Game Theory and Economic Controllers

One of the hardest challenges in the field of economics is predicting what exactly people will do when faced with certain economic situations. There have been many different models to attempt to do this, but most of them have been somewhat inadequate. So far, the best method of doing this, and the one that is

Currency vs Bartering

The complexities of the modern money system might seem overly complicated to many. However, the ironic thing about our situation is that the system we have is, perhaps, the most simple we have. The most basic purpose of an economy is to function as a system for which we are able to exchange goods and

Is Inflation Bad?

There are all sorts of economic bogeymen that we hear about in the media. Typically, these can change depending on the weather or the decade. However, there is consistently one phrase that we hear used in dangerous ways. That phrase, of course, is inflation. Inflation is what happens when the value of a currency decreases,

Stockholm School, the Other Keynsianism

The most famous name in economics over the past century, without a doubt, is John Maynard Keynes, the founder of modern macroeconomics and the mind from which Western civilization was built during and after World War 2. However, he was not the only person to come to the conclusion that he did in his time.

Public Choice Theory

We are currently in the throes of another crazy election year, and that means we are going to hear a lot of tug-o-war arguments about the place of government in people’s lives. Most of the arguments we hear in an election will be disingenuous, as is the nature of a heated primary season. However, this

Fastest Growing Countries: India

Fastest Growing Countries is a series devoted to examining several countries with rapidly expanding economies today, or that at least have the potential to do so. By examining the historical rise of these countries and how it is happening, we can hope to better understand the variety of ways that we might be able to

Fastest Growing Countries: Brazil

Fastest Growing Countries is a series devoted to examining several countries with rapidly expanding economies today, or that at least have the potential to do so. By examining the historical rise of these countries and how it is happening, we can hope to better understand the variety of ways that we might be able to

Adam Smith and Classical Economic Theory

On this blog, we discuss lots of ideas that have emerged in modern economics over the past century or two. And, indeed, it has been quite a ride! Now, however, we think it might be a good idea to take a look at a man who inspired, or at least influenced, nearly every major economic