Adam Smith

Adam Smith (1723 - 1790) lived in Great Britain. His most important works are The […]


Laws and policies are put into effect by departments, agencies, bureaus, offices and other government […]


There are three principles of a democratic government: Popular sovereigntyThe right of all citizens to […]

Economic Systems

There are three types of economic systems, organized by who owns the means of production: […]

Five functional requisites of society

A functional requisite is a major task a society must satisfy in order to survive. […]


A reference group is a group against which one compares her/himself. Reference groups are experienced […]

Marxian socialism

Hitler tried to do socialism, but some people rose against him when the war occurred. […]


Money serves three functions: a medium of exchange; a store of value; and a unit […]

Order and Freedom

Under what conditions can speech or expression be censored to prevent unrest or disorder? Is […]

Political economics

Politics is the struggle over the allocation of benefits and privileges. Laswell (1936) defines politics […]


Self is our sense of who we are, distinct from other people. Our sense of […]

Social bathing

Social Contract

The social contract is the voluntary sacrifice of freedom in exchange for order. Participation in […]


Groups and individuals are demographically described according to their statuses. There are two kinds of […]

Supply-side vs Demand-side economics

Demand-siders put aggregate demand at the heart of the economy. They focus on consumption. At […]

Surplus value

As we read the accounts [in the ferocious chapter of Capital on "The Working Day"] […]

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