Focusing on production and distribution, economists look at the role of markets and of government when they try to determine what causes and ends famines.
Rather than the market system, several doctor suggest that cancer drugs can be priced using variables based on value that include toxicity and efficacy.
Ignoring Adam Smith’s ideas, the EU will probably tell us by 2016 that China has a market economy because the World Trade Organization requires a decision.
Whenever people try to limit the rights of owners, as with Alexander Hamilton and bondholders or now with the ART Act, there are market system tradeoffs.
With the music industry moving from CDs to streaming, firms like Spotify have created new supply and demand and new incentives for performers and providers.
Supply and demand have upped lemon prices. For supply, there was a drought and freeze in California; while popularity and pricier limes have led to increased demand.
Encouraging businesses and consumers to interact productively as they pursue their self-interest, Adam Smith’s invisible hand moves a market’s participants.
Our Econlife roundup for the week 7.14.14 An island without traffic lights displays the benefits of Adam Smith’s laissez-faire…more 7.15.14 Why David Ricardo would approve of where your sneakers were made…more 7.16.14 John Maynard Keynes could say why you’ll get less Social…
Located 30 miles from Cape Cod, Massachusetts, the island of Nantucket has no traffic lights. Instead, drivers respond to stop signs, rotaries, and courtesy. More often than not, if a pedestrian, a walker, or a biker needs to cross the…
Who would have expected the Sherman Antitrust Act to relate to college applications? In 1890, the Sherman Antitrust Act was passed because large firms were acting “in restraint of trade.” Supporting Adam Smith, the goal was to control business size so that the market…
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