"If we think about the definitions, we find two key ideas that run through all of economics: that goods are scarce and…"

"Specialization and trade are the key to high living standards. By specializing, people can become highly productive i…"

"If it doesn’t make good sense, it isn't good economics."

"Let us begin with a definition of economics. Over the last half-century, the study of economics has expanded to inclu…"

"It was Adam Smith who first recognized how a market economy organizes the complicated forces of supply and demand. In…"

"Adam Smith discovered a remarkable property of a competitive market economy. Under perfect competition and with no ma…"

"History — at least economic history — has taught the world certain basic economic principles that have been learned a…"

"A historian of mainstream-economic doctrines, like a paleontologist who studies the bones and fossils in different la…"

"We have seen that markets have remarkable efficiency properties. But we cannot say that laissez-faire capitalism prod…"

"Governments control the money supply through their central banks. But like other lubricants, money can get overheated…"