Adam Smith’s Wealth of Nations (1776) is still appropriately considered the first great work in modern economics. Smith understands that people and geographic areas have different abilities in ...

Behind these seismic shifts were the economists who have helped to shape modern America. World Finance lists the men and women who have had a significant impact in developing US economic theory and ...

In a similar spirit, modern economist-philosophers have compiled a list of virtues that can be intrinsic within market behavior. Deirdre McCloskey (2006) wrote of seven virtues of middle-class ...

This continuous market process never results in the modern economist's perfect model of an equilibrium where trading becomes irrelevant. Thus, the combination of prices and private property comes ...

Modern economists categorize work tasks as being either cognitive or non-cognitive (manual) on the one hand and as being either routine or non-routine on the other. This allows them to evaluate ...

The essential feature of capitalism is the motive to make a profit. As Adam Smith, the 18th century philosopher and father of modern economics, said: “It is not from the benevolence of the butcher, ...