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.An economy consists of the specific economic system of a country or other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area.^ He also wrote on production and distribution, capital, money, and the history of economics.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Heckscher was a Swedish economist who, along with his student, Bertil Ohlin, explored trade in goods along with the factors of production - labor and capital - used to produce them.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ And this suggests something that you would expect a Professor of Economics to know- the consumption pattern looks suspiciously like that of Giffen goods .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors.^ This 1913 edition of Rousseau’s works includes the famous Social Contract <\/i> as well as 3 discourses on Arts and Sciences, the Origin of Inequality, and Political Economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Given the coming demographic shifts within the U.S., it is fair to wonder if these results apply to the rest of the nation as well.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Theory and History: An Interpretation of Social and Economic Evolution .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

These factors give context, content, and set the conditions and parameters in which an economy functions.
.Today the range of fields of study exploring, registering and describing the economy or a part of it, include social sciences such as economics, as well as branches of history (economic history) or geography (economic geography).^ Mises was the first scholar to recognize that economics is part of a larger science in human action, a science which Mises called “praxeology”.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ II of a two volume work in which Hodgskin describes in great detail the economic, political, legal, and social conditions he observed in his travels across northern Germany.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ His broad interests ranged beyond religion and economics into logic, politics, social rights, and literary reviews.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance.^ Social change arises through the dialectical unfolding of relations between seven moments within the body politic of capitalism viewed as an ensemble or assemblage of activities and practices: a) technological and organizational forms of production, exchange and consumption b) relations to nature c) social relations between people d) mental conceptions of the world, embracing knowledges and cultural understandings and beliefs e) labor processes and production of specific goods, geographies, services or affects f) institutional, legal and governmental arrangements g) the conduct of daily life that underpins social reproduction.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Considering that there are so many Indians of poker age in this country who thrive in finance, computer science, engineering, and other fields that incorporate math, probability, risk, etc.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Thus, Mises presents economics—not as a study of material goods, services, and products—but as a study of human actions.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.All kind of professions, occupations, economic agents or economic activities, contribute to the economy.^ In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.Consumption, saving and investment are core variable components in the economy and determine market equilibrium.^ Hence the adjustment of equilibrium market shares and prices in response to changes in usage cost varies dramatically between new and used markets.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

There are three main sectors of economic activity: primary, secondary and tertiary.

Contents

Etymology

.The English words "economy" and "economics" can be traced back to the Greek words οἰκονόμος "one who manages a household" (derived from οἴκος "house", and νέμω "distribute (especially, manage)"), οἰκονομία "household management", and οἰκονομικός "of a household or family". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery.^ John Locke was an English philosopher who is considered to be one of the first philosophers of the Enlightenment and the father of classical liberalism.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ He also wrote his own primer of political economy and translated works on musical biography, law, and economics from the German; most notably Roscher’s Principles of Political Economy <\/i> and Ihering’s The Struggle for Law.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ You see, Bhagwati and Dixit are the scholars whose work immediately preceded Krugman’s, the ones who made Krugman’s (admittedly important) contributions possible.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.Economy is later recorded in more general senses including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.^ One of the most widely used economics text books in 19th century America.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ A sweeping survey of people in 22 countries released in January found that France was alone in disagreeing with the premise that that the best economic model is “the free enterprise system and free market economy.” [ Link ] According to the poll cited above , more Indians believe in a free market economy than even the Brits, Germans or French.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ And those who are more effective, including Roemer and fellow Council of Economic Advisers member Austan Goolsbee, sometimes are cut out of the action...
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

[1]

History

Ancient times

.As long as someone has been making and distributing goods or services, there has been some sort of economy; economies grew larger as societies grew and became more complex.^ Am I speculating too much here, or is there really some sort of unconscious connection between the psychology of the change in fashion and the changing macroeconomic paradigm?
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Now, I understand this could have all sorts of implications for the Indian economy, some good (it’s a sign of a strong economy) and some bad (it could discourage foreign investment) — but I’d better leave it to the economists in the house to sort out “what it all means.” .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ The point is that in the long march of development, some financial crises amount to rounding error relative to the real economy, and the real economy affects welfare .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.Sumer developed a large scale economy based on commodity money, while the Babylonians and their neighboring city states later developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, and private property.^ Link ] However, eventually you need a manufacturing base and the ability to generate economies of scale.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ According to Michael Clemens at the Center for Global Development, no economic crisis has been very consequential in the medium to long term: .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

[2]
.The Babylonians and their city state neighbors developed forms of economics comparable to currently used civil society (law) concepts.^ One of the most influential works on Political Economy in the 19thC. It set the stage for the development of the study of political economy in France and an early translation into English helped make it become the most used economics textbook in the United States.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Alfred Marshall, English economist at the University of Cambridge, reconciled many neoclassical economic concepts and introduced many of the modern terms and diagrams used today by economists.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ This law combined with a subsidy for this use has created a flourishing corn market in the United States, but has also diverted agricultural resources from food to fuel.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

[3] They developed the first known codified legal and administrative systems, complete with courts, jails, and government records.
.Several centuries after the invention of cuneiform, the use of writing expanded beyond debt/payment certificates and inventory lists to be applied for the first time, about 2600 BC, to messages and mail delivery, history, legend, mathematics, astronomical records and other pursuits.^ Kuwaiti parliament, for the first time in its history held a confidence vote on the prime minister.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Smiles wrote for a popular audience to show people how best to take advantage of the changes being brought about by the industrial revolution which was sweeping Britain and other parts of the world in the first half of the 19th century.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Beyond that, what does this massive rise in illegals from India tell us about the Indian economy, given that it occurred during the much-vaunted time of “India Shining?” .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

Ways to divide private property, when it is contended... amounts of interest on debt... rules as to property and monetary compensation concerning property damage or physical damage to a person... fines for 'wrong doing'... and compensation in money for various infractions of formalized law were standardized for the first time in history.[2]
Greek drachm of Aegina. Obverse: Land turtle / Reverse: ΑΙΓ(INA) and dolphin. The oldest turtle coin dates 700 BC
The ancient economy was mainly based on subsistence farming. The Shekel referred to an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight... just as the British Pound was originally a unit denominating a one pound mass of silver.
For most people the exchange of goods occurred through social relationships. There were also traders who bartered in the marketplaces. In Ancient Greece, where the present English word 'economy' originated, many people were bond slaves of the freeholders. Economic discussion was driven by scarcity. Aristotle (384-322 B.C.) was the first to differentiate between a use value and an exchange value of goods. .(Politics, Book I.) The exchange ratio he defined was not only the expression of the value of goods but of the relations between the people involved in trade.^ He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Brad DeLong on January 04, 2010 at 01:04 PM in Books , Economics , Economics: International Finance , Economics: International Trade , Political Economy .
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ GDP is defined as the total value of final goods and services produced within a territory during a specified period (or, if not specified, annually, so that “the UK GDP” is the UK’s annual product).
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.For most of the time in history economy therefore stood in opposition to institutions with fixed exchange ratios as reign, state, religion, culture, and tradition.^ Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States, vol.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Nation, State, and Economy: Contributions to the Politics and History of Our Time .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States, 3 vols.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

[citation needed]

Middle ages

.In Medieval times, what we now call economy was not far from the subsistence level.^ Now although I’m one of those Desi dudes who cites Atlas Shrugged as an all-time favorite , I’m far from a Randroid.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ But if those calls are heeded, we’ll be repeating the great mistake of 1937, when the Fed and the Roosevelt administration decided that the Great Depression was over, that it was time for the economy to throw away its crutches.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Now may be the best time to swing the doors open so highly skilled immigrants can enter the U.S. and help stimulate the economy: … the U.S. Senate unfortunately voted on Feb.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

