Economics

Agricultural economics plays a role in the economics of development, for a continuous level of farm surplus is one of the wellsprings of technological and…

Trade diversion is an economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one…

Trade creation refers to the increase in economic welfare from joining a free trade area, such as a customs union. It is an economic term…

Prices of production is a concept in Karl Marx’s critique of political economy, defined as “cost-price + average profit”. A production price can be thought…

An aggregate in economics is a summary measure. It is an economic measurement of the total amount of demand for all finished goods and services…

In macroeconomics, the focus is on the demand and supply of all goods and services produced by an economy. In macroeconomics, aggregate demand (AD) or domestic final demand…

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by…

Optimal tax theory or the theory of optimal taxation is the study of designing and implementing a tax that maximises a social welfare function subject…

Economic surplus is the total of the producer surplus and the consumer surplus. In mainstream economics, economic surplus, also known as total welfare or Marshallian…

Deadweight loss is defined as the loss to society that is caused by price controls and taxes. A deadweight loss, also known as an excess…

A Pigovian tax is a tax on any market activity that generates negative externalities (costs not included in the market price). It is a government…

Land Value Taxation is a method of raising public revenue by means of an annual charge on the rental value of the land. A location…