Economic growth data does not show how such growth was achieved. Was it based on income growth and consumption spending levels or was it based on borrowings to extend the income levels? The question is vital for deciding which economic tools work best for correcting imbalances. The main...

Nelson Mandela said, “During my lifetime I have dedicated myself to this struggle of the African people. I have fought against White domination, and I have fought against Black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony...

Financial sector companies are different from those in the real sector. In the real sector the price for consumer goods and services is a price reflecting all costs which have been made to produce the output. Profits reflect the difference between the sales price and the costs base. The...

The U.K.’s recent economic developments can be broken down in two distinct periods. The period 2002-2008 was the period in which economic growth was satisfactory and individual households’ wages and salaries were increasing at a level higher than inflation rates. It was also the period that...

The collective individual households or coin economic theory aims to study how savings have been and are being allocated to the various asset classes and how they are being used. The main conclusion from this study is that some savings can be held in the financial sector and stay there while...

The recent earthquake in Japan and its impact on the Fukushima nuclear power plant is a tragic reminder of humanity’s ever growing dependence on energy for its socioeconomic development. Energy plays a central role in determining the effectiveness of economics. However, are the fundamental...

The modern economic theory implemented today is inherently flawed. Unfortunately these flaws are not apparent in contemporary economic theory which is built on the idea that scarcity is an ever present condition; an approach referred to as scarce resource theory (SRT) in operating level...

If the heading has drawn your attention then it has achieved the second objective of this paper, its first objective being to lead the reader through a discussion of how economic scarcity is a reversible problem. This paper examines reasons why scarcity may remain unresolved by economics as a...

What is wealth? This paper proposes wealth and poverty are opposite sides of the same coin and to know the source of one is to understand the cause of the other. It delves into the premise that if contemporary economics could consummately answer the question: what is wealth? scarcity, economic...

This paper looks at some of the fundamental ideas in contemporary economics such as the basic economic problem, opportunity cost and allocation a person is expected to encounter when they are first introduced to economic theory. It attempts to explain how the manner in which these concepts are...