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Competition
Wolfgang KasperEconomic competition takes place in markets—meeting grounds of intending suppliers and buyers.1 Typically, a few sellers compete to attract favorable offers from prospective buyers. Similarly, intending buyers compete to obtain good offers from suppliers. When a contract is concluded, the buyer and seller exchange property rights in a good, service, or asset. Everyone interacts voluntarily, […]
ABOUT THE CONCISE ENCYCLOPEDIA OF ECONOMICS
The Library of Economics and Liberty carries the popular Concise Encyclopedia of Economics, edited by David R. Henderson.
This highly acclaimed economics encyclopedia was first published in 1993 under the title The Fortune Encyclopedia of Economics. It features easy-to-read articles by over 150 top economists, including Nobel Prize winners, over 80 biographies of famous economists, and many tables and charts illustrating economics in action. With David R. Henderson’s permission and encouragement, the Econlib edition of this work includes links, additions, and corrections.
POPULAR TOPICS
Patents
A patent is the government grant of monopoly on an invention for a limited amount of time. Patents in the United States are granted for seventeen years from the date the patent is issued or for 20 years from the date of filing. Other countries grant patents for similar time periods. Italy and Mexico grant […]
Mercantilism
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. This system dominated Western European economic thought and policies from the sixteenth to the late […]
Competitiveness
“Competitiveness,” particularly with reference to an entire economy, is hard to define. Indeed, competitiveness, like love or democracy, actually has several meanings. And the question “Is America competitive?” has at least three interpretations: How well is the United States performing compared to other countries? How well has America performed in international trade? Are we doing […]
Microeconomics
Until the so-called Keynesian revolution of the late 1930s and 1940s, the two main parts of economic theory were typically labeled “monetary theory” and “price theory.” Today, the corresponding dichotomy is between “macroeconomics” and “microeconomics.” The motivating force for the change came from the macro side, with modern macroeconomics being far more explicit than old-fashioned […]
Categories to Explore
Economic History
As the category\'s name suggests, entries in this category are on important historical developments, two of the main ones being the Industrial Revolution and the Great Depression.
International Economics
With the decline in transportation costs, especially across oceans, and the recent increase in trade barriers, topics in international trade has become even more important.
Macroeconomics
Sometimes defined as the theory of the economy as a whole, macroeconomics includes issues such as economic growth, fiscal policy, monetary policy, national income accounts, and unemployment.
Economic Regulation
With extensive government regulation of many industries, there are many entries on aspects of that regulation, in industries ranging from agriculture, airlines, and energy tp trucking and pharmaceuticals.
CEE Biographies
James M. Buchanan
James Buchanan is the cofounder, along with Gordon Tullock, of public choice theory. Buchanan entered the University of Chicago’s graduate economics program as a “libertarian socialist.” After six weeks of taking Frank Knight’s course in price theory, recalls Buchanan, he had been converted into a zealous free marketer. Buchanan’s next big conversion came while reading […]
Harry Markowitz
In 1990, U.S. economists Harry Markowitz, William F. Sharpe, and Merton H. Miller shared the Nobel Prize “for their pioneering work in the theory of financial economics.” Their contributions, in fact, were what started financial economics as a separate field of study. In the early 1950s Markowitz developed portfolio theory, which looks at how investment […]