George Stigler was the quintessential practical economist. Looking through his classic book The Theory of Price, one is in awe by how many principles of economics are illustrated with real data rather than hypothetical, made up examples. A professor at the University of Chicago, Stigler went on to w...

In order to stay relevant throughout time, organizations need to respond to the demands of economic markets and transition form a state of continuity to a state of discontinuity. To do so, they need to develop sound mental models that keep an eye toward the future, and thus, allow managers to antici...

The Value of Money " So, when the money failed in the land of Egypt and in the land of Canaan, all of the Egyptians came to Joseph and said, ' Give us bread, for why should we die in your presence? For the money has failed" (Genesis 47:15) When economists wrot...

The Scorecard on Globalization Globalization and its Discontents by Joseph Stiglitz brings to light many different arguments about the way globalization is being handled by different government agencies especially the International Monetary Fund, and the World Bank. It is Stiglitz argument th...

Brazil earned the reputation of being a "miracle economy" in the late 1960s when double-digit annual growth rates were recorded and the structure of the economy underwent rapid change. Since 1981, however, Brazil's economic performance has been poor in comparison to its potential. T...

In recent years, as awareness of globalization has entered the mainstream, a variety of tomes examining the detrimental effects of this process have emerged. While some of the literature is strictly intended for a scholarly audience, many books have been published with the general reader in mind. ...

Introduction When a bubble economy is thriving, people are prone to believe that it will last forever (Ignatius, 2004). This general feeling existed in Japan in the 1980s and in America in the late \'90s. Today, many people believe that this is what is happening in China -- the \"miracle economy,\" ...

The "Asian financial crisis", did not solely affect the countries of Asia but also had an impact on other world economies including the United States. This paper will look at the short run effects that occurred on the U.S. Steel Industry as well as predictions of long run effects in the ...

Decades of controversy about the nature and appropriate boundaries of his discipline led the economist Jacob Viner to observe that "economics is what economists do." Somewhat more precisely, economists engage in systematic inquiry into the effects of those human activities which are grouped under t...

BIG ECONOMIC ISSUES Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending...

The theories of these five men: John C. Harsanyi, John Nash, Reinhard Selten, Robert W. Fogel, and Douglass C. North, made an abundant progress in the Economic Sciences in America and the economy. For these great accomplishments, these five were awarded the Noble Peace Prize in Economic Scienc...

Changing Economies The mentality of today's worker focuses on not only providing what is necessary to survive for their own life as well as that of their family, but also thrives for a life of luxury and comfort. Society today is based upon principles that promote a strong work ethic t...

It is quit apparent to the human m ind that the va rious countries instituted around the world have experienced a great deal of economical instability since the formation of independent nations. Unfortunately, until this very day, there is still the existence of poor countries that have yet to conv...

Financial Crisis The financial distress of the last two decades has revived interest on the question of the stability of the financial system. On the one hand, the "pessimist" view, associated primarily with Minsky argues that not only that the financial system is prone to such crises ("financial...

I: Introduction As early as 1941 plans were being prepared in the UK and the USA for the post-war economy that were heavily influenced by the experience of the 1930s which had witnessed the collapse of the gold standard, the Great Depression, volatile exchange rates, trade-protection and competit...

Globalization and Competitive Markets in Third World Countries Nowadays, globalization is playing an important role in the world's economy. There are many viewpoints involving the concept of globalization but a common one is that "globalization is the integration of national markets t...