Most exchange occurred within social groups. On top of this, the great conquerors raised venture capital (from ventura, ital.; risk) to finance their captures. .The capital should be refunded by the goods they would bring up in the New World.^ It has been piling up for years--and because it is nearly as good as cash, the good burghers of Shanghai should be spending it.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ They had it all figured out, showing me on a crude cardboard map where the new facilities would be installed.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Perhaps new and good ideas will emerge from Chicago in the near future as the Rajans and Posners of the world piece together the equivalent of a Big Bang theory.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

Merchants such as Jakob Fugger (1459–1525) and Giovanni di Bicci de' Medici (1360–1428) founded the first banks.[citation needed] The discoveries of Marco Polo (1254–1324), Christopher Columbus (1451–1506) and Vasco de Gama (1469–1524) led to a first global economy. The first enterprises were trading establishments. In 1513 the first stock exchange was founded in Antwerpen. Economy at the time meant primarily trade

Early modern times

The European captures became branches of the European states, the so-called colonies. .The rising nation-states Spain, Portugal, France, Great Britain and the Netherlands tried to control the trade through custom duties and taxes in order to protect their national economy.^ Americans should be proud that the state is willing to electrocute our genitals and pull out our nails in order to protect us.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ In his view, protection was to be a temporary stage on the way to a true system of free trade between equal nation states.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ He was inspired by the activities of Richard Cobden and the organization of the Anti-Corn Law League in Britain in the 1840s and tried to mimic their success in France.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The so-called mercantilism (from mercator, lat.: merchant) was a first approach to intermediate between private wealth and public interest.^ Adam Smith \(1723-1790\) is commonly regarded as the first modern economist with the publication in 1776 of The Wealth of Nations <\/em> .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

The secularization in Europe allowed states to use the immense property of the church for the development of towns. The influence of the nobles decreased. The first Secretaries of State for economy started their work. Bankers like Amschel Mayer Rothschild (1773–1855) started to finance national projects such as wars and infrastructure. .Economy from then on meant national economy as a topic for the economic activities of the citizens of a state.^ When you have the money--and "you" are a big, economically and culturally vital nation--you get more than just a higher standard of living for your citizens.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Collected Works contains a number of Mill’s essays on economic topics, including the collection Essays on Some Unsettled Questions of Political Economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

The industrial revolution

.The first economist in the true meaning of the word was the Scotsman Adam Smith (1723–1790).^ Stewart was a Scottish philosopher who studied at Edinburgh University, becoming first professor of mathematics and then later succeeding Adam Smith as professor of moral philosophy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Thinking like an economist has been a point of pride since Adam Smith.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ The edition has been widely acclaimed as the best example, prior to the Glasgow edition of Adam Smith’s writings, of scholarly editing applied to the work of an economist.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.He defined the elements of a national economy: products are offered at a natural price generated by the use of competition - supply and demand - and the division of labour.^ Cannan provides a brief survey of the basic principles of economics, the division of labour, the nature of demand, income, and concludes with his own chapter on “the wealth of nations.” It is based upon his lectures to first year at the London school of economics since 1898.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In The Natural Law of Money, <\/i> William Brough argues forcefully that privately-supplied money offers benefits not offered by government-supplied money.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Although governments may presume to set “prices,” it is individuals who, by their actions and choices through competitive bidding for money, products, and services, actually determine “prices”.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.He maintained that the basic motive for free trade is human self interest.^ One of the things that makes Hobson especially interesting is his support for Cobdenite ideas of peace and free trade.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ A German historian who wrote in favor of protective tariffs and trade retaliations between industrial nations, even if they maintain free trade within each country.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Protection or Free Trade, An Examination of the Tariff Question, with especial Regard to the Interests of Free Trade .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The so-called self interest hypothesis became the anthropological basis for economics.^ Marcet was self-taught in many fields and became a successful popularizer of several demanding fields \(such as chemistry and economics\) in spite of being discriminated against as a women.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Thomas Malthus (1766–1834) transferred the idea of supply and demand to the problem of overpopulation.^ The list of these eminent correspondents include: T. R. Malthus \(1766-1834\), an eminent economist, was a professor of History and Political Economy at the East India Company Haileybury College.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The United States of America became the place where millions of expatriates from all European countries were searching for free economic evolvement.^ His opposition was was based on religious \(he was an evangelical Anglican\), moral, political, and economic grounds and he had an enormous impact in Europe and the United States.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Laughlin brought his interest in monetary systems and the practical workings of free markets to general academic attention in the United States.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In all this, the United States used the leverage of having the money exclusively for the global greater good.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

.In Europe wild capitalism started to replace the system of mercantilism (today: protectionism) and led to economic growth.^ His later and better known work in a similar vein was his 2 volume study of the system of economic regulation in the 18th century known as Mercantilism.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The period today is called industrial revolution because the system of production and division of labour enabled the mass production of goods.^ GDP is defined as the total value of final goods and services produced within a territory during a specified period (or, if not specified, annually, so that “the UK GDP” is the UK’s annual product).
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

Communism and its view of capitalism

.Starting in England, simultaneous related processes of mechanization, and the enclosures of the commons, led to increases in wealth for the controllers of capital, and mass poverty, starvation, urbanization and pauperization for much of the population[citation needed].^ Longer term (new wealth = increased demand; the argument that got dubya in so much trouble with the Indian Press & Politicians) - .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ In the process, Walker simultaneously laid the groundwork for John Bates Clark’s definitive descriptions of the marginal products of labor and capital.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

This led some, such as Karl Marx (1818–1883) and the German industrialist and philosopher Friedrich Engels, (1820–1895) to describe economy as the "system of capitalism".
.Capitalism is characterized by the division of labor between worker and capitalist, in which the means of production are separated from the direct producers and are instead owned by a parasitical capitalist class.^ Heckscher was a Swedish economist who, along with his student, Bertil Ohlin, explored trade in goods along with the factors of production - labor and capital - used to produce them.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ John Bates Clark, American economist, was the first to develop marginal productivity theory, using it to explore the distribution of income between returns to labor and capital in a market economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In the process, Walker simultaneously laid the groundwork for John Bates Clark’s definitive descriptions of the marginal products of labor and capital.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Marx and Engels believed that under capitalism, the working class produces surplus value, of which only a small percentage is returned to workers in the form of wages to provide for their bare subsistence.^ He was later cited by Karl Marx and Frederick Engels in Marx’s Capital <\/em> .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Written during the heyday of twentieth-century socialism, this work provides the reader with lucid and compelling insights into human reactions to capitalism.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Under current law, if workers are paid in wages, they are taxed on those wages.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

