Synopsis Monetary policy is a powerful tool for manipulating the economy, its capacity is heightened by the floating exchange rate used in Australia since December 1983. Fiscal policy, the other major macroeconomic force is somewhat less effective in reaching the major goals of the government inc...

Decades of controversy about the nature and appropriate boundaries of his discipline led the economist Jacob Viner to observe that "economics is what economists do." Somewhat more precisely, economists engage in systematic inquiry into the effects of those human activities which are grouped under t...

All countries that participate in world trade impact on the international business cycle. The further an economy is \'integrated\' into the world economy, the more the international business cycle will affect that economy. Globalization is leading toward further and deeper economic integration and a...

i) The Greatest Economist: John Maynard Keynes (1883-1946) Background Keynes went to Eton (as a scholar) and then went to King's College of Cambridge to study Classics and Mathematics. In 1911 he was the editor of the Economic Journal - Britain's foremost economics publication. He also acted as a...

Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are ...

BIG ECONOMIC ISSUES Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending...