Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesi

Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models b

Revolutionary account of the transformative potential of the knowledge economy Adam Smith and Karl Marx recognized that the best way to understand the economy i

Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of eco

The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split be