General Concepts 12 min read
Government Failures, Rent Seeking, and Public Choice
Introduction Definitions and Basics ● Rent Seeking, by David R. Henderson, from the Concise Encyclopedia of Economics ● “Rent seeking” is one of…
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Market Failures, Public Goods, and Externalities
Introduction Definitions and Basics ● Definition: Market failure, from Answers.com ● An economic term that encompasses a situation where, in any given market,…
General Concepts 5 min read
Roles of Government
Introduction Definitions and Basics ● Public Goods and Externalities, from the Concise Encyclopedia of Economics ● Most economic arguments for government intervention are…
General Concepts 8 min read
Fiscal Policy
Definitions and Basics ● Fiscal Policy, from the Concise Encyclopedia of Economics ● Fiscal policy is the use of government spending and taxation…
General Concepts 10 min read
Income Inequality
Definitions and Basics ● Robert Frank on Inequality , podcast on EconTalk. November 15, 2010 ● Robert Frank of Cornell University talks with…
General Concepts 4 min read
Profit
Introduction ● Profits, from the Concise Encyclopedia of Economics ● Capitalists earn a return on their efforts by providing three productive inputs. First,…
General Concepts 15 min read
Income Distribution
Introduction ● Income distribution refers to four different topics in economics. See also the related College Economics Topic, Income Inequality. When you…
General Concepts 9 min read
Economic Development
Introduction Definitions and Basics ● Third World Economic Development, from the Concise Encyclopedia of Economics ● The development experiences of Third World countries since…
General Concepts 7 min read
Productivity
Introduction Definitions and Basics ● Productivity, from the Concise Encyclopedia of Economics ● Productivity—the amount of output per unit of input—is a basic yardstick…
General Concepts 9 min read
Environmentalism
Introduction Definitions and Basics ● Natural Resources, from the Concise Encyclopedia of Economics ● The earth’s natural resources are finite, which means that if…
General Concepts 12 min read
Productive Resources
Introduction ● A resource is something we rely on or use to accomplish a goal. If you are trying to read…
General Concepts 9 min read
Globalization, Interdependence, and Local Trade
Introduction Definitions and Basics ● Interdependence and the division of labor: I, Pencil, by Leonard Read. ● Simple? Yet, not a single person on the…