DefinitionIn underconsumption theory in economics, recessions and stagnation arise due to inadequate consumer demand relative to the amount produced. It means that there is...
What is ultimogeniture and how does it work
Ultimogeniture is the practice of leaving property to the youngest child. It contrasts with primogeniture, in which...
DefinitionKenneth Joseph "Ken" Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in...
DefinitionA jobless recovery or jobless growth is an economic phenomenon in which a macroeconomy experiences growth while maintaining or decreasing its level of employment....