Has rational choice theory been corroborated by empirical evidence? This question addresses one side of scientific discovery, the positivist belief into knowledge gained from the observation of the world. It implicitly also aims at the alternative way of achieving knowledge – logical deduct...

In studying economic activities and concepts, there are two dominant modes of thought that come to the forefront; neoclassicism or the 'mainstream' view and Austrian economics. These two schools of thought have points of contention on many different issues and theories found in the ana...

Introduction The wave of multiple crisis during 70s and 80s, especially with the LDCs and the middle income countries, led to a debate over the viability of foreign capital led development model and also on the need to have a more proactive IMF ,apart from giv...

The current trend in outsourcing is likely to continue, potentially leading to long-term damage to American-held jobs and the American economy. While standard economic theory holds that outsourcing is good for the U.S. economy, there are several important and negative implications, of the ...

Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are ...

The Pub Scene in A Beautiful Mind Every director has his or her own little techniques or ways of hinting the audience about the certain characters in their movies. Ron Howard does a tremendous job of revealing John Nash's abnormal talent for seeing patterns, equations, and even coming up w...

In the 20th century the region of Latin America and the Caribbean (LAC) was marked by the rise and fall of powerful dictators who ran the economy much like they ran the country. Statist models that actively pursued import substitution industrialization (ISI) were common during this time in many Lat...

In the worlds of business and economics, estimation methods are subject to a great deal of debate. Researchers and managers are charged with difficult tasks, such as setting cost and time boundaries, or arriving at figures that others will use for major policy decisions. Therefore, it is critical th...

We live in a world of dramatic change and the old ideologies that have dominated the last century do not provide the answers". (Tony Blair). Do you think Blair's "Third Way" provides the answer? In this essay I intend to examine the underlying concepts of the Third Way and the so...