<p>Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics.</p><p>Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another.</p><p>Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. M
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<p>What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished...
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Milton Friedman was lauded as the grandmaster of free-market economic theory in the postwar era. This book collects many of Friedman's papers on topics in economics that were published in the "Journal of Political Economy". It incorporates...
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<p><b>An <i>Economist </i>Best Book of 2023 One of <i>The New York Times</i>¿ 33 Nonfiction Books to Read This Fall Named a most anticipated fall book by the <i>Chicago Tribune </i>and <i>Bloomberg</i></b><br><br><b>¿Wherever...
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