Some even consider them quaint, outdated, or simple-minded. Basic economic principles, however, are neither simplistic nor simple minded. They are, rather, quite sophisticated in their simplicity, ...

“The sole use of money is to circulate consumable goods.” Those are the words of Adam Smith. It was a throwaway line in Wealth of Nations so over-the-top obvious was it. Money only has a purpose ...

Explore the principles of mainstream economics, its origins in neoclassical thought, and criticisms from heterodox theories. Discover how it impacts economic policies.

I have been teaching economics since 1967 — 40 years of it at George Mason University in Fairfax, Virginia. During that interval, economic reality has not changed. Just as Galileo’s law about the ...