The rest of the surplus value is kept as profit, and is reinvested into the commodity cycle by the capitalist. .The competitive forces of the market will drive capital to constantly accumulate "for the sake of more accumulation", resulting in monopolies, economic crisis and imperialism.^ Smith also studied the social forces giving rise to competition, trade, and markets.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Mises presents a wide-ranging analysis of society, comparing the results of socialist planning with those of free-market capitalism in all areas of life.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In this volume, Mises argued that economics is a science because human action is a natural order of life and that it is the actions of humans that determine markets and capital decisions.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Marx and Engels viewed capitalism as a historically-specific mode of production, as with feudalism and hunter-gatherer societies, embedded with its own internal contradictions.^ I propose a “co-revolutionary theory” derived from an understanding of Marx’s account of how capitalism arose out of feudalism.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ He was later cited by Karl Marx and Frederick Engels in Marx’s Capital <\/em> .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ The State <\/em> is a brilliant analysis of modern political arrangements that views the state as acting in its own interest contrary to the interests of individuals and even of an entire society.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Capitalism is the first mode of production in which the direct producers have no control over their conditions of labour or the means of production.^ Heckscher was a Swedish economist who, along with his student, Bertil Ohlin, explored trade in goods along with the factors of production - labor and capital - used to produce them.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The declining living conditions of the working class would drive workers to collectively fight back as part of a class struggle, eventually overthrowing the capitalist state in a proletarian revolution and establishing a democratically planned economy, in which production is controlled by the direct producers themselves - the proletariat - in order to satisfy human needs, not accumulation of profits.^ His form of socialism, in which the socialist party leaders would guide the working class in a “dictatorship of the proletariat” in order to destroy the capitalist system by means of a revolution, should be distinguished from the “utopian socialists”, who wanted to create small, voluntary communities where socialism could be put into practise, and the “social democrats” or “labour parties”, which planned to work peacefully within the parliamentary system in order to bring about piecemeal socialist reform.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ More infrastructure spending: "The bill would provide $48.3 billion for infrastructure projects that promise to get workers back on job sites by April.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ This collection of essays was originally published in 1891 in response to a collection of Fabian Essays on Socialism <\/em> which advocated policies which would eventually lead to the modern welfare state.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Thus in the Communist Manifesto, Marx and Engels state that capitalism, in bringing to existence an urbanized working class, has created its own "gravediggers", as well as the material conditions and abundance ripe for a classless socialist society.^ Mises presents a wide-ranging analysis of society, comparing the results of socialist planning with those of free-market capitalism in all areas of life.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ He was later cited by Karl Marx and Frederick Engels in Marx’s Capital <\/em> .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The first centrally planned economy was established after the Russian Revolution of 1917, led by the Bolshevik Party, in which production (and social life) was organized around workers' councils called soviets.^ Her books include Italy, a Study in Economic Development <\/em> \(1962\) and Central Planning for the Market Economy <\/em> \(1969\).
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Similar councils of democratically elected recallable worker delegates have existed in subsequent revolutions and revolutionary situations throughout the 20th Century, including the 1936 Spanish Revolution, the 1974 Carnation Revolution in Portugal, the 1979 Iranian Revolution and the 1980 Solidarity uprising in Poland.^ Hayek was one of the most important free market economists of the 20th century, winning the Nobel Prize for Economic Science in 1974.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

After World War II

.After the chaos of two World Wars and the devastating Great Depression, policymakers searched for new ways of controlling the course of the economy.^ The crisis in the global economy may not be devastating across the board, because India’s domestic economy is sheltered from world markets: .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ But if those calls are heeded, we’ll be repeating the great mistake of 1937, when the Fed and the Roosevelt administration decided that the Great Depression was over, that it was time for the economy to throw away its crutches.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Of course, this was RIGHT AT GENERATIONAL MARKET LOWS. Luskin wrote in Even Worse Than the Great Depression that: “We can’t blame President Obama for the mess he inherited.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

.This was explored and discussed by Friedrich August von Hayek (1899–1992) and Milton Friedman (1912–2006) who pleaded for a global free trade and are supposed to be the fathers of the so called neoliberalism.^ Friedrich August von Hayek , translator: Micheál Ó Súilleabháin .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ The Legacy of Friedrich von Hayek, vol.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Henry Thornton , introduction: Friedrich August von Hayek .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.However, the prevailing view was that held by John Maynard Keynes (1883–1946), who argued for a stronger control of the markets by the state.^ He elaborated on ideas from economists as broad-based as Jevons, Böhm-Bawerk, and Clark, and influenced economists from Irving Fisher to John Maynard Keynes to James Buchanan.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In January 2010 John Cassidy quotes Richard Posner as saying that while he had never before "bothered to investigate [John Maynard Keynes's] The General Theory ..."
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ The same challenge—how to understand what had happened between the wars and prevent its recurrence—was confronted by John Maynard Keynes....
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

.The theory that the state can alleviate economic problems and instigate economic growth through state manipulation of aggregate demand is called Keynesianism in his honor.^ They have been trying to shrink their states back to their core competencies to promote economic efficiency, global economic integration, and growth, and to slash through red tape, rent-seeking, and simple corruption.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ The General Theory of Employment, Interest and Money : The idea that we can safely neglect the aggregate demand function is fundamental to the Ricardian economics, which underlie what we have been taught for more than a century.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ This book is one of her works of popularizing economic theory, as seen through the eyes of honest John Hopkins, a poor laborer on low wages.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.In the late 1950s the economic growth in America and Europe—often called Wirtschaftswunder (ger: economic miracle) —brought up a new form of economy: mass consumption economy.^ Our economy was resolutely insulated from the rest of the world, but our economists occupied high posts in famous universities in Europe and America.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Bureaucracy contrasts the two forms of economic management—that of a free market economy and that of a bureaucracy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

In 1958 John Kenneth Galbraith (1908–2006) was the first to speak of an affluent society. .In most of the countries the economic system is called a social market economy.^ Brad DeLong on December 21, 2009 at 05:34 PM in Economics , Economics: Health , Obama Administration , Political Economy , Political Economy: Social Security , Politics .
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ The structure of the academic system and the place of economics education and research within it are particularly relevant to understanding the nature of economic knowledge production in each country.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ A sweeping survey of people in 22 countries released in January found that France was alone in disagreeing with the premise that that the best economic model is “the free enterprise system and free market economy.” [ Link ] According to the poll cited above , more Indians believe in a free market economy than even the Brits, Germans or French.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

Postmodern economy

.What economist Robert Reich terms, "the not quite golden age" (WW II to the mid-1970s) gave way to the current global economy, or supercapitalism.^ Today's Economist Blog has a brief update on the model and the risk posed to it by the global economy and it reminded me of an old-ish article I never got around to blogging...
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

[4] .This economic revolution took place in tandem with a radical transformation of Western cultures, and the growth of oligarchical/plutocratic tendencies within the polities of Western democracies.^ And the political, economic and cultural differences among Asian nations are greater than those within Western Europe.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ The structure of the academic system and the place of economics education and research within it are particularly relevant to understanding the nature of economic knowledge production in each country.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ As economic advisor to British Prime Minister Margaret Thatcher, Sir Alan Walters was an important figure in the transformation of economic policy, and resulting unprecedented boom, that took place in the United Kingdom during the 1980’s.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Discussion of such issues as the politics of the World Bank, the World Trade Organization and global players within the World Economic Forum, as well as global ecology and sustainability, have all influenced the definition of economy.^ Barbon’s A Discourse of Trade, <\/i> is one of the best-known early tracts for freedom of trade, it also discusses topics as varied as the nature of value, the role of fashion in economic life, the importance of moral dispositions such as emulation and vanity, industry and liberality in commerce, and the political effects and implications of commerce.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Barring cataclysm, within three decades India should have vaulted over Germany as the world’s third-biggest economy.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ As an early discussion of the principles of governmental power and their relationship to political economy and liberty, Tyranny Unmasked <\/i> is an important primary source in the study of American history and political thought.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

