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13 hours ago · Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez ...
4 days ago · In The Great Escape: Health, Wealth, and the Origins of Inequality published in 2013, Angus Deaton [1945–], who was awarded the 2015 Nobel Prize for Economic Sciences, wrote: “As we already know from the poverty numbers, the bottom fifth of families gained very little. The growth in their average incomes was less than 0.2 percent a year over the past forty-four years and, even before the ...
5 days ago · Supply and demand is a central topic to the study of economics because it models how price is determined in a market. The model shows that price will shift until the quantity supplied by producers is equal to the quantity demanded by consumers.
3 days ago · The Covid-19 pandemic and ongoing geopolitical tensions have revealed the fragility of global supply chains. This column studies the link between supply chain disruptions and the increase in firm market power. It shows that following a supply chain shortage, larger firms gained a competitive advantage due to their diversified supplier networks and greater bargaining power. Increasing market ...
4 days ago · The demand curve will shift to the right. As farmers adopt advancements that enhance the productivity, the supply will increase and the curve will shift to the right. These shifts will cause the equilibrium quantity to increase. 4. 5. (a) At equilibrium price, Qd = Qs 500 - 10P = 200 + 10P P = $15 Equilibrium quantity = 500 - 10(15) = 350 units.
1 day ago · The manufacturing industry stands at a pivotal juncture, navigating an era marked by rapid technological advancements, shifting consumer preferences, and evolving economic landscapes. As we delve into 2024, several key trends are shaping the trajectory of manufacturing, heralding both challenges and opportunities for industry players.
1 day ago · Supply chain disruptions are unexpected events that disrupt the smooth flow of goods and services within a supply chain network (Chopra and Sodhi, 2014; Craighead et al., 2007; Kleindorfer and Saad, 2005; Xu et al., 2020). Pandemic outbreaks, geopolitical conflicts, trade wars, economic recessions, oil price shocks, commodity shortages, and natural disasters are all potential sources of ...
