Economics

Economics

basics of economics

Contributors in Economics

Economics

One of the factors of production, with land, capital and enterprise. Among the things that determine the supply of labour are the number of able people in the population, their willingness to work, ...

Kondratieff wave

Economy; Economics

A 50 year-long business cycle, named after Nikolai Kondratieff, a Russian economist. He claimed to have identified cycles of economic activity lasting half a century or more in his 1925 book, The ...

Kleptocracy

Economy; Economics

Corrupt, thieving government, in which the politicians and bureaucrats in charge use the powers of the state to feather their own nests. Russia in the years immediately after the fall of communism ...

Keynesian

Economy; Economics

A branch of economics, based, often loosely, on the ideas of Keynes, characterised by a belief in active government and suspicion of market outcomes. It was dominant in the 30 years following the ...

Karl Marx

Economy; Economics

Much followed, and much misunderstood, German economist (1818–83). His two best-known works were the Communist Manifesto, written in 1848 with Friedrich Engels, and Das Kapital, in four volumes ...

Joseph Schumpeter

Economy; Economics

After growing up in the Austro-Hungarian empire, in which he worked as an itinerant lawyer, Joseph Schumpeter (1883–1950) became an academic in 1909. He was appointed Austrian minister of finance in ...

Monopoly

Economy; Economics

When the production of a good or service with no close substitutes is carried out by a single firm with the market power to decide the price of its output. Contrast with perfect competition, in which ...