Joseph E. Stiglitz has defined economy to be a global public good. Economists like Peter Barnes and Alexander Dill are reclaiming the commons and providing definitions that embrace new phenomena like freeware. .Game theorists such as Ernst Fehr and Klaus M. Schmidt are contradicting the notion of omnipresent economic self-interest.^ Mandeville is a witty satirist who used a poem to make the profound economic point that “private vices” \(or self-interest\) lead to “publick benefits” \(such as orderly social structures like law, language, and markets\).
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Marcet was self-taught in many fields and became a successful popularizer of several demanding fields \(such as chemistry and economics\) in spite of being discriminated against as a women.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

Under the gift economy extensive grassroot movements have arisen; also the credit programs of Nobel laureate Muhammed Yunus. .In 2006 the World Bank started issuing its Wealth of Nations Report, tracking social and human capital.^ In joining Capital Gains and Games, I want to track these issues as Washington tries to overhaul economic policy and financial regulation.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ About one-fourth of hospitalized Indians fall below the poverty line as a direct result of their hospital expenses , according to a 2002 World Bank report.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ With leftist governments here in the state capital spending heavily on health and schools, a generation of scholars has celebrated the "Kerala model" as a humane alternative to market-driven development, a vision of social equality in an unequal capitalist world.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

Economic sectors

.The economy includes several sectors (also called industries), that evolved in successive phases.^ Selling the debt would send the dollar way down and thereby destroy the value of their dollar holdings and severely damage their economies' massive export-based sectors.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

.
  • The industrial revolution lessened the role of subsistence farming, converting it to more extensive and monocultural forms of agriculture in the last three centuries.^ Take India, for example, where rice prices are rising fast, contributing to 7% inflation last month , the highest in more than three years.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ British Airways has ditched beef for economy class passengers this summer in an attempt to appeal to a more international passenger base.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ Yes, at the peak of the bubble we had three million extra houses between Los Angeles and Albuquerque--capital that would have been more usefully deployed in other forms.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    The economic growth took place mostly in mining, construction and manufacturing industries.
In modern economies, there are four main sectors of economic activity:[citation needed]
  • Primary sector of the economy: Involves the extraction and production of raw materials, such as corn, coal, wood and iron. (A coal miner and a fisherman would be workers in the primary sector.)
  • Secondary sector of the economy: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
  • .
  • Tertiary sector of the economy: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking.^ Businesses — in particular Wall Street banks — make such calculations routinely.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Such a large pay differential implies - particularly when seen in retail & services sectors - that there are domestic, well-to-do desi consumers who pay a premium to interact with confident English speakers as part of their business experience.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    (A shopkeeper and an accountant would be workers in the tertiary sector.)
  • .
  • Quaternary sector of the economy: Involves the research and development needed to produce products from natural resources.^ The structure of the academic system and the place of economics education and research within it are particularly relevant to understanding the nature of economic knowledge production in each country.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .(A logging company might research ways to use partially burnt wood to be processed so that the undamaged portions of it can be made into pulp for paper.^ There are three ways to use the budget reconciliation process for further stimulus.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ So while the Intels, Dells, and Oracles might be shells of their former market-cap selves, huge amounts of useful stuff found its way to consumers.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ) Note that education is sometimes included in this sector.
.More details about the various phases of economic development belong to the history section on this article.^ (See this Guardian article for more detailed numbers.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Economics READ MORE > POSTED BY vinod @ 10:59 AM DISCUSS (5) PERMALINK EMAIL TO A FRIEND FACEBOOK July 29, 2009 The Economics of Piracy The econ blogosphere is heavily linking a new article in Wired about the economics of Somali piracy .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ She spent her professional life in a variety of research positions and wrote many articles on money, banking, the theory of the firm, economic development, and the labour market.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.As this process was far from being homogeneous geographically, the balance between these sectors differs widely among the various regions of the world.^ America is sure to remain a leader in cultural power, but there is a difference between being a cultural leader and an easy, almost un-self-conscious cultural dominance.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

Other sectors include the

Economic measures

.There are a number of ways to measure economic activity of a nation.^ To view a change in GDP from negative to positive as signifying the end of a depression (by which criterion the Great Depression ended in 1933 and again in 1938) is to misunderstand the utility of GDP as a measure of economic activity...
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

These methods of measuring economic activity include:

GDP

.The GDP - Gross domestic product of a country is a measure of the size of its economy.^ Would it benefit gross domestic product?
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Link - PDF ] Economics Issues READ MORE > POSTED BY manish @ 2:24 PM DISCUSS (8) PERMALINK EMAIL TO A FRIEND FACEBOOK October 4, 2005 Bhutan’s Gross National Happiness Many countries look at their Gross Domestic Product (GDP) as a measure of how strong their economy is and whether it’s expanding or contracting, but also to give an idea as to the standard of living in the country: .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ GDP differs from gross national product (GNP) in excluding inter-country income transfers, in effect attributing to a territory the product generated within it rather than the incomes received in it… .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.The most conventional economic analysis of a country relies heavily on economic indicators like the GDP and GDP per capita.^ Real per capita GDP in the United States grew by...
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ They are also the largest per capita consumers in any major economy of beef, the most energy-intensive common food source, according to the U.S. Department of Agriculture.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Washington Consensus " (essentially higher, per capita GDP via free markets).
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.While often useful, it should be noted that GDP only includes economic activity for which money is exchanged.^ To view a change in GDP from negative to positive as signifying the end of a depression (by which criterion the Great Depression ended in 1933 and again in 1938) is to misunderstand the utility of GDP as a measure of economic activity...
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

Informal economy

.An informal economy is economic activity that is neither taxed nor monitored by a government, contrasted with a formal economy.^ George believed that a single tax on land would be sufficient to fund government activities.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Bureaucracy contrasts the two forms of economic management—that of a free market economy and that of a bureaucracy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The informal economy is thus not included in that government's Gross National Product (GNP).^ The gross domestic product, or G.D.P., is routinely used as shorthand for the well-being of a nation.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ GDP differs from gross national product (GNP) in excluding inter-country income transfers, in effect attributing to a territory the product generated within it rather than the incomes received in it… .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.Although the informal economy is often associated with developing countries, all economic systems contain an informal economy in some proportion.^ Best known for his book The National System of Political Economy <\/em> \(1841\) in which he criticised the Smithian school of free trade as inimical to the economic dvelopment of the nation, in particular the less well-developed German national economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ The point is that in the long march of development, some financial crises amount to rounding error relative to the real economy, and the real economy affects welfare .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ This volume contains some of Burke’s speeches on parliamentary reform, on colonial policy in India, and on economic matters.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Informal economic activity is a dynamic process which includes many aspects of economic and social theory including exchange, regulation, and enforcement.^ The Nobel Prize winning economist, James M. Buchanan, discusses in part 1 of a two part conversation, the theory of public choice, his exchange theory of economics, and constitutional thought.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Interviewer Edward L. Glaeser is Professor of Economics at Harvard University, where he specializes in urban and social economics, law and economics, and microeconomic theory.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Collected Works contains a number of Mill’s essays on economic topics, including the Chapters on Socialism.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

By its nature, it is necessarily difficult to observe, study, define, and measure. .No single source readily or authoritatively defines informal economy as a unit of study.^ As an early discussion of the principles of governmental power and their relationship to political economy and liberty, Tyranny Unmasked <\/i> is an important primary source in the study of American history and political thought.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The terms "under the table" and "off the books" typically refer to this type of economy.^ The entire economy is structured in such a way as to help people keep their income off the books.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

