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

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

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

"Until the 1970s, high inflation usually went hand in hand with high employment and output.In the United States, infla…"

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

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

"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…"

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