An economy is a collection of production and consumption processes that are all working towards solving the central economic problem.



The problem is that we only have access to a finite amount...

Nicola Sturgeon on The Legacy of Adam Smith @ #INET2017

We are all somewhat familiar with economic expansion and recession. And pretty much everyone has heard of The Great Depression. What are recessions and depressions? How do we describe the business cycles that produce them? Let's define...

We just learned about the four main economic systems. Now, it's time to dive a little deeper with each of them one at a time. We will start with free markets. Why do people like them? What are the advantages and disadvantages of free...

We've talked about free market economies and command economies, but the truth of the matter is that nearly every country on Earth utilizes a mixed economy, which blends aspects of each of the aforementioned economy types. Whether talking...

Good incentives are no substitute for good citizens.



Human beings, notes Sam Bowles, a Research Professor at the Santa Fe Institute, are complex, psychological beings given to all sorts of motivations well beyond naked...

What were the major causes and effects of the Industrial Revolution? HipHughes dances his way through the Industrial Revolution world history style, laying down tracks anyone can sit their caboose down and ride the train of learning.

HipHughes hops through the essentials of Capitalism and Communism.