The term black market refers to a specific subset of the informal economy. .The term "informal sector" was used in many earlier studies, and has been mostly replaced in more recent studies which use the newer term.^ Alfred Marshall, English economist at the University of Cambridge, reconciled many neoclassical economic concepts and introduced many of the modern terms and diagrams used today by economists.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.Micro economics are focused on an individual person in a given economic society and Macro economics is looking at an economy as a whole.^ Micro-credit has proved to be an important liberating force in societies where women in particular have to struggle against repressive social and economic conditions.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ Brad DeLong on January 04, 2010 at 05:25 PM in Economics , Economics: History , Economics: Macro , Political Economy , Utter Stupidity .
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

^ Every economic statistic thrown at you about a given country might tell you that the population as a whole is becoming wealthier.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

(town, city, region)

The largest economies by GDP (millions of USD)

2008 List by the International Monetary Fund[5]
Rank Country GDP (millions of USD)
  World 60,917,477[6]
 European Union 18,387,785[6]
1  United States 14,441,425
2  Japan 4,910,692
3  China 4,327,448
4  Germany 3,673,105
5  France 2,866,951
6  United Kingdom 2,680,000
7  Italy 2,313,893
8  Russia 1,676,586
9  Spain 1,601,964
10  Brazil 1,572,839

See also

Endnotes

  1. ^ Dictionary.com, "economy." The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. 24 Oct. 2009.
  2. ^ a b Sheila C. Dow (2005), "Axioms and Babylonian thought: a reply", Journal of Post Keynesian Economics 27 (3), p. 385-391.
  3. ^ Charles F. Horne, Ph.D. (1915). "The Code of Hammurabi : Introduction". Yale University. http://www.yale.edu/lawweb/avalon/medieval/hammint.htm. Retrieved September 14 2007. 
  4. ^ Robert Reich, Supercapitalism: the Transformation of Business, Democracy and Everyday Life (New York: Alfred A. Knopf, 2007)
  5. ^ International Monetary Fund, World Economic Outlook Database, October 2009: Nominal GDP list of countries. Data for the year 2008.
  6. ^ a b "Nominal 2008 GDP for the world and the European Union.". World economic outlook database, October 2009. International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?sy=2008&ey=2008&scsm=1&ssd=1&sort=country&ds=.&br=1&c=001%2C998&s=NGDPD&grp=1&a=1&pr.x=27&pr.y=8. Retrieved 2009-10-01. 

References

.
  • Aristotle, Politics, Book I-IIX, translated by Benjamin Jowett [1]
  • Barnes, Peter, Capitalism 3.0, A Guide to Reclaiming the Commons, San Francisco 2006 [2]
  • Dill, Alexander, Reclaiming the Hidden Assets, Towards a Global Freeware Index, Global Freeware Research Paper 01-07, 2007 [3]
  • Fehr Ernst, Schmidt, Klaus M., The Economics Of Fairness, Reciprocity and Altruism - experimental Evidence and new Theories, 2005, Discussion PAPER 2005-20, Munich Economics [4]
  • Marx, Karl, Engels, Friedrich, 1848, The Communist Manifesto [5]·
  • Stiglitz, Joseph E., Global public goods and global finance: does global governance ensure that the global public interest is served?^ He was later cited by Karl Marx and Frederick Engels in Marx’s Capital <\/em> .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ He returned to Cornell as professor of political economy and finance \(1901-1911\) and terminated his academic career at Princeton University \(1911-31\), where he also served as chairman of the department of economics Fetter is largely remembered for his views on business “monopoly” and for a unified and consistent theory of distribution that explained the relationship among capital, interest, and rent.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Much of the rest of his life was spent working on an all-encompassing theory of human development based upon the ideas of individualism, utilitarian moral theory, social and biological evolution, limited government, and laissez-faire economics.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    In: Advancing Public Goods, Jean-Philippe Touffut, (ed.), Paris 2006, pp. 149/164. [6]
  • Where is the Wealth of Nations? Measuring Capital for the 21st Century. Wealth of Nations Report 2006, Ian Johnson and Francois Bourguignon, World Bank, Washington 2006. [7]

Further reading

  • Friedman, Milton, Capitalism and Freedom, 1962.
  • Galbraith, John Kenneth, The Affluent Society, 1958.
  • Keynes, John Maynard, The General Theory of Employment, Interest and Money, 1936.
  • Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776 .

Quotes

Up to date as of January 14, 2010
(Redirected to Economics article)

From Wikiquote

.
Face-to-face trading interactions on the New York Stock Exchange trading floor.
^ To exaggerate a bit, if New York suddenly disappeared, stock markets could keep functioning, but we would not be able to dress ourselves or find art to put on the wall.
  • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

Financial decisions can be one of many economic choices people make.
.Economics is the social science that studies the production, distribution, and consumption of goods and services.^ And this suggests something that you would expect a Professor of Economics to know- the consumption pattern looks suspiciously like that of Giffen goods .
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ He also wrote on production and distribution, capital, money, and the history of economics.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Thus, Mises presents economics—not as a study of material goods, services, and products—but as a study of human actions.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).^ Law and Economics] Catalog Number: 5995 Instructor to be determined Half course (spring term).

Sourced

Alphabetized by author
.
  • In fact, without any exaggeration, the current mechanism of money creation through credit is certainly the "cancer" that's irretrievably eroding market economies of private property.^ [T]he Obama administration and the Federal Reserve are plowing forward with Plan B: Nationalize credit creation and "stimulate" the private sector by spending in its stead.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Refreshingly written, widely quoted, and authoritatively researched, the book begins with the origins of money and works its way through to international banking and credit.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Karl Polanyi thought that Aristotle's naivete was the result of the fact that a mercantile, market, commercial economy was something very new.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    • Maurice Allais, in La Crise mondiale d’aujourd’hui. Pour de profondes réformes des institutions financières et monétaires (1999), p. .74
  • The more opportunities there are in a Society for some persons to live upon the toil of others, and the less those others may enjoy the fruits of their work themselves, the more is diligence killed, the former become insolent, the latter despairing, and both negligent.^ In this auction, some women will be more confident of their prospects, others less so.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ Those in the middle and upper middle classes are working harder and longer, trying to keep up with the Joneses who are growing more wealthy at an even faster pace.
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    ^ There are some models that can justify quantitative easing, but I don’t think those models fully capture the factors that caused this particular crisis.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • So-called macroeconomics has never been real economics but rather an endless series of engineering-type models purporting to guide politicians in centrally planning an economy.^ A series of small seminars focusing on applications of economic theory to real problems.

    ^ Government controls and economic planning never accomplish what their proponents intend.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Martineau continues her popularization of economic ideas which began with the Illustrations of Political Economy <\/em> in this series of “Tales” addressed to the working class.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .In the bizarro world of macroeconomics all capital is the same, and all workers are the same, as one big lump, expressed as 'K' and 'L' in the models.^ The next day, the mathematicians decided to use the same strategy- they bought only one ticket, but economists did not buy tickets at all!
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ Not a big deal Boris, I'm stuck with a hundred economists I have to listen to all the time before any policy decision, and only one tells the truth but it's never the same one.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ When capitalism itself undergoes one of its phases of renewal, it does so precisely by co-evolving all moments, obviously not without tensions, struggles, fights and contradictions.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .Relative prices and their role in allocating resources in a market economy are mostly ignored, while 'economic aggregates' are said to influence 'the' price level.^ It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Alchian has become recognized as one of the most influential voices in the areas of market structure, the theory of the firm, law and economics, resource unemployment, monetary theory and monetary policy.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Walters discusses his role in the transformation of the British economy during the 1980s as economic advisor to British Prime Minister Margaret Thatcher.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]


    .In macroeconomics it is taken as a given that markets are incapable of allocating resources in an acceptable way; that’s why there is supposedly a need for macroeconomic central planning in the first place.^ They're places where suckers, many of them people without much in the way of resources, throng to engage in rigged games in which the odds are always -- always -- against them.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Also, Economics 1123 may not be taken for credit if taken after Economics 1126, but credit will be given for both courses if Economics 1123 is taken first.

