Learn about centrally planned economies, where governments make key economic decisions. Explore features, benefits, ...

Learn how the ratchet effect influences economic processes, consumer behavior, and market dynamics, with examples from political economy and business sectors.

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

Reviewed by Robert C. KellyFact checked by Yarilet PerezReviewed by Robert C. KellyFact checked by Yarilet Perez Arrow's impossibility theorem is a social-choice paradox illustrating the flaws of ...

THE MODERN ECONOMY is a complex machine. Its job is to allocate limited resources and distribute output among a large number of agents—mainly individuals, firms, and governments—allowing for the ...

The bidding process for the 2022 Olympics was a disaster for the International Olympic Committee. Democratic nations are no longer buying the argument that hosting the games is a wise investment.