Discover how economists' assumptions shape economic models, affecting predictions about consumer behavior, resource ...

Discover how demand-side economics supports economic growth through government intervention and increased aggregate demand.

Classical economic theory defines the factors of production as the three broad categories of input -- capital, labor and land (or natural resources) -- that contribute to the production of finished ...

The tax overhaul bill before Congress has a professed rationale that rests on economic theory. As neuroscientists who study decision making, we would like to raise a very serious objection to this ...

Most economists subscribe to a belief in “positive economics,” which means that economic theory flows from economic data. Thus, all theory can be tested for ...

Economist Ha-Joon Chang explains why the school of Neoclassical economics that rose in the 19th/early 20th century – now today’s dominant school of economics – decided they wanted to be scientists.

The Theory of Games From it is being forged a new tool for the analysis of social and economic behavior. The new approach already has shown its superiority to classical economic theory ...

Decision theory is a cornerstone of economic analysis, providing a framework for understanding how individuals and institutions make choices under conditions of uncertainty and risk. At its core, the ...