    ^ So did the deficit scolds, the people who preach the need to rein in entitlements and start paying our way, rally behind the cost-containment plans?
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .No such 'failures' are assumed on the part of the macroeconomic central planners.^ In such a world, there are no welfare costs of a bursting bubble, at least as long as the central bank acts nimbly....
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • The calculations and models are every day a confirmation, beyond the academic libraries and government dossiers, of the utopia of political reaction.
  • Economics is more disciplinary than any other discipline, and it has been ever since its origins.^ Economics is to be found in the library -- beyond fiction.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ Mises’ writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Brad DeLong on December 21, 2009 at 04:30 AM in Economics , Information: Internet .
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

  • Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing.^ If that's what they need to get things done, they will become too passive and others will overtake them.
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    ^ But some of them don’t want to say he’s doing the right thing because that might make Dick Cheney mad and they’re timid, gutless careerists?
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Kirzner’s The Economic Point of View <\/em> is a thoughtful study of how and why economists are successful at sorting out certain issues but less successful at others, issues from welfare to wealth to human actions.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .
    • Steven D. Levitt and Stephen J. Dubner, Freakonomics (2005), p.^ By Jason Kottke • May 13, 2005 • creditcards economics finance wealth Freakonomists Levitt and Dubner on how your .
      • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

      ^ By Jason Kottke • May 13, 2006 • economics politics Stephen Dubner Steven Levitt weblogs Design: e2 is an upcoming 6-part PBS .
      • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

      ^ By Jason Kottke • Nov 10, 2009 • books economics Elizabeth Kolbert global warming science Stephen Dubner Steven Levitt SuperFreakonomics Airlines nickel and diming themselves to death .
      • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

      20 ISBN 0-06-073132-X
  • To have peace and not war, the drift toward a war economy, as facilitated by the moves and the demands of the sophisticated conservatives, must be stopped; to have peace without slump, the tactics and policies of the practical right must be overcome. .The political and economic power of both must be broken.^ The Political Power of Economic Ideas: Keynesianism across Nations.
    • Princeton University Press Books in Economics 27 January 2010 23:48 UTC press.princeton.edu [Source type: Academic]

    .The power of these giants of main drift is both economically and politically anchored; both unions and an independent labor party are needed to struggle effective.^ Main ideas of game theory are introduced and illustrated using examples from industrial organization, labor economics, and macroeconomics.

    .
  • In the United States… a handful of corporations centralize decisions and responsibilities that are relevant for military and political as well as economic developments of global significance.^ Topics covered are the history of the relationship between media and the state, media and democracy today, laws governing the media and its practice, legal and political pressures on the media, media as an economic object, ownership of media and its effects, media coverage on elections and in developing countries, competition and truth in the market for news, the current mainstream media, and journalistic ethics.

    ^ By Jason Kottke • Nov 20, 2006 • economics energy Global Warming James Surowiecki oil politics Surprising factoid from an article on legalizing .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    ^ Empirical applications include international investment, savings, occupational choices, ethical norms, economic development, fertility decisions.

    .For nowadays the military and the political cannot be separated from economic considerations of power.^ It soothed the abrasiveness of military and economic power and made the wielders of such power feel good.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .We now live not in an economic order or a political order, but in a political economy that is closely linked with military institutions and decisions.^ American economics and political institutions.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Brad DeLong on January 04, 2010 at 01:04 PM in Books , Economics , Economics: International Finance , Economics: International Trade , Political Economy .
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ A massive 3 volume, 3,000 page compendium of nearly every aspect of 19th century American economics and political institutions.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .This is obvious in the repeated “oil crisis” in the Middle East, or in the relevance of Southeast Asia and African resources for the Western powers…
  • What the main drift of the twentieth century has revealed is that the economy has become concentrated and incorporated in the great hierarchies, the military has become enlarged and decisive to the shape of the entire economic structure; and moreover the economic and the military have become structurally and deeply interrelated, as the economy has become a seemingly permanent war economy; and military men and policies have increasingly penetrated the corporate economy.^ Environmental and Resource Economics and Policy Catalog Number: 2115 Robert N. Stavins (Kennedy School) Half course (spring term).

    ^ Armen A. Alchian is one of the 20th century’s great teachers of economic science, and the co-author, with William R. Allen, of the classic textbook University Economics.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Analyses the libertarian perspective on economic and social policy.

    .
  • For the corporation executives, the military metaphysic often coincides with their interest in a stable and planned flow of profit; it enables them to have their risk underwritten by public money; it enables them reasonably to expect that they can exploit for private profit now and later, the risky research developments paid for by public money.^ His clarifications of monetary issues coincided with concurrent national interests in the gold\/silver\/bimetallism parity controversies of the late 1800s, and the meaning of money for an economy.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ EXAM GROUP: 9 Development research is fascinating in part because it has a direct impact on public policy.

    ^ For now, I want to focus on two of them: (1) Forces you to pay up to 8% of your income to private insurance corporations — whether you want to or not.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .It is, in brief, a mask of the subsidized capitalism from which they extract profit and upon which their power is based.^ And when senators have that much individual power, they can take a strong stand on things other senators don't care about in order to extract concessions on something they themselves do care about.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.'^ However, if there's one thing economists of all stripes agree on, there's no such thing as a free lunch.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ By Jason Kottke • Feb 17, 2006 • crime economics science People are changing how they spend their .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    ^ By Jason Kottke • Jul 9, 2008 • economics World War II Rising oil price consequences .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. .
  • Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.^ And those who are more effective, including Roemer and fellow Council of Economic Advisers member Austan Goolsbee, sometimes are cut out of the action...
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Those who have the task of making such policy don't expect you to applaud.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Still, it gave me some compassion for those who have to drink water far worse, such as the 2 million children who die each year for want of proper water and sanitation.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    .
  • The only function of economic forecasting is to make astrology look respectable.^ A:In order to make weather forecasters look good.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ Sen has an essay re-appraising of the works of Adam Smith in light of the current global economic recession in a recent New York Review of Books .
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    .
    • Ezra Solomon, as quoted in Psychology Today (March 1984); also attributed to John Kenneth Galbraith in U.S. News & World Report (7 March 1988), p.^ By any other red ribbon or name, today is December 1, World AIDS Day, and much of the day’s significant news on the topic comes, for better or worse, from India.
      • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

      ^ John Cochrane is quoted in the New Yorker piece attributing the financial crisis to a speech by President Bush acknowledging that financial markets were in trouble, and not the problems generated by insolvency at the nation's largest banks.
      • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

      ^ John Kenneth Galbraith .
      • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

      64
  • Another difference between Milton and myself is that everything reminds Milton of the money supply. Well, everything reminds me of sex, but I keep it out of the paper. .
    • Robert Solow, on Milton Friedman's ideas and his own, in a series of papers at a 1966 conference, also published in ‪Price Controls‬ (1992) by Hugh Rockoff; also widely paraphrased as "Everything reminds Milton Friedman of the money supply.^ Milton Friedman discusses his economic ideas with Gary S. Becker.
      • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

      ^ A collection of papers which explores methodoogy, econometrics, social cost, monopoly theory, the supply of money, interest theory, and macroeconomics.
      • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

      ^ The Intellectual Portrait Series: A Conversation with Milton Friedman .
      • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

      Everything reminds me of sex, but I try to keep it out of my papers."

