Life of a Universe
Now Learn On Demand
Without a belief in rational behavior, it’s hard to design an economic policy with predictable results.
This 'trilemma' suggests that a country can't maintain a fixed exchange rate, free capital movement.
This episode introduces David Ricardo's famous economic model - Principle of Comparative Advantage.
Phillips' curve describes an inverse relationship between the rate of unemployment and that of wage inflation - but this
The Paradox of Thrift suggests that while it may be wise individually to save money when income is low.
Adam Smith used the term The Invisible Hand to describe the self-regulating nature of the market place.