Most economists subscribe to a belief in “positive economics,” which means that economic theory flows from economic data. Thus, all theory can be tested for ...

Energy Secretary Rick Perry’s attempts to discuss basic economic theory on Thursday ended up with him being mocked on Twitter. “Here’s a little economics lesson: supply and demand. You put the supply ...

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Basic economic theory says a commodity’s price should increase if demand for it grows and supply shrinks. So why didn’t Bakersfield home prices rise last month? Maybe local real estate isn’t that ...