Economics in the U.S
10 views | +0 today
Your new post is loading...
Your new post is loading...
Scooped by Michael Thomas!

Economics Explained

Economics Explained | Economics in the U.S |
In its fourth edition, Economics Explained continues its announced purpose -- to explain that mysterious thing called economics. But there is a new urgency to the book.
Michael Thomas's comment, March 6, 2013 12:07 PM
subtopic micro economics: The us stock market affects business and investment within the country. People can invest their money and hopefully see a return in their invest while providing for the greater good of the economy by investing in businesses.
Scooped by Michael Thomas!

Microeconomics: The Concise Encyclopedia of Economics | Library of Economics and Liberty

Microeconomics: The Concise Encyclopedia of Economics | Library of Economics and Liberty | Economics in the U.S |
No comment yet.
Scooped by Michael Thomas!

United States Economy: Population, GDP, Unemployment, Inflation, Spending

United States Economy: Population, GDP, Unemployment, Inflation, Spending | Economics in the U.S |
Find the United States economic freedom report in the Index of Economic Freedom. The report includes the US population, GDP, unemployment, inflation, government spending and more.
Michael Thomas's insight:

This website shows the urgent economic condition of the us and backgrounon about the us economy.

Walt Bechtell's comment, February 24, 2013 12:40 PM
Good start. Get more articles
Scooped by Michael Thomas! Prentice Hall Economics 2013 Prentice Hall Economics 2013 | Economics in the U.S |
Engage your students with meaningful content and stories from around the world! Learn more about Pearson's k-12 social studies programs for the next generation.
Michael Thomas's insight:

School book source given to students who take economics Insight on how the economy functions.

Michael Thomas's comment, March 6, 2013 11:58 AM
The economy is influenced by the law of supply and demand. people have demands for goods and the amount of goods available is the supply.
Michael Thomas's comment, March 6, 2013 12:00 PM
Though free market is proven to be the best economic system for creating wealth it is distributed unevenly throughout society.
Michael Thomas's comment, March 6, 2013 12:01 PM
The us has one of the highest standards of living in the world based on its GDP or the value of all goods and services produced in a given year.
Scooped by Michael Thomas!

Inertview Email

about my topic

Michael Thomas's insight:


Willard Radell, Ph.D.
Professor of Economics

1. What does economics mean to you?

The standard textbook definition is the best:  “Economics is the study of
the allocation of scarce resources among competing ends to satisfy unlimited
human wants.”

2. What types economics do we use in the U.S?

All kinds of approaches to economics are used in the U.S.  As a professional
economist I use a pragmatic approach, by selecting those analytical tools
that have the greatest predictive power.  In other words, I use the economic
tools that are best at explaining what will happen if various microeconomic
and macroeconomic decisions are made.  Economic ideas and theories that fail
to produce predictable outcomes are thrown away (for example, the nineteenth
century labor theory of value has been abandoned by at almost all

3. How does the U.S economy function?

Books have been written about that and that is what is learned when a
student earns a degree in economics.  So the question can’t be answered
fully here.  That said, on the spending side, the largest component is
consumer transactions (about 70%). Business, federal, state and local
government and the foreign trade sector account for the remaining 30% of
spending. The economic model that we have chosen in the U.S. is capitalism
with a pro-capitalist government that promotes private enterprise and also
regulates it to a limited extent. 

4. What makes the U.S economy so powerful?

Productivity (labor productivity, technological productivity, capital
productivity, raw materials resource productivity)

Rule of law. An important clause in our Constitution is that “no person
shall be deprived of life, liberty or property without due process of law.”
That means that interest rates in the U.S. can be lower because
expropriation of capitalists would be unconstitutional.

A strong central government under the Constitution that subsumes states’
rights to the national interest (Common market, common currency, common
monetary system, federal power to tax and regulate the value of money,
uniform law of transactions and commerce, no government-imposed internal
trade barriers….”

(After 1913) a strong central bank (The Federal Reserve) with the power to
regulate money supply and to engage in counter-cyclical monetary policy.

(After the Full Employment Act of 1946) a federal government with the clear
power to use fiscal policy to promote lower unemployment, increased growth
and lower inflation.

Under the Constitution, federal, state and local governments empowered to
construct vast infrastructure that encourages and subsidizes private
If you had a lot of time, a good book on some of the “secrets” of American
economic success is: “Inside the Black Box: Technology and Economics”
by Nathan Rosenberg.

