Many situations in economics are complicated and competitive. New research raises the question of whether many theories in economics may suffer from the very fundamental problem that the key ...

Discover the concept of underemployment equilibrium in economics, its effects on unemployment rates, and why it persists. Explore Keynesian insights into economic downturns.

This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of ...

Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

In 1950, John Nash — the mathematician later featured in the book and film “A Beautiful Mind” — wrote a two-page paper that transformed the theory of economics. His crucial, yet utterly simple, idea ...