Delivered April 15, 2003, at the Federal Reserve Bank of Dallas to area high school teachers and college professors of economics, and the Dallas Fed’s economic research department staff. I should like ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

Institutional economics studies how formal rules, informal norms and organisational structures influence economic behaviour and outcomes. It departs from the assumption of fully rational actors by ...

Austrian economics is a scholarly tradition that consists of a body of theory that explains how an economy works. Austrian economists develop theory a priori, meaning explanations are derived ...

A licensed attorney with nearly a decade of experience in content production, Valerie Catalano knows how to help readers digest complicated information about the law in an approachable way. Her ...

Behavioral economics studies how psychological tendencies influence economic decisions and outcomes. Concepts such as loss aversion and bounded rationality explain why people evaluate outcomes ...