Learn about the life and works of James M. Buchanan, a Nobel Prize-winning economist and pioneer of public choice theory and ...

Energy Secretary Rick Perry’s attempts to discuss basic economic theory on Thursday ended up with him being mocked on Twitter. “Here’s a little economics lesson: supply and demand. You put the supply ...

During the great depression of the 1930s, existing economic theory was unable either to explain the causes of the severe worldwide economic collapse or to provide an adequate public policy solution to ...

Ironically, an acatallactic pseudo-theory of money that emerged from a school of thought that rejected theory in favor of an ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

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Basic economic theory says a commodity’s price should increase if demand for it grows and supply shrinks. So why didn’t Bakersfield home prices rise last month? Maybe local real estate isn’t that ...