Top 100 Economics Blogs of 2023
…the economic world around them.” If you are looking for a blog that gives a comprehensive overview of economic principles in a way that is easy both to understand and…
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Perfect Competition
…some real-world examples that come close to perfect competition—these are generally very competitive, liquid markets for comparable commodities. Here are several industries that exemplify elements of perfect competition, without actually…
Monopolistic Competition
…the differences and similarities: Nature of entry barriers: Monopolistic competition has low barriers to competition; perfect competition has no barriers to competition. Number of competing sellers in the industry: There…
Biased Beliefs
…evidence of projection bias, and explore its implications in predicting future utility (Loewenstein et al., 2003). In their words, projection bias is that “people tend to understand qualitatively the directions…
Comparative Advantage
…in the modern era. For this reason, any understanding of international trade depends on a strong understanding of comparative advantage. The Crucial Role of Opportunity Cost in Comparative Advantage In…
Privacy Policy
…verification of parental consent, we take steps to remove that information from our servers. Comments When visitors leave comments on the site we collect the data shown in the comments…
Command Economy
…Command economies are the hallmark of communist societies. Communism was first described in detail by Karl Marx, who authored The Communist Manifesto along with Friedrich Engels in 1848. They argued…
Capitalism
…completely capitalist economy, there would be no place for the elderly, children, and the disabled who would presumably not have skills classified as “competitive” under such a system. Private companies…
Frictional Unemployment
…algorithms in search engines like www.monster.com and www. indeed.com can offer applicants job listings that accurately meet their qualifications and preferences more quickly. 2. Access to Resources Access to the…
The McFadden Act
The McFadden Act (1927 – 1994) was appealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act. The Act made national banks competitive against state-chartered banks by letting national banks…
The 25 Best Economics Podcasts Of 2023
…curiosity and change the way you understand the world around us. Best Economics Podcasts Of 2023 Macro Musings Hosted by David Beckworth of the Mercatus Center – a George Mason…
Letter of Credit
…of “1,000 sphygmomanometers and cuffs.” In this case, there is a discrepancy, and the documents will be rejected unless the buyer waives the discrepancy. 6. The Commercial Invoice The commercial…
Oligopoly Market Structure
…competing against other firms or collaborating with them. By competing they may increase their own market share at the expense of their competitors, but by collaborating, they decrease uncertainty and…
Economies of Scale
…the business—adds little to no cost and only results in greater profits. This is true of numerous large-scale online businesses, including Amazon, Walmart.com, Etsy.com, Target.com, and so forth. 7. Risk-bearing…
Adverse Selection
…non-smokers; car insurance companies charge new drivers (who are more likely to get into car accidents) significantly more than experienced drivers; and life insurance companies charge those in dangerous jobs…
Economic Systems
…very competitive. Businesses invest heavily in research and development. There is an incentive for constant innovation as companies compete to provide better products for consumers. Disadvantages of a Free Market…
Natural Monopoly
…monopolies. Efficiency In A Natural Monopoly Unlike in other industries, wherein competition is believed to improve technology and efficiency, having multiple competitors in these kinds of markets is actually less…
Factors of Production
…profits, they may spend less money on capital to compensate. By contrast, when companies and, more broadly, economies are growing, they are likely to spend on capital goods so as…
Economics of Buying vs Renting a Textbook
…because a semester generally lasts around four months. I am also comparing prices on Amazon.com and mostly from sellers with the Prime shipping option (since it eliminates shipping costs from…
Time Inconsistency
…believe that they would receive no benefit from the commitment device. In the earlier example, commitment devices could come in handy. In week 1 the decision-maker knows that it is…
Financial Institutions
…loans. 2. Insurance Companies Insurance companies collect premiums and pay compensation if certain events occur. They invest the premiums in securities and real estate (main assets). 3. Pension Funds Pension…
Duopoly Market Structure
…and Bertrand duopoly. Cournot duopoly The Cournot duopoly model states that the quantity of goods/services produced structures competition among the two companies in an industry. These two companies decide collaboratively…
About The Intelligent Economist
…Students who want an easy-to-understand breakdown of important and complex economics concepts. Professionals who want to expand and amplify their skill set. Business Owners Entrepreneurs who want a better understanding…
Cyclical Unemployment
…and structural unemployment related? It turns out that in economies under prolonged distress, cyclical unemployment may transition into structural unemployment. For example, a worker who gained competency in computer programming…
Discretionary Fiscal Policy
…growth is getting out of control and therefore causing inflation and asset price bubbles, a contractionary fiscal policy can be used to rein in this inflation—to bring it to a…
Monetary System
…treasury, and other financial institutions. There are three common types of monetary systems – commodity money, commodity-based money, and fiat money. Currently, fiat money is the most common type of…
The Gig Economy
…any community. However, to adopt the gig economy as a business structure is relatively new. What is the Gig Economy? The term “gig economy” has only recently come about in…
Behavioral Economics
Behavioral economics is a field of economics that attempts to understand why people behave ‘unexpectedly’ in contrast to the traditional economic theory of the rational individual. One common example in…
Business Cycle
…(both commercial and industrial), consumer credit cards, mortgages, and the like. In more recent decades, significant economic growth has been associated with dot-com speculation as well as with a further…
Theory of Storage
The Theory of Storage describes features observed in commodity markets. Here are some basic terminology that needs to be understood to understand the Theory of Storage. Commodity Market A commodity…
Microtransactions in Video Games
…users to complete microtransactions to complete a game. When developers take this approach to designing gameplay, they no longer care about the in-game experience or the user finishing the game….
Derived Demand
…incorporates three key components: Raw materials Processed materials Labor These three components form the chain of derived demand. Raw materials become processed materials, which are turned into marketable products through…
Exceptions to the Law of Demand
…they were compelled to spend more on a fixed quantity of bread. Therefore, they could not afford to purchase as much meat as before. They substituted bread for meat to…
The Coase Theorem
…Liable1) Pay Coffee Shop $5/pound 1) Suffer from smell $5/pound 2) Install Air Cleaner$8/pound 2) Pay Fish Market for Scrubber $8/pound 3) Fish Market Moves $10/pound 3) Pay Fish Market…
Introduction to Supply
Supply is quite a straightforward concept, understood by non-economists and economists alike. The term “supply” refers to the amount of a good or service that a firm is willing and…
Trade Finance
Banks involved in commercial lending provide a wide range of financing packages for international trade, commonly called trade finance. Trade finance not only assists the buyer in financing its purchase…