Explore the principles of mainstream economics, its origins in neoclassical thought, and criticisms from heterodox theories. Discover how it impacts economic policies.

Carol M. Kopp edits features on a wide range of subjects for Investopedia, including investing, personal finance, retirement planning, taxes, business management, and career development. Development ...

Robbins' Essay gave economics a definition that came to dominate the professional literature. This definition laid a foundation that could be seen as justifying both the narrowing of economic theory ...

Economic profit contrasts from net income by subtracting both usual costs and missed alternative profits. Short-term economic losses may lead to long-term gains if underlying business strategies ...

Behavioral Economics is the application of psychology to the field of economics. It describes the role that psychology plays among consumers, employers, and governments, which then impacts markets and ...

We need a new, positive definition of public goods to counter the current economics definition that relegates pubic goods to market failure. Last week I wrote about how economist Paul Samuelson's ...