Economics Forum

Here are a few questions for you. What are regulations as they pertain to economies? Can there ever be a completely free market? Can there ever be a completely command oriented economy? What are regulations designed and used for? How do they help...

What does freedom mean as it pertains to economics? Well, ask yourself these questions: Am I in control of my finances? Can I buy what I want to buy? Am I free to make money? As much or as little money as I want? Can I generally do what I want...

Economies are about organization and power. Pretty much every economy on earth follows some sort of organizational pattern and has someone or someone(s) in charge of it. Whether it be highly centralized, a hybrid of both centralization and...

Have you ever heard about how John Maynard Keynes thought about economics? It wasn't all data and numbers to him. It was rather much more a way of thinking. He wasn't a big proponent of teaching what to think, but more how to think. Keynes...

You've likely heard of economics, but have you heard of microeconomics and macroeconomics? If you've taken a business class in high school or college, you probably have heard of either of these two. They're both closely related to one another and...

Well, I made it to the end of chapter one of my economics textbook. By the way, if I haven't mentioned it before, it's called Principles of Economics. It's a really great book and I've already learned a lot from it. I enjoy reading what it has to...

The study of economics is a very philosophical endeavor. Rarely is there a right or wrong course of action to take. In truth, the entire study is full of question. Yes, there are many mathematical calculations that can be made, but there's a lot...

The division and specialization of labor is great, but only if you've got buyers for the products you'd like to sell. You can divvy up a process as much as you'd like, and yes, you'd have a much more productive and efficient operation, but what...

According to Adam Smith and his book, The Wealth of Nations, when a process, whether it be a service or the creation of a good, is broken down into separate tasks to be completed by distinct individuals, a greater output can be expected. If you...

This is a fun topic. Let's pretend for a moment that you are a shoemaker. All day, every day, you work in your shop making the best shoes in town. You craft the soles, weave the laces, prepare the leather, bend and fold the material, glue the...

Throughout my life, I've heard different people say things like, "Well, why don't we just make more of such and such?" Or, "Why don't we just feed everyone as opposed to a select few?" I've even heard, "We should just make it so everyone is rich...

Let me ask you a question. How would you like to live in a mansion? I thought so. How would you like to have a staff of 20 people, waiting on you hand and foot? Perhaps a chef to make all of your meals, a masseuse to massage you three times a...

Information is economics and vice-versa. You can't have economics if you don't have information. I want you to think about this definition for a moment: Economics is the study of how humans make decisions in the face of scarcity. Think about...