  • [Hacker has just had a stormy cabinet meeting over a sudden financial crisis]
Jim Hacker: Bernard, Humphrey should have seen this coming and warned me.
.Bernard: I don't think Sir Humphrey understands economics, Prime Minister; he did read Classics, you know.^ Economics-everything we know in a language we don't understand.
  • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

^ How did you know?"
  • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

^ I don’t think it’s correct to say you have to put forecasts in...
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

Hacker: What about Sir Frank? He's head of the Treasury!
Bernard: Well I'm afraid he's at an even greater disadvantage in understanding economics: he's an economist.

Unsourced

.
  • See, when the Government spends money, it creates jobs; whereas when the money is left in the hands of Taxpayers, God only knows what they do with it.^ They backed that worldview with money and, until it crashed, this American outlook was willingly adopted by more and more people and governments around the globe.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ [W]hat we're left with is the type of government-sponsored orgy of spending and money creation that Washington used to condemn with all-knowing righteousness when undertaken south of the border....
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Gallatin was Secretary of the Treasury and in this Report urged that Congress spend over $16 million of taxpayer money on building road works and canals.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    Bake it into pies, probably. Anything to avoid creating jobs. .
  • Most of the presidential candidates' economic packages involve 'tax breaks,' which is when the government, amid great fanfare, generously decides not to take quite so much of your income.^ For the next three decades, Great Britain (like much of the Western world) was governed in the light of Keynes's concerns.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Then your ulcer becomes even more serious because you remember that 40 percent of your income is taken for social tax.  .
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ It would also be progressive, in that it would take from those with the most generous insurance to finance the expansion of coverage to those without insurance.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .In other words, these candidates are trying to buy your votes with your own money.^ These penetrate deep down into other cultures as well as its own; they become part of daily life.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ In other words, when we get a raise, instead of using that hard-won money to buy "the good life," we feel even more pressure to work since the shadow costs of not working are all the greater.
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    ^ In other words, the guy you bought the land from might not have owned it in a legally clear manner to begin with.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

  • Life, liberty, and property do not exist because men have made laws. .On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place.^ The First Law of Economists: For every economist, there exists an equal and opposite economist.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ "If, as Holmes said and as CLS reiterated, what the law "is" is what the courts will do in fact, the thing to do is to figure out which side of the argument can count to five first.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Besides issues such as torts, property, litigation, and law enforcement, will also focus on judicial decision-making and cross-country comparisons of the effects of laws and legal systems.

  • How is property given? By restraining liberty; that is, by taking it away so far as necessary for the purpose. .How is your house made yours?^ Freakonomists Levitt and Dubner on how your real estate agent may not have your best interests at heart when selling your house .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    By debarring every one else from the liberty of entering it without your leave. .
  • These guys believe that a 350 billion dollar tax cut will stimulate the economy, and they are full of shit.^ With the economy still struggling, it's premature to cut spending or raise taxes now.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ But it soon was wiped out by a sagging economy, the Iraq war, GOP tax cuts and the lapsing of the pay-as-you-go restrictions....
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ But they are going to notice the cuts in Medicare and, specifically, the increased taxes which go into effect the day that this bill is signed into law."...
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .Because they don't know what stimulates the economy.^ But some of them don’t want to say he’s doing the right thing because that might make Dick Cheney mad and they’re timid, gutless careerists?
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ They are able to judge a person’s character better than regular American banks, who don’t know their clients as well.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ Chinese A-list men date B-list women because they don’t want someone as smart as them.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    .The economy goes up, it goes down, it goes up, it goes down, it goes up, it goes down, nobody knows why the fuck it happens.^ An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ By Jason Kottke • Feb 3, 2009 • cliffkuang economics groundhogday movies Things that go up in a down economy .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    And I know this because I took economics, and I'd explain it to yea'... but I flunked that course. Not my fault. They taught it at 8 o'clock in the morning. .And there is absolute nothing that you can learn out of one bloodshot eye.^ I would like to point out that there is one group that is especially deserving of a holiday: the CBO analysts who have been scoring this bill.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Soon you have to kill one of them because in the Netherlands there is an overproduction of milk and the European Union rules say so.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ A boy was crossing a road one day when a frog called out to him and said, "If you kiss me, I'll turn into a beautiful princess."
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    .After I failed my second test, I grabbed my teacher by the front of the shirt and said 'Are you *trying* to keep this shit a secret?'^ "Thank you, Amy" said the teacher.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ My daughters keep saying, ‘Nothing yellow, nothing yellow.’ For them, gold is old,” Bhardwaj said in her living room while sporting three gold rings, bangles, a chain and earrings.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    .
  • Anyone who says minimum wage laws decrease unemployment disavows the law of demand and is therefore unqualified to speak as an economist.^ Economists are people who are too smart for their own good and not smart enough for anyone else's.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ I disagree with economists who say the “recession” ended in the third quarter.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • Don't expect to build up the weak by pulling down the strong.^ The Nobel Prize winning economist, James M. Buchanan, discusses in part 1 of a two part conversation, the theory of public choice, his exchange theory of economics, and constitutional thought.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Tullock and his 1962 coauthor, Nobel laureate James M. Buchanan, are widely recognized as cofounders of public choice, a field that systematically applies the rational choice approach of economics to the analysis of political markets.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ The Calculus of Consent, <\/em> is a reprint edition of the ground-breaking economic classic written by two of the world’s preeminent economists - Gordon Tullock and Nobel Laureate James M. Buchanan.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .
  • Ultimately, property rights and personal rights are the same thing.^ With a group of other late Victorian classical liberals he was active in such organizations as the Personal Rights and Self-Help Association and the Liberty and Property Defense League.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    The one cannot be preserved if the other be violated. .
  • If economists wished to study the horse, they wouldn't go and look at horses.^ The National Institute of Health (NIH) announced that they were going to start using economists instead of rats in their experiments.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ A pair of economists looked at the number of parking tickets accrued by diplomats at the UN (tickets for which they are not charged) to determine each country's corruption level .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    .They'd sit in their studies and say to themselves, "what would I do if I were a horse?"^ And whatever they want in cap-and-trade or financial reform they can have--but they would rather just say "no" to everything.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ Indeed, while the world peeks in, the two countries are realizing that they have thrown themselves into an intimate economic embrace with, to say the least, very mixed feelings.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ But for this program they would be in even more dire straits.” But others say the lack of cash support shows the safety net is torn.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • Nothing is particularly hard if you divide it into small jobs.^ INTEREST GROUP ECONOMIST VIRUS - Divides your hard disk into hundreds of little units, each of which does practically nothing, but all of which claim to be the most important part of the computer.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    .
  • The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy.^ We came to free markets and now you’re telling us, “Stop, don’t come…” [ Link ] This guy is better at jawboning than the politicians.
    • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

    ^ The next day, the mathematicians decided to use the same strategy- they bought only one ticket, but economists did not buy tickets at all!
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ This is the peculiar thing about financial markets: if you know something bad is going to happen (you know, like the global collapse of the financial markets), you can either sound the alarm and save a lot of people a lot of grief or you can make a billion dollars.
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    .It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.^ During the third day of the convention, one of the bellhops at the convention hotel asked me who the people attending the convention were and what we did for a living.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ There seems to be universal dissatisfaction with the process for helping people who are facing foreclosure.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    ^ He's an economist, one of those people who turn random numbers into mathematical laws."
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

