Specialization and trade are the key to economic prosperity argues Arnold Kling in an important new book, Specialization and Trade: A Re-Introduction to Economics. Kling has important insights ...

The analytical approach, that is, the Original Institutional Economics (OIE), is shown to be founded on three interrelated concepts—enculturation, empiricism in aid of both understanding and policy, ...

Learn the differences between finance and economics, two closely related disciplines, and how they inform and influence each other.

A price level is the average of current prices across the entire spectrum of goods and services produced in the economy.

A Brief Introduction to Trade Economics Why deficits are normal, especially for a country like the U.S., and what is comparative advantage. By Alan S. Blinder Share ...