Recession and depression are two terms used in economics to describe downturns in economic activities. Take note that although both […]
Economics
The Economy of Vatican City
How does the economy of Vatican City work? What are the economic activities? How does it earn revenues? What are […]
Macroeconomics and Microeconomics: The Difference
Economics is divided into two main branches based on scope. These are macroeconomics and microeconomics. For starters, macroeconomics deals with […]
Supply-Side Economics vs. Demand-Side Economics
Two competing macroeconomic theories dominate modern economic policies and the field of political economy. These are supply-side economics and demand-side […]
Major Works of Milton Friedman
Milton Friedman was an American economist who won the Nobel Memorial Prize in Economic Sciences in 1976 for his research […]
What Is Pareto Optimality?
Pareto optimality is a concept of efficiency promoted by Italian sociologist and economist Vilfredo Pareto. Also known as Pareto efficiency, […]
The Purpose of Monetary Policy
A monetary policy is a macroeconomic tool used by governments through their respective monetary authorities to influence economic growth. Take […]
