For modern economists, Adam Smith's classic The Wealth of Nations is a source of memorable concepts: the division of labor, the "invisible hand," relying on the self-interest of the butcher and baker to provide us with products we want, the insight that people of the same trade rarely get together without trying to come up with some contrivance for raising prices, the four canons of taxation, and many more.
Over the long run of decades, essentially all of the gains in standard of living are due to higher levels of productivity.
Despite massive government and central bank stimulus, the global economy is seeing a concerning rise in defaults and delinquencies.
Much of the public discussion over US transportation infrastructure proceeds from the belief that it faces a supply problem which needs to be fixed by updating the old and building more of the new.
The longest economic expansion in US history (or at least back to 1854, before which time the data gets not just shaky but exceedingly shaky) ended in February at 128 months.
When it comes to maternal mortality during pregnancy, the United States not only lags behind other high-income countries, but has been getting worse.
The recent improvement in global PMIs and especially in employment in the United States have created a strong optimism in markets about the recovery.