Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.
It may seem unusual that an economist would talk about culture.
The inability of governments to maintain fixed exchange rates in the face of opposing market forces is only further proof of their impotency.
The corn, sugar, and ethanol industries in the US are all part of a complex system of government subsidies and other favors, writes Dave Albin.
Douglass North has written many essays and books over forty or more years in which he has sought to reintegrate economic theory and economic histor
In this article, Walter Block reviews Bryan Caplan’s The Myth of the Rational Voter: Why Democracies Choose Bad Policies.
The primary purpose of this paper is to contrast Austrian and conventional concepts of cost.
The objective of this article is to present an extension of Garrison's captial-based macroeconomics" model. Garrison's objective was ― starting from a full employment equilibrium situation
In this article James Rolph Edwards discusses the United States economic system and social security.
