Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

The law of supply and demand is a fundamental principle of economics theory that describes the relationship between supplier output, consumer demand and price. The demand curve is represented by a ...

Simulations using a Phillips curve-type relationship provide insights into the importance of demand versus supply for inflation over different periods. The decade of low inflation after the Great ...

John Maynard Keynes’ book The General Theory of Interest, Employment, and Money is one of the classic works of the twentieth century. Keynes published his book in 1936 during the midst of the Great ...