Normative economics involves interpreting current data to determine how things should progress in the future for a desired outcome. It often involves subjective statements and projections based on available data, and can provide specific directives for achieving desired results. These statements must have a foundation in currently verifiable fact and provide a logical projection of […]
Wind energy is becoming increasingly competitive with traditional energy sources, with costs decreasing by 80% since 2009. Wind power is set to become the least expensive form of power generation in the US, and the Department of Energy estimates it will supply 20% of the country’s energy needs by 2030. However, coal-fired power plants still […]
Externalities are costs or benefits that affect third parties in a transaction. They can be positive or negative and disrupt market efficiency. Governments regulate to limit negative externalities and promote positive ones, such as education. Examples include criminalizing drugs and higher taxes on unhealthy products. In economics, an externality is defined as a cost or […]
Supply-side economics stimulates economic growth by encouraging greater production of goods and services, often using tax breaks as incentives. It aims to minimize government influence and increase consumer confidence, but opponents argue it ignores the traditional idea of demand governing supply. Supply-side economics is an expression of macroeconomics that focuses on stimulating economic growth by […]
A public good is a widely available manufactured good or service that is non-rival and non-excludable. Examples include public services like police and firefighters, while professional services and drugs are not public goods. Advances in technology have created new types of public goods like software packages. In economic terms, a public good is a manufactured […]
Human resource economics is the study of labor utilization and its impact on the economy. It involves matching employee skills with job requirements, addressing unemployment, labor laws, and union regulations, and ensuring mutual benefits for employers and employees. The goal is to sustain the use of labor and benefit all stakeholders. Human resource economics is […]
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