Oil supply and demand Even though the United States is the world’s biggest producer of oil it still uses more than it makes requiring imports of oil. The world currently uses approximately 100 million barrels of oil a day, the U.S. produces about $18.8 million barrels a day in 2022 up from 2021. However the […]
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With the globalization of world trade, national economies have never been more interrelated which means that when one country slows down it can have a ripple effect across the entire world. Below are the world’s top export countries that shipped the highest dollar value in exports during 2021 and the growth over 2020. 1. China
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In economics, stagflation also known as recession-inflation is a situation in which both the inflation rate is high while the economic growth rate slows at the same time the unemployment remains high over time. It creates a problem for monetary and economic policy makers because actions taken that are intended to lower inflation may make
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A Cantillon effect is a change in prices related to one another that was caused due to a change in the money supply, first discovered by Richard Cantillon an 18th-century economist. History shows that some assets are favored over other ones when extra money is available in the economy for spending and investing. These preferences
Here are 50 of the best economics books every published based on the list in 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy by Tom Butler-Bowdon. Milton Friedman: Capitalism and Freedom Friedrich Hayek: The Use of Knowledge in Society Deirdre McCloskey: Bourgeois Equality Karl Marx: Capital Ludwig
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Milton Friedman (July 31, 1912-November 16, 2006) was a famous economist and statistician who was awarded the 1976 Nobel Prize in Economics for his research and work on consumption analysis, monetary history and theory along with the complexity of stabilization policy. Friedman was one of the intellectual leaders of the Chicago school of economics, associated
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Since we all have limited time, energy and resources every decision we make comes with a trade off. Even procrastinating, making no decision and doing nothing is a trade off versus potential action and opportunities. Making any choice changes the course of our life and collapses potential paths to your future. At any one time
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What is the current national debt? The current national debt in June 2021 for the United States is approximately $28.4 trillion U.S. dollars. This is more than $3.2 trillion from a year ago, when it was approximately $24.9 trillion U.S. dollars. This debt increases the amount of U.S. dollars in circulation and can cause inflation
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Below is a list of the current largest economies in the world in 2021 based on the most recent data available. Nominal GDP in U.S. Dollars: Measures and compares GDP between nations by considering local prices and local currencies converted to U.S. dollars. This the primary number that determines a countries ranking on this list.
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John Maynard Keynes was a legendary English economist in the first half of the twentieth century. He was a trailblazer in economic thought and had new ideas that fundamentally changed the theory and practice of macroeconomics along with the economic policies of governments that continue to this day. He was originally a mathematician, but evolved
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