  • Under capitalism, man exploits man. .Under communism, it's just the opposite.^ Sirc draws upon his experiences of fighting in the Resistance and the Yugoslav Army, his political opposition and arrest under communism to discuss the economics of socialism and life under communism.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .
  • The prosperity we have known up to the present is the consequence of rapidly spending the planet's irreplaceable capital.^ This tale is said to be told by John Kenneth Galbraith on himself.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ John Kenneth Galbraith .
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    .
  • Things may come to those who wait.^ Good luck will come to those who dig around in the archives .
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    But only the things left by those who hustle. .
  • That some should be rich shows that others may become rich, and hence is just encouragement to industry and enterprise.^ Those responsible should now show some humility, she said.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

  • Economics is the science of greed. .
    • F. V. Meyer
  • Since the state must necessarily provide subsistence for the criminal poor while undergoing punishment, not to do the same for the poor who have not offended is to give a premium on crime.^ Selling everything from condos to premium vodka is enhanced by proximity to pretty young people (of both sexes) who get paid for providing this service.
    • economics (kottke.org) 27 January 2010 23:48 UTC www.kottke.org [Source type: General]

    .
  • The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built.^ Much of the rest of his life was spent working on an all-encompassing theory of human development based upon the ideas of individualism, utilitarian moral theory, social and biological evolution, limited government, and laissez-faire economics.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ He influenced the thinking of James Mill and his son John Stuart Mill.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ These papers are essential reading for students of economic freedom and the science of human action.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .
  • All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out.^ Ludwig von Mises .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Ludwig von Mises (1881-1973) .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ What percentage of all this turned out to be true?
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • An economist is a man who states the obvious in terms of the incomprehensible.^ Ludwig von Mises .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Ludwig von Mises (1881-1973) .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    ^ Ludwig von Mises , foreword: Louis M. Spadaro , translator: Ralph Raico .
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

  • Men did not make the earth. It is the value of the improvements only, and not the earth itself, that is individual property. Every proprietor owes to the community a ground rent for the land which he holds. .
  • Ordinary human concern for human distress does not manifest itself ordinarily in the form of a gun aimed at the wallets and earnings of one's neighbors.^ When capitalism itself undergoes one of its phases of renewal, it does so precisely by co-evolving all moments, obviously not without tensions, struggles, fights and contradictions.
    • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

    .
  • While, politically, a mixed economy preserves the semblance of an organized society with a semblance of law and order, economically it is the equivalent of the chaos that had ruled China for centuries: a chaos of robber gangs looting--and draining--the productive elements of the country.^ EXAM GROUP: 16, 17, 18 Discusses several research areas in political economy, including the origins of the state, comparative political systems, theories of economic reform, fiscal problems in democracies, rule of law, privatization, and regulation.

    ^ EXAM GROUP: 18 Discusses several research areas in political economy, including the origins of the state, comparative political systems, theories of economic reform, fiscal problems in democracies, rule of law, privatization, regulation, and elections and the economy.

    ^ He also wrote his own primer of political economy and translated works on musical biography, law, and economics from the German; most notably Roscher’s Principles of Political Economy <\/i> and Ihering’s The Struggle for Law.
    • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

    .
  • No matter how worthy the cause, it is robbery, theft, and injustice to confiscate the property of one person and give it to another to whom it does not belong.^ If all economists were laid end to end they would not reach a conclusion.
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ If all the economists were laid end to end they would be an orgy, of mathematics.  .
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

    ^ If all the economists were laid end to end a) it would be a good thing b) they would be more comfortable c) they would never reach conclusion d) all of the above e) none of the above f) they would point in different directions  .
    • Economist Jokes 27 January 2010 23:48 UTC netec.wustl.edu [Source type: Original source]

See also

Wikipedia
Wikipedia has an article about:

1911 encyclopedia

Up to date as of January 14, 2010

From LoveToKnow 1911

ECONOMY, a word ranging in application from the careful thrift of an individual to the systematic arrangement of an organization. It is derived from the Gr. olrcovoyia, the management (vEµeev, to control) of an oircos or house, extended in meaning to the administration of a state. .Of its original sense, the art or science of managing a household, the expression "domestic economy" survives, but the principal use in this sense is confined to the thrifty management of the financial resources of a household or of an individual.^ This 1913 edition of Rousseau’s works includes the famous Social Contract <\/i> as well as 3 discourses on Arts and Sciences, the Origin of Inequality, and Political Economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

It is thus used as equivalent to "saving," not only of money, but of time, labour or effort, and, generally, of the least expenditure of means to attain a required end. .It is on the principle of "economy" that many phonetic changes occur in the development of languages, and, in aesthetics, the name has been applied to a principle or law that effects are pleasant in proportion to the smallness of the effort made, and of the means taken to produce the result.^ He also wrote his own primer of political economy and translated works on musical biography, law, and economics from the German; most notably Roscher’s Principles of Political Economy <\/i> and Ihering’s The Struggle for Law.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In five concise chapters, he traces the causation of the misunderstandings and resultant fears that cause resistance to economic development and social change.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ This period saw the development and initial defense of his most influential work On the Principles of Political Economy and Taxation.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

.The phrase "economy of truth" is due to an invidious application of the use, in patristic theology, of the word oieovouia for the careful presentation of such doctrine as would be applicable to the hearer (see J. H. Newman, History of the Arians of the 4th Century).^ Specifically, Seldon focuses on the varied use of vouchers and the choices people have regarding purchasing or receiving such public services as health care and education.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Ingram was a Fellow of Trinity College, Dublin and the author of the standard 19th century history of political economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

."Economy"
is also used in theology in such expressions as "Mosaic" or "Christian economy" as a synonym of "dispensation," for the administration of the world by God at particular times or for particular races.^ (She suggested that Indian business news analysts might be channeling the gloom of their western counterparts, rather than using actual data particular to the Indian economy.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

^ But if those calls are heeded, we’ll be repeating the great mistake of 1937, when the Fed and the Roosevelt administration decided that the Great Depression was over, that it was time for the economy to throw away its crutches.
  • Grasping Reality with Opposable Thumbs: Economics 27 January 2010 23:48 UTC delong.typepad.com [Source type: FILTERED WITH BAYES]

.From the meaning of organization or administration of a house or state the word is applied more widely to the ordered arrangement of any organized body, and is equivalent almost to "system"; thus the "economy" of nature or of animal or plant life may be spoken of.^ It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ In this volume, Mises argued that economics is a science because human action is a natural order of life and that it is the actions of humans that determine markets and capital decisions.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ The state electricity board is mired in dispute over reforms, and its two thermal plants generate no more than 10% of their installed capacity.
  • Sepia Mutiny: Economics Archives 27 January 2010 23:48 UTC www.sepiamutiny.com [Source type: General]

.The most common use, however, of the word is that of "political economy," the science dealing with the production, distribution and consumption of wealth (see Economics).^ Lalor is best known as the editor of the mammoth three volume cyclopedia of economics and political science which he published in the late 19th century.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ He also wrote his own primer of political economy and translated works on musical biography, law, and economics from the German; most notably Roscher’s Principles of Political Economy <\/i> and Ihering’s The Struggle for Law.
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]

^ Conversations on Political Economy; in which the elements of that science are familiarly explained .
  • Online Library of Liberty - Economics 27 January 2010 23:48 UTC oll.libertyfund.org [Source type: Academic]



Simple English

An economy is a system of exchange. The word "economy" comes from the Greek word οἰκονόμος, meaning "person who manages the house." To better understand how the economy works, it can be broken up into three sections. These are:

Other Pages


Citable sentences

Up to date as of December 29, 2010

Here are sentences from other pages on Economy, which are similar to those in the above article.








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