Category: Economics

Depression in school-age children may be one of the most overlooked and under-treated psychological disorders of childhood, presenting a serious mental health problem. Depression in children has become an important issue in research due to its many emotional forms, and its relationship to self-destructive behaviors. Depressive disorders are of particular . . . Read more

Trade between countries and within the countries fall within the fundamental principles of economics (Taylor & Weerapana, 2011, p. 739) and it also forms an indispensable part of our day-to-day life delivering us utility, demand realization of the customers, and profit maximization of the producers. The abolition of the barter . . . Read more

In this world, political decisions are among countries that sometimes follow the rules of the childhood game of “follow the reader.” Everyone takes turns being the leader so when one government comes up with a brilliant idea everyone tags along behind, changing their laws to be the same and add . . . Read more

The agricultural sector is a very unique sector in economics because it displays characteristics in terms of the demand for and the supply of its goods not seen in any other sector. The principal characteristics of demand are that it is both income and price inelastic and it has a . . . Read more

a) ‘The production possibilities frontier is the boundary between those combinations of goods and services that can be produced and those that cannot’ (McTaggart, Findlay & Parkin, 2007). The PPF compares two products and a model economy is used where everything remains the same (ceteris paribus), i.e. production cost, demand, . . . Read more

Marx’s thoughts on political economy and his critiques on capitalism stem from the question that all human society must face; what must we do to survive? Mainstream economics questions how we organize ourselves to meet the unlimited wants of people by allocating scarce resources. The political economy focuses on social . . . Read more

One point on which almost everyone interested in drug prohibition agrees is the existence of a connection between drugs and violent crime. The disagreement is in the form of the connection and the sign of the correlation. Supporters of drug prohibition typically argue that drug use leads to violent crime . . . Read more

The prospect of a united Europe has been in the minds of people since ancient times. In history, there have been many attempts to unify the European continent one such as Charlemagne, Napoleon, and Hitler. It is only now that the unification of Europe seems to be possible through the . . . Read more

Oregon’s largest export is suffering. Lumber prices are at the lowest weekly level in almost five years. You can’t blame a recession in the economy this time though. Lumber prices have fallen dramatically from the beginning of this year and there are many different causes for it. The price of . . . Read more

For more than a decade, the debate over drilling for oil on the Coastal Plain of the Arctic National Wildlife Refuge [ANWR] has continued unabated.” This is the opening line of the introduction to the commonly encountered ethical paradox of economic interests versus moral interests. This paradox is steadfastly centered . . . Read more

This is a question that has been debated for decades. Why do we describe economics as a ‘science’ when it is the study of human behavior, why not class it within the arts or humanities? Economists argue that they analyze problems such as developing human behavior theories and test them . . . Read more

There seems to be little question that Veblen had a grasping and intelligent mind; as a young man, he read ferociously. But, Veblen proceeded in life as an isolated figure; his mind unpenetrable by others; and his personality matched his physical appearance, — strange. “He walked through life as if . . . Read more

Jon Elster concluded his Making Sense of Marx with the claim that ‘It is not possible today, morally or intellectually, to be a Marxist in the traditional sense’ (1985, p.531). Acceptance of this statement depends, of course, on what is meant by traditional Marxism. Elster makes it clear that what . . . Read more

The Economic and Monetary Union (EMU) is a single currency area within the European Union in which people, goods, services, and capital move without restriction. Imperative to the success of the EMU is the implementation of a single European currency, the Euro, and the application of specific macro-economic policies by . . . Read more

The means by which a government adjusts its level of spending in order to monitor and influence a nation’s economy it’s known as Fiscal policy. The federal government’s chief source of funds to cover its expenses is the income tax on individuals, which in 1999 brought 48% of total federal . . . Read more

When was the last time a “value” meal from McDonald’s, let alone any other fast-food chain, did not cost five dollars or more? When was the last time premium gas was under a dollar a gallon? It’s hard to remember, isn’t it? Wouldn’t it be great if everything cost a . . . Read more

Economic growth is a necessary but not sufficient condition of economic development. There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic development is the one given by Todaro: ‘Development is not purely an economic phenomenon but rather a multi–dimensional . . . Read more

Our understanding of how markets and businesses is an understanding based squarely upon the assumption of diminishing returns: products or companies that get ahead in a market eventually run into limitations so that a predictable equilibrium of prices and market shares is reached. The theory was in rough measure valid . . . Read more

Two controversial economic policies are Keynesian economics and Supply Side economics. They represent opposite sides of the economic policy spectrum and were introduced at opposite ends of the 20th century, yet still are the most famous for their effects on the economy of the United States when they were used. . . . Read more

Define the concept of scarcity: Scarcity: The goods available are too few to satisfy individuals’ desires. Scarcity is a central concept in economics. Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services are scarce – . . . Read more

“Spending financed not by current tax receipts, but by borrowing or drawing upon past tax reserves.”, Is it a good idea? Why does the U.S. run a deficit? Since 1980 the deficit has grown enormously. Some say it’s a bad thing, and predict impending doom, others say it is a . . . Read more

Have you ever go to New York for vacation, buy a Hyundai (Korean Manufacturer) car, or buying an Acer (Taiwan Manufacturer) computer. Have you consider that this transaction will affect the GDP for Canada. By definition, Imports are the purchase of goods produced in the rest of the world by . . . Read more

Before a facility’s economic impact can be determined, a feasibility study should be done to excite the community members about the facility. The purpose of a feasibility study is to “provide research information about the community, special interest groups, and its use as a decision-making tool in the community” (Farmer, . . . Read more

OR EVEN ABOUT SQUEEZING a few more miles out of each precious tankful. But among the special-edition Ferraris, bizarre Cadillac studies, and a whole new crop of gas-guzzling SUVs, not all that many people were talking about cheaper and cleaner ways of getting around. The section of the show dedicated . . . Read more

Without classical economists such as Adam Smith, Thomas Robert Malthus, and David Ricardo, modern economic theory would not be the same. Although differences of opinion were numerous among the classical economists in the time span between Smith’s Wealth of Nations (1776) and Ricardo’s Principles of Political Economy and Taxation (1817), . . . Read more

As a coherent economic theory, classical economics start with Smith continues with the British Economists Thomas Robert Malthus and David Ricardo. Although differences of opinion were numerous among the classical economists in the time span between Smith’s Wealth of Nations (1776) and Ricardo’s Principles of Political Economy and Taxation (1817), . . . Read more

The system of Checks and Balances. The U.S. Government has three branches of government Legislative, Judicial, and Executive. These branches of government have a means of checks (constitutional) by the other branches. Each has certain powers to check and balances the other two branches. The good about these checks is . . . Read more