Goods and services can be either elastic or inelastic. Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is less ...

On college campuses today, the reigning principle behind most academic matters is to avoid meddling in the affairs of others. Beyond very broad curricular requirements, we are meant to allow experts ...

Rational expectations is a basic economic theory that originated with a paper written in 1972 by future Nobel Prize-winning economist Robert Lucas. The theory of rational expectations has been ...

One of the difficult things in economics is to match theory with reality. Anybody who has taken a basic economics course has learned the theory of comparative advantage and been taught the advantages ...