https://www.youtube.com/watch?v=PHe0bXAIuk0 In “How the economic machine works”, Ray Dalio, explains the mechanism of the economic machine in 30 minutes. Although the running time is just half an hour, it sure teaches a…
The outline of our theory can be expressed as follows: When employment increases aggregate real income is increased. The psychology of the community is such that when aggregate real income is increased…
Put forth by Adam Smith in “The Wealth of Nations”, the paradox of value tries to explain why luxuries such as diamonds are incredibly expensive, whereas goods such as water which are…
Monetary policy is the actions taken by the central bank of a country to manipulate liquidity, i.e. the amount of money available in the economy. Such actions include modifying the interest rates,…
Adam Smith, highly regarded as the father of economics, was born in 1723 in Scotland. He is best known for his masterpiece which he published in 1776, “An Inquiry into the Nature…
