Self-interest describes actions that are intended to result in personal gain. It comes with both pros and cons.

Positive economics is a fact-based analysis of what is occurring in an economy, without making prescriptions of what should or should not be happening.

Back in 2019, when Elizabeth Warren was running for president, the US senator from Massachusetts described herself as a “capitalist to my bones.” But not so much an American-style capitalist, it ...

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

THE MODERN ECONOMY is a complex machine. Its job is to allocate limited resources and distribute output among a large number of agents—mainly individuals, firms, and governments—allowing for the ...