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Since I am new in free market economics, I do not understand something. Others claim that Demand creates Supply (Keynsians or am I wrong?), while Austrian economics say that Supply creates Demand* . Can someone explain this to me, please? If Demand creates Supply is wrong? If so, why? Let's say for...
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This guy thinks so. http://www.debate.org/forums/economics/topic/30571
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Since I am ignorant in Economics, what are the factors that contribute to the prosperity? Is GDP? Prices? What else?
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Hello. I am trying to undestand the Financial Crisis 2008 and how it began. I watched the Overdose documentary, but I am still a little confused. Could you give me a simple explanation of how the crisis started, please? I would appreciate it if in your explanation, you would include answers in the following...
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Austrian economics claims that everyone values more of a good than less. However, I don't see how this can be universally true. For example, let's say that I have the choice between having my dog fetch me 2 dead cats to eat, and 5 dead cats to eat. I like to eat dead cats (for whatever reason...
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Is all of economics reducible to supply and demand?
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Can anyone explain to me how government steals from citizens by creating inflation? Thank you.
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My economics teacher is a whole sale idiot. We've gotten into several little scuffles over the course of class and I think it's fair to say that there is a mutual hatred between the two of us. I knew I was in for a doozy when on the first day he said that he'd earned his masters in economics...
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You said: ”If it is measured in pecunary intrest then the free market wins everytime.” I am not sure about even this. Consider for example the description of the period from 1565 to 1592 in the life of the Huterian community, as reported in Journal of Political Economy (1924): ”[T]he...
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The model works on the property of absence of diminishing returns to capital. The simplest form of production function with diminishing return is: figure 1.1 where , is a positive constant that reflects the level of the technology. capital (broad sense to include human capital) , output per capita and...