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A tariff is a fancy word for a tax. The term usually refers to import duties, which are fees levied on goods entering one country from another. Import tariffs have been a controversial feature of domestic politics, international diplomacy, and economic policy for centuries. This article covers some of the basic economics of tariffs as […]
ABOUT THE CONCISE ENCYCLOPEDIA OF ECONOMICSThe Library of Economics and Liberty carries the popular Concise Encyclopedia of Economics, edited by David R. Henderson.
This highly acclaimed economics encyclopedia was first published in 1993 under the title The Fortune Encyclopedia of Economics. It features easy-to-read articles by over 150 top economists, including Nobel Prize winners, over 80 biographies of famous economists, and many tables and charts illustrating economics in action. With David R. Henderson’s permission and encouragement, the Econlib edition of this work includes links, additions, and corrections.
POPULAR TOPICS EfficiencyTo economists, efficiency is a relationship between ends and means. When we call a situation inefficient, we are claiming that we could achieve the desired ends with less means, or that the means employed could produce more of the ends desired. “Less” and “more” in this context necessarily refer to less and more value. Thus, […]
AdvertisingEconomic analysis of advertising dates to the 1930s and 1940s, when critics attacked it as a monopolistic and wasteful practice. Defenders soon emerged who argued that advertising promotes competition and lowers the costs of providing information to consumers and distributing goods. Today, most economists side with the defenders most of the time. Advertising comes in […]
HousingThe average U.S. consumer now enjoys a larger and higher-quality home than ever before. In 2001, the average home was 1,693 square feet, while in 1960 it was less than 1,200 square feet. In 2001, 58 percent of homes had three or more bedrooms, and 57 percent had 1.5 or more bathrooms. Compare that with […]
Present ValuePresent value is the value today of an amount of money in the future. If the appropriate interest rate is 10 percent, then the present value of $100 spent or earned one year from now is $100 divided by 1.10, which is about $91. This simple example illustrates the general truth that the present value […]
Categories to Explore Economic HistoryAs the category\'s name suggests, entries in this category are on important historical developments, two of the main ones being the Industrial Revolution and the Great Depression.
International EconomicsWith the decline in transportation costs, especially across oceans, and the recent increase in trade barriers, topics in international trade has become even more important.
MacroeconomicsSometimes defined as the theory of the economy as a whole, macroeconomics includes issues such as economic growth, fiscal policy, monetary policy, national income accounts, and unemployment.
Economic RegulationWith extensive government regulation of many industries, there are many entries on aspects of that regulation, in industries ranging from agriculture, airlines, and energy tp trucking and pharmaceuticals.
CEE Biographies Abba Ptachya LernerAbba Lerner was the milton friedman of the left. Like Friedman, Lerner was a brilliant expositor of economics who was able to make complex concepts crystal clear. Lerner was also an unusual kind of socialist: he hated government power over people’s lives. Like Friedman, he praised private enterprise on the ground that “alternatives to government […]
Arthur Cecil PigouArthur C. Pigou, a British economist, is best known for his work in welfare economics. In his book The Economics of Welfare Pigou developed alfred marshall’s concept of externalities, costs imposed or benefits conferred on others that are not taken into account by the person taking the action. He argued that the existence of […]
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