
This article is about protectionism. It explains different methods of protectionism and gives arguments for and against protectionism in a country.
This article introduces The Phillips Curve which shows the relationship between unemployment and the rate of change in wages.
This article describes in details counter unemployment policies as well as evaluates methods that governments can use to combat unemployment.
This article is about costs and benefits of unemployment. Effects, both negative and positive, of unemployment, and natural rate of unemployment.
This article defines unemployment and talks about how to measure unemployment. It analyzes why different types of unemployment exist.
This article is about an oligopoly. It describes the characteristics of an oligopoly market and explains why most markets are oligopolistic.