5. how are people part of the economy and involved with it 

I’m not sure what you mean here.  People are the reason for having an
economy and human effort is one of the primary “factors of production” in an
economic system.  People serve as both consumers and producers.  A business
manager who decides to hire another 12 workers is a job-creator.  A family
that decides to go out to eat at a restaurant twice a week instead of once a
week is also a job-creator. Consumer spending accounts for 70% of
expenditures in the economy. 

6. How does politics influence economics in the U.S?

Badly.  The worst economics (defined as what is offered as “economics” that
does not predict well) is proposed by people who first make up their minds
about political ideology, and then shape what they think about economic
policy to conform to their political ideology.  There are all kinds of
economic “think tanks” that have been financially endowed to promote a
particular political spin on economic policy.  The economists who work for
what I label “advocacy tanks” are paid for their conclusions and not for the
quality of their analysis or for their ability to predict accurately the
consequences of changes in economic policy.

What I try to do as a professional economist is to study economic problems
and policies from a scientific point of view.  I make a verifiable
hypothesis, gather the data or design an experiment to test it and then I
draw my conclusions from the degree to which the observed outcomes match my
predictions.  Politics and ideology would corrupt the process that produces
the best economic reasoning and study.     

7.Who decides how economics works in the U.S?

Nobody and everybody.  It’s a free country and everyone has an opinion.
However, when businesses hire financial and economic analysts, by paying out
money, they are deciding that the economics the analysts are using works. So
too is a decision being made on the efficacy of economics, when the Bureau
of Economic Analysis (BEA), the U.S. Dept. of Labor (BLS), or the Federal
Reserve (FED) hires economists to write statistical and policy reports on
the state of the economy and on the consequences of economic policy changes
and on new economic phenomena.

8.How can people make a difference in shaping the U.S economy?

Everyone who makes money or spends it, shapes the economy.  People can do
more by becoming informed, by learning some economics, and by directing
their spending and voting to reflect their enlightened economic preferences.

9.   How does economics affect everyone? (micro economics)

Everyone who makes a decision about what to consume, how to spend their
time, and what to produce is engaging in economics whether they know it or

10.  based on prediction what future do you see in the U.S economy? 

If Congress smartens up about economics, our future looks bright.  Congress
needs to stop threatening to not pay the bills on expenditures it has
already authorized.  Alexander Hamilton (our first great Treasury Secretary
and the source of the many features in the U.S. Constitution that have
nurtured the great American economic success story) would “turn over in his
grave.”  Threatening sequestration, government shut-downs, and refusal to
raise the debt limit to finance the paying of bills already accrued has been
proven to weaken an economy.  Why they keep doing it is a mystery to me and
it reflects some pretty poor economics. 

11.  do you know any websites that can help me do this project- 

I would recommend that you explore some of the following sites (Google the
phrases to find):

Federal Reserve Philadelphia
Federal Reserve Cleveland
Bureau of Economic Analysis (BEA)
Bureau of Labor Statistics (BLS)
Council of Economic Advisors (CEA)

Michael Thomas's comment, March 6, 2013 12:12 PM
people are the very reason the economy exists consumer spending makes up 70 percent of expenditures in our economy.
Michael Thomas's comment, March 6, 2013 12:17 PM
Politics can shape are economy and make it better or worse. politicians use their political ideology and economic knowledge to make changes in economic policy in our country.
Michael Thomas's comment, March 6, 2013 12:20 PM
People use economics almost everyday without even knowing it. The things we decide to spend are money is the use of economics and if your are a producer you are also using economics to provide to the consumer.
Scooped by Michael Thomas!

The Economy

The Economy | Economics in the U.S |
Information about the economy, What is the current state of the economy, What are some of the factors that influence the economy, Aren't controls put in place to keep the economy in balance, What happened to the controls that were put in place to ...
Michael Thomas's comment, March 6, 2013 12:35 PM
"The state of the economy is very important because it affects every aspect of our lives."
~John M. Roberts~ This quote spoken by a famous economist can be further elaborated to show that the economy is so important that it affects every aspect of our lives
Michael Thomas's comment, March 6, 2013 12:38 PM
An economic cycle shows the ups and downs in the over periods of time. Thur further research it is proven that economic history and cycles repeat and can be studied from.
Michael Thomas's comment, March 6, 2013 12:42 PM
The government can put its hand in controllingg the state of its economy through methods of stimulus, cutting taxes and interest rates, by spending money, and in many other ways.
Scooped by Michael Thomas!

The American Dream vs. The Gospel of Wealth - Garfinkle, Norton - Yale University Press

The American Dream vs. The Gospel of Wealth - Garfinkle, Norton - Yale University Press | Economics in the U.S |
Michael Thomas's insight:

This book gives information about the politics in our economy.  It has information aboutthepast of economic politics as well as current economic politics.

No comment yet.