Discover the concept of underconsumption, its role in economic theory, and real-world examples like the auto industry during ...

Discover Hotelling's Theory, which explains how owners of nonrenewable resources decide whether to extract and sell based on future price predictions and interest rates.

I n the epilogue of their blockbuster book Mostly Harmless Econometrics (2009), Josh Angrist and Steve Pischke write, “If applied econometrics were easy, theorists would do it.” As academic jokes go, ...

Microeconomic theory forms the cornerstone of modern economics by examining how individuals and firms make decisions under constraints and how these decisions shape market outcomes. It provides a ...