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Social Security, or, to be precise, Old Age, Survivors and Disability Insurance (OASDI), is the U.S. government program that pays benefits to workers after retirement, to spouses and children of deceased workers, and to workers who become disabled before they retire. In 2003, the program had 47 million recipients, of w...

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Defeated in battle and ravaged by bombing in the course of World War II, Germany and Japan nevertheless made postwar recoveries that startled the world. Within ten years these nations were once again considerable economic powers. A decade later, each had not only regained prosperity but had also economically overtaken,...

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When asked by mathematician Stanislaw Ulam whether he could name an idea in economics that was both universally true and not obvious, economist Paul Samuelson’s example was the principle of comparative advantage. That principle was derived by David Ricardo in his 1817 book, Principles of Political Economy and Taxatio...

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Measuring prices and their rate of change accurately is central to almost every economic issue, from the conduct of monetary policy to measuring economic progress (see economic growth) over time and across countries to the cost and structure of indexed government spending programs and taxes. Most of us are familiar wit...

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  Although recognized equally for his contributions to economic policy, methodology, and the history of ideas, Lionel Robbins made his name as a theorist. In the 1920s he attacked Alfred Marshall’s concept of the “representative firm,” arguing that the concept was no help in understanding the eq...

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Roy Harrod is credited with getting twentieth-century economists thinking about economic growth. Harrod built on Keynes’s theory of income determination. The Harrod-Domar model (named for Harrod and Evsey Domar, who worked on the concept independently) is explained in Towards a Dynamic Economics, though Harrod’s fi...

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  From the time he was a young man growing up in Saint Petersburg, Wassily Leontief devoted his studies to input-output analysis. When he left Russia at the age of nineteen to begin the Ph.D. program at the University of Berlin, he had already shown how leon walras’s abstract equilibrium theory coul...

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High School Economics Topics

Introduction The Council for Economic Education (CEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The resources arranged here supplement these recommended CEE topics. These free resources are appropriate for teachers of high school...

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