An Inquiry into the Nature and Causes of the Wealth of Nations, universally known as The Wealth of Nations, is the foundational work of modern economics, written by Scottish economist and philosopher Adam Smith and published in 1776.
Posts tagged as “Free Market”
The concept of a free market, where prices and production are determined by supply and demand with minimal government intervention, has been a cornerstone of economic policy in many parts of the world.
Auctions, in their many forms, are not merely a method for selling goods; they represent a fundamental and highly efficient mechanism of the free market.
Pareto efficiency, also known as Pareto optimality, is a fundamental concept in welfare economics used to evaluate the efficiency of resource allocation.
Invisible hand remains a central concept in free-market economics and is often used to justify policies that promote competition and limit government intervention.
Understanding the difference between merit goods and demerit goods is crucial for grasping how markets function and why governments intervene.
Nowadays, there are three main economic systems, or the ways a government can organize its economy: Free Market, Command (Planned) and Mixed.
This post describes the difference between income and wealth. It outlines basic problems of unfair and unequal distribution of income.
Cost Benefit Analysis (CBA) is a method which attempts to evaluate the social costs and benefits of a proposed economic activity.
This article talks about three main functions of price and explains how these functions of price influence the market system.