The economists’ job in the late Eisenhower era, therefore, was seen to be what John Maynard Keynes had said it was: to manage savings and consumption over the course of the business cycle, to make ...

Discover how equilibrium quantity balances supply and demand, stabilizing prices in the market—essential knowledge for anyone interested in economic principles.

This paper argues that the generally shared interpretation of what can be labelled 'Smithian Newtonianism' is spurious on two counts. I suggest not only that Smith was not a Newtonian in the sense ...

Many situations in economics are complicated and competitive. New research raises the question of whether many theories in economics may suffer from the very fundamental problem that the key ...

Janet Stotsky profiles Kenneth J. Arrow, a Nobel Prize–winning theorist who has done pioneering work in many areas of economics Kenneth J. Arrow's path-breaking contributions to economic theory in the ...

The law of supply and demand explains how changes in a product's market price relate to its supply and demand. Demand for basic necessities is less responsive.

Hugo Sonnenschein, the Adam Smith Distinguished Service Professor in Economics, has received an important international prize in recognition of his contributions to economic theory. Watch video ...

The concept of Nash equilibrium has long served as a cornerstone in game theory, characterising a state where no player can benefit by changing their strategy unilaterally. Recent advancements have ...