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 ...

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

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

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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 ...