Gross Domestic Product – Understanding Economics

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Gross domestic product (GDP) or gross domestic product is an economic indicator used to measure output in a given country. It is defined as the total value of production (value of goods and services produced) within a given country in a year (determined by economic agents residing within the national territory). It is also a […]

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Monetarism – Understanding Economics

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Monetarism is a macroeconomic theory that deals with analyzing the money supply or slope of economic thinking that deals with the effects of money on the economy in general. Monetarism is identified with a particular interpretation of the way in which the supply of money affects other variables such as price, production and employment. It […]

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Keynesianism – Understanding Economics

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Keynesianism is one of the best known economic theories, its main feature is that it supports interventionism as the best way out of a crisis. It owes its name to the British economist John Maynard Keynes, who focused his career on studying economic aggregates and economic cycles. The main elements of this current of thought […]

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David Stern – Interview with the Experts

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Today, Western Cycles interviews David Stern. He is an energy and environmental economist working on the role of energy in the economy and the drivers and mitigation of climate change.  He has his own blog stochastictrend.blogspot.com, with very good reports on his recent research as well as developments in energy, the environment, economics, and the […]

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Donald Marron – Interview With the Experts

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Today, Western Cycles contacted Donald Marron.  He is an economist that serves as director of economic policy at the Urban Institute and he also has his own blog dmarron.com, with very good articles on fiscal policy with a focus in the United States government. You can follow him on Twitter. I am an economist and […]

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Individualism – Understanding Economics

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Individualism regards man – each man – as an independent and sovereign entity that possesses an inalienable right to his own life, a right derived from his nature as a rational being. Individualism holds that a civilized society, or any other form of peaceful association, cooperation or coexistence between men, can only be achieved on […]

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Opportunity Cost – Understanding Economics

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The opportunity cost is understood as the cost incurred in making a decision and not another. It is that value or utility that is sacrificed by choosing an alternative A and neglecting an alternative B. Taking a path means that one renounces the benefit offered by the discarded path. Opportunity cost is a way of […]

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Communism – Understanding Economics

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Communism is a form of social, political and economic organization, which seeks the elimination of social classes, as well as the suppression of private property, delivering the goods of production to the working classes and, lastly, the inexistence of the State. Communism is a political movement that promotes the formation of a society without social […]

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Capitalism – Understanding Economics

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Capitalism is the economic system founded on capital as a basic social relation of production. Capital is a factor of production consisting of buildings, machinery or installations of any kind, which, in collaboration with other factors, mainly labor and intermediate goods, is used for the production of consumer goods. It is the amount of resources, […]

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David Cameron (2010-2015)

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The general election of 2010 stemmed in the Conservatives, commanded by Cameron, engaging the prime amount of seats (306). However, it remained 20 chairs short of a complete majority, ensuing in the country’s first hung parliament since February 1974. Meetings concerning Cameron and Liberal Democrat frontrunner Nick Clegg managed to an alliance of the two parties, allowing the Queen to ask Cameron to form a government. On […]

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Gordon Brown (2007-2010)

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Following Blair´s government, Gordon Brown endorsed numerous domestic reforms continuing more participation on health care, education, welfare and pensions. On education, the Apprenticeships, Skills, Children and Learning Act 2009 introduced a legislative structure for apprenticeships and the right to an internship for appropriately competent 16- to 18-year-olds, though previously the Education and Skills Act 2008 led procedures